Wells Fargo, which is coming under intense fire for the widespread practice of opening fake accounts to meet sales goals, could be part of a broader problem in the banking industry, despite the increased regulation and scrutiny. That’s according to Cowen Analyst Jaret Seiberg, who...
Wells Fargo may be facing the largest fine ever levied by the Consumer Financial Protection Bureau after it was revealed employees opened up thousands of fake accounts, but the company’s chief financial officer, John Shrewsberry, said it isn’t a systematic problem at the company, just...
Wells Fargo may not have explicitly admitted wrongdoing in the creation and use of sham accounts tied to client activity, but the firm announced on Tuesday (Sept. 13) it was taking at least some steps toward changing its corporate culture. Via press release, the financial...
When the Federal Reserve ticked the interest rate up to 0.25 for the first time in a decade last December, it was something of big moment — it was the first time the rate has been above zero in almost a decade. In the wake of the...
Wells Fargo recently found itself in hot water for creating bogus bank accounts for its customers and now has to pay a $185 million fine to settle the charges. But one analyst is arguing that the unethical customer conduct that bank has been charged with...
The Wells Fargo debacle gets more outrageous as the executive in charge during the time of the fraud takes a timely retirement and $125 million. While the shareholders will bear the cost of the largest ever CFPB fine, there is no sign that Carrie Tolstedt...
In the wake of firing more than 5,300 employees and paying $185 million in fines to help settle an investigation into what some have called “sham bank accounts” created without express permission from clients, Wells Fargo has express regrets — but stopped short of agreeing...
