Wells Fargo

Wells Fargo's Unauthorized Accounts Likely Hurt Customers' Credit Scores

4:53pm September 26, 2016

by Jim Zarroli

Regulators say millions of unapproved credit card and bank accounts were opened for Wells Fargo customers. A big question is how to compensate those whose credit scores were hurt by what the bank did.

Queue Listen Now

John Stumpf, chairman and CEO of Wells Fargo, arrives to testify in a Senate hearing in Washington, D.C., on Sept. 20. Stumpf was discussing the unauthorized opening of accounts by Wells Fargo.

National

Ex-Wells Fargo Employees Sue, Allege They Were Punished For Not Breaking Law

11:55am September 26, 2016

by Camila Domonoske

Wells Fargo staff secretly opened millions of unauthorized accounts to meet lofty sales targets. A class-action suit has been filed on behalf of employees who obeyed the law and failed to meet quotas.

Sen. Elizabeth Warren questions John Stumpf, chairman and CEO of Wells Fargo, about the unauthorized opening of customer accounts by Wells Fargo during a Senate Banking Committee hearing Tuesday.

National

'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf

4:13pm September 20, 2016

by Bill Chappell

"If one of your tellers took a handful of $20 bills out of the cash drawer, they'd probably be looking at criminal charges," Warren tells the bank's CEO.

National

Wells Fargo CEO Discusses Secret-Accounts Scandal In Senate Hearing

12:05pm September 20, 2016

by Doreen McCallister

CEO John Stumpf apologized for betraying customers' trust in a hearing by the Senate Banking Committee to answer questions about Wells Fargo employees opening unauthorized customer accounts.

A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties.

Wells Fargo Unit's Leader Departs With $125 Million After Bank Incurs Record Fine

10:07pm September 13, 2016

by Bill Chappell

In every year in the 2011-2016 period that the CFPB mentions in its consent order, Carrie Tolstedt collected $5,500,000 in stock as her portion of a performance share award.

Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses

2:44pm September 08, 2016

by Bill Chappell

The Consumer Financial Protection Bureau has levied its largest-ever fine on Wells Fargo for "the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts."

The Fed wants to make banks "pre-fund" their own bailout should another financial conflagration break out.

In A Financial Fire, Big Banks Will Have An Extra Extinguisher

4:53pm October 30, 2015

by Marilyn Geewax

The Federal Reserve is proposing rules that would force banks to add another layer of protection in case of a financial crisis. It wants to be sure taxpayers don't get stuck bailing out banks again.