Page 2 - Wells Fargo

SEC charges ex-Wells Fargo CEO, top exec for role in misleading investors

The agency claimed that the former executives misled investors about the widespread sales practice problems at the bank

Wells Fargo fires over 100 employees for Covid-19 relief fund misuse

The bank believes some of its staffers made "false representations in applying for coronavirus relief funds for themselves", defrauding the US Small Business Administration

Wells Fargo CEO Charles Scharf apologises for comments about diversity

Wells Fargo CEO Charles Scharf apologised on Wednesday for comments he made about the difficulty of finding qualified Black executives.

IIT Delhi, Wells Fargo sign MoU for home-based Covid-19 testing kit

The peptide-based ELISA test determines whether or not a person possesses antibodies for Covid-19 in the blood, and can help the medical fraternity fight the disease in many ways

Banks stockpile billions as they prepare for things to get worse

Collectively, JPMorgan Chase, Citigroup and Wells Fargo have put aside $25 billion during the second quarter, they said. As a result, their quarterly profits plunged.

PE firm Sycamore Partners in talks to buy troubled store chain JC Penney

JC Penney, which employs about 85,000 people, filed for bankruptcy protection in May after Covid-19 pandemic forced it to temporarily shut its more than 800 stores across the US

Coronavirus in US: Wells Fargo caps role in SME rescue program at $10 bn

Bank of America Corp, the first large bank to begin accepting applications on Friday morning, said it received 85,000 applications requesting $ 22 billion on the first day.

Wells Fargo to pay $3 bn to US for settling cases in fake-accounts scandal

WASHINGTON (Reuters) - Wells Fargo & Co has agreed to pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the last major investigations looming over the bank.

Ex-CEO John Stumpf fined $17.5 mn over Wells Fargo's fake accounts scandal

The scandal dates back years, when Wells Fargo employees from 2002 to 2016, opened millions of deposit and credit card accounts without the approval or knowledge of their customers

Wells Fargo laid off 200 bankers in US as it rejigged some business units

(Reuters) - Wells Fargo & Co has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured some units, sources familiar with the matter said this week.

Wells Fargo taps one-time Dimon protege Scharf to lead turnaround

(Reuters) - After a difficult, months-long search for a new chief executive, scandal-plagued Wells Fargo & Co named as its next leader Charles Scharf, a one-time Jamie Dimon protege known on Wall Street as a detail-oriented number cruncher who excels in streamlining operations. Scharf, 54, who joins the fourth-largest U.S. bank next month, has been the CEO of Bank of New York Mellon and Visa Inc .

AI start-up H2O.ai raises $72.5 million from Goldman Sachs, Ping An

The start-up, co-founded by Hyderabad-born Sri Satish Ambati in 2012, has raised a total funding of $147 million with this round

Wells Fargo to settle $386-mn insurance suit

The agreement would resolve a lawsuit filed in July 2017, shortly after The New York Times published the results of an internal report the bank had commissioned on the matter

Wells Fargo CEO Tim Sloan quits, succumbing to pressure from critics

Ever since Sloan took the helm in 2016, he's faced calls for his ouster from critics including Senator Elizabeth Warren, a Democrat running for president

Wells Fargo to pay $575 million in sales scandal settlement with US states

NEW YORK (Reuters) - Wells Fargo & Co will pay $575 million to settle claims made by U.S. states, the latest settlement as the bank works to resolve lingering investigations and legal battles stemming from its sales-practices scandal and to remove a punitive asset cap.

Brexit impact: Wells Fargo to move European investment banking biz to Paris

(Reuters) - Wells Fargo & Co said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy to shift some of its servicing of European mainland customers out of London.

Wells Fargo discloses another round of lapses, scandals in tax-credit probe

The disclosures add to almost two years of revelations about probes, misconduct and other lapses that have taken a toll on the firm's reputation

Wells Fargo agrees to pay $1 billion to settle customer abuses

(Reuters) - Wells Fargo & Co has agreed to pay $1 billion in penalties to federal regulators to settle a probe into abuses at its auto and mortgage businesses, the bank and regulators said on Friday, confirming an earlier Reuters report.

Fed throws spanner in Wells Fargo expansion over 'pervasive misconduct'

The Fed order restricts the bank from growing any larger "until it sufficiently improves its governance and controls".

Wells Fargo uncovers more fake accounts in drawn-out scandal

(Reuters) - Wells Fargo & Co hiked the tally of accounts that were potentially opened without customers' knowledge by over a million on Thursday after an expanded review of improper sales practices.