Wells Fargo

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As Wells Fargo Pays Up, Exec Exits With $125M

CEO says Carrie Tolstedt is 'a champion for customers'

(Newser) - Wells Fargo has been fined $185 million over a scam that involved employees opening phony accounts for customers who were forced to pay fees, but the executive in charge of those employees will take home almost as much. Carrie Tolstedt, former head of community banking, will receive $124.6 million...

5.3K Wells Fargo Workers Fired for Creating Fake Accounts

Employees got bonuses; customers got extra fees

(Newser) - Wells Fargo has been slapped with a record $185 million penalty over a scam carried out by its own employees—5,300 of whom were fired. The Consumer Financial Protection Bureau says Wells Fargo workers trying to reach sales targets opened around 2 million phony deposit or credit card accounts,...

5 Big Banks Get Failing Grades on 'Living Wills'

They need to retool emergency plans quickly

(Newser) - Federal regulators say five of the biggest banks in the US haven't worked out strong plans for how they might reshape themselves in case of failure, which could leave them unable to survive without another taxpayer bailout, reports the AP . JPMorgan Chase, Bank of America, Wells Fargo, Bank of...

Vikings' Suit: Wells Fargo Is Photo-Bombing Our New Stadium

Team says bank is trying to sneak extra exposure with mounted, lit signage

(Newser) - In 2014, Wells Fargo agreed it wouldn't use mounted, illuminated rooftop signs on its two 17-story office towers that flank the Minnesota Vikings' new stadium in Minneapolis, per the Minneapolis Star Tribune . Instead, it would use two 56-foot signs painted flat on the roof, with no illumination, the Pioneer ...

LA Sues Illegal 'Fee Machine' Wells Fargo

Employees used unlawful tactics to boost sales: lawsuit

(Newser) - The city of Los Angeles is suing Wells Fargo, claiming the California-based bank pushed employees to engage "in unfair, unlawful, and fraudulent conduct" to hit sales quotas. The suit notes bank employees opened unauthorized accounts for customers, failed to close them when asked, and applied phony fees that hurt...

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time...

Thieves Grab Gold Nuggets From Wells Fargo

Historic gold may end up melted for resale

(Newser) - Talk about brazen: Masked thieves smashed a stolen SUV into the site of Wells Fargo's original bank in San Francisco early this morning and made off with historic gold ore and nuggets, the San Francisco Chronicle reports. Wearing hoodies and ski masks, they broke into display cases at the...

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of...

Top 10 Companies for 2013
 Top 10 Companies for 2013 
forecast
Jan 17, 2013 4:50 PM CST

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
...

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a...

JPMorgan's Dimon: Housing 'Turned a Corner'

Third-quarter earnings beat expectations

(Newser) - Two giants kicked off the earnings season for banks, and the results were pretty good:
  • JPMorgan Chase, the country's biggest bank, reported a record quarterly profit today, helped by a surge in mortgage refinancing. The bank made $5.3 billion from July through September, up 36% from the same
...

Feds Sue Wells Fargo Over Mortgages

Bank accused of knowingly making reckless loans

(Newser) - The US government has sued Wells Fargo in a New York court, accusing America's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed today in federal court in Manhattan, seeks to recover "hundreds of...

Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,...

Foreclosure Error Ruins Couple's Retirement Home

Subcontractors took valuables, destroyed house

(Newser) - It was just a small desert home near Twentynine Palms, California, but it was all paid for, and Alvin and Pat Tjosaas intended on spending their retirement there. Too bad Wells Fargo decided to foreclose on it anyway. The bank sent subcontractors to the wrong address, and despite a different...

Bank Fires Worker Over Minor Offense 49 Years Ago

Wells Fargo cans 68-year-old over use of phony dime in laundromat

(Newser) - In the past year and a half, the federal government enforced tough new rules against banks and mortgage-lenders, designed to eliminate executives and mid-level employees with prior convictions for serious offenses such as fraud. But the banks, eager to avoid the $1-million-a-day fines, are firing even low-level workers over minor...

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

Wells Fargo to Pay $175M Over Lending Discrimination

African Americans, Hispanics allegedly got higher rates

(Newser) - From 2004 to 2009, Wells Fargo allegedly discriminated against African-American and Hispanic borrowers, and now the bank will pay at least $175 million to settle the matter, the AP reports. Wells Fargo is accused of charging such borrowers higher rates for loans, thus violating fair-lending laws. A deputy attorney general...

Protesters Crash Wells Fargo Meeting

Shareholding activists demand end to foreclosures

(Newser) - Some 15 shareholders were arrested for disrupting Wells Fargo's annual shareholder meeting in San Francisco yesterday. The protesters—allowed in because they own Wells Fargo shares—were ejected after shouting over CEO John Stumpf's presentation about the bank's $15.9 billion profit in 2011, reports the San ...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

Man Arrested Outside Bank: I'm Half Orangutan

Also claims he's Elvis Presley's brother

(Newser) - A Florida man suspected of assault told sheriff's deputies he was half-orangutan and had to telephone the "Fusion Center" about his monkey blood, the Naples Daily News reports. He also claimed to be Elvis Presley's brother, a friend of President Bush, and director of the CIA. The...

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