John Stumpf, the embattled chairman and chief executive of scandal-plagued Wells Fargo, is relinquishing his position amid a fake account scandal. His departure is effective immediately, reported The Wall Street Journal. President and Chief Operating Officer Timothy Sloan will replace Stumpf. Sloan was expected to be...
Wells Fargo executives laid out plans to move beyond the fake accounts scandal during a conference call with roughly 500 senior executives in which the bank said growth in the retail banking business will likely be down. According to a Wall Street Journal report, citing a recording of the...
A group of senators has sent a letter to the Justice Department, urging it to investigate and, if necessary, prosecute the individuals behind the fake account scandal at Wells Fargo. In the letter to the Justice Department, the senators wrote: “A bank teller that takes a...
Fitch, the credit rating agency, on Tuesday (Oct. 4) affirmed Wells Fargo’s ratings at “AA-/F1+” and Wells Fargo Bank, N.A.’s ratings at “AA/F1+” but revised the rating outlook to Negative from Stable. In an announcement, Fitch said the affirmation reflects the company’s “superior earnings profile, strong liquidity...
The Wells Fargo fake account scandal has resulted in more fallout for the beleaguered bank — this time, with Illinois announcing a ban on bond and investment work with Wells Fargo. Meanwhile, the Chicago City Council is gearing up to consider a moratorium on doing...
European banks have struggled since the global financial crisis, and jobs are being cut region-wide as financial institutions attempt to recoup profits in order to invest in digital technology. High regulatory costs, negative interest rates and volatile markets are reducing margins. The number of staff...
The legal hits — via fines — keep on coming for Wells Fargo. As reported by Courthouse News Service, the financial giant has been ordered to face claims of as much as $163 million tied to allegations of fraud that Wachovia used certain securities as a...
Wells Fargo CEO John Stumpf went to Washington on Thursday (Sept. 29) for the second time this month. And it was not exactly a lark the latest go round. The executive faced grilling from the House Financial Services Committee from members across both sides of the...
Warren Buffett, whose Berkshire Hathaway remains among the largest shareholders of beleagured Wells Fargo, said on Thursday (Sept. 29) that he has not, contrary to one published report by a research firm, been agitating for “radical transformation” at the bank. The billionaire told CNBC that he...
