Wells Fargo

National

Wells Fargo Fires More Than 100 Employees Accused Of Coronavirus Relief Fraud

2:41pm October 15, 2020

by Laurel Wamsley

The employees' alleged actions were outside of their work responsibilities and do not involve Wells Fargo's customers, the company said. The bank says it's cooperating with law enforcement.

Business

Wells Fargo Sees First Quarterly Decline Since 2008

5:18pm July 14, 2020

by Paul Garber

A bank with a large presence in North Carolina says it has recorded its first quarterly loss since the real estate crash more than 10 years ago.

"We still face much uncertainty regarding the future path of the economy," JPMorgan Chase CEO Jamie Dimon said Tuesday in a statement accompanying the giant bank's financial results.

Economy

'We Still Face Much Uncertainty': Pandemic Hammers Big Banks

12:56pm July 14, 2020

The dramatic collapse of the U.S. economy is pummeling America's largest banks. Wells Fargo has posted its first quarterly loss since 2008 and JPMorgan Chase has set aside billions to cover bad loans.

Queue Listen Now

Wells Fargo CEO and President Charles Scharf testified during a hearing of the House Financial Services Committee.

Health & Safety

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings'

6:44pm March 10, 2020

by Brakkton Booker

Charles Scharf told lawmakers that the company's structure and culture "were problematic." But he projected confidence that it could win back the public's trust after years of scandals.

Wells Fargo, which has endured a cascade of scandals in recent years, announced Monday that two board members have resigned.

Politics & Government

Wells Fargo Officials Resign Days Before They Were Set To Testify Before Congress

1:25pm March 09, 2020

by Brakkton Booker

Elizabeth Duke and James Quigley were scheduled to testify. Democrats last week said Wells Fargo was slow to "correct serious deficiencies in its infrastructure for managing risks to consumers."

Business

Wells Fargo To Pay $3B To Resolve Probes Into Fake Accounts

9:48pm February 23, 2020

by Associated Press

Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order

Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee earlier this month. He will step down immediately, the company announced Thursday.

Economy

Wells Fargo CEO Quits In Wake Of Consumer Financial Scandals

5:11pm March 28, 2019

by Jennifer Liberto

Wells Fargo announced Thursday that CEO and President Tim Sloan will step down immediately. The company's general counsel Allen Parker was elected to run the company until a new CEO is selected.

Wells Fargo CEO Timothy Sloan faced hours of questioning Tuesday from both Republicans and Democrats on the House Financial Services Committee.

Politics & Government

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical

5:52pm March 12, 2019

by Daniella Cheslow

Both Republican and Democratic lawmakers question whether Wells Fargo has changed its culture away from fraud and mismanagement that have led to billions in fines and penalties against the bank.

Wells Fargo will pay a $2.09 billion civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.

National

Wells Fargo To Pay $2 Billion Penalty Over Bad Information Used To Sell Mortgages

3:32pm August 01, 2018

by Avie Schneider

Wells Fargo will pay a civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.

The Consumer Financial Protection Bureau is levying a $1 billion fine against Wells Fargo as punishment for the banking giant's actions in its mortgage and auto loan businesses.

Wells Fargo Hit With $1 Billion In Fines Over Home And Auto Loan Abuses

2:54pm April 20, 2018

by Bill Chappell

Some consumers were charged too much to extend the lock on their mortgage interest rates, and the bank's mandatory insurance program added unneeded costs and fees to borrowers' auto loans.