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...
Adding fuel to the Wells Fargo fire, the company has now been sanctioned by none other than the Justice Department for improperly repossessing cars that had been owned by military personnel. Bloomberg reported on Thursday (Sept. 29) that the department found that the financial firm racked...
Wells Fargo Chief Executive John Stumpf’s move to give up around $41 million in unvested equity was prompted in part by board members who were furious about how the CEO handled the fake account scandal. According to a report by CNBC, citing sources, the independent members...
Capital, capital everywhere — but, for big U.S. bank investors, the old Seinfeld punchline: “No dividends for you!” The famed bank stress tests that have been in place for years and that get attention from Wall Street when it comes time to judge how sound the global financial system may...
