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Wells Fargo to pay $1 billion for mortgage, auto lending abuses
The settlement also contains other requirements that would restrict Wells Fargo’s business.
What the Fed's crackdown on Wells Fargo says about the future of financial regulation
Jerome Powell was sworn in as the new chairman of the Federal Reserve today. But it’s his predecessor, Janet Yellen, who’s making waves in the markets. Last Friday, in one of her last actions as Fed chair, Yellen slapped an unprecedented penalty on Wells Fargo. The bank can no longer grow larger until it makes […]
Strong economy and political tailwinds add up for banks in 2018
As Wells Fargo and JP Morgan Chase report earning this week, analysts are looking ahead and anticipating that the tax bill, regulatory rollbacks, and a sound overall economy with low unemployment will mean a strong year for banks. Click the audio player above to hear the full story.
Fed Chair Janet Yellen: Wells Fargo's actions are "unacceptable"
Federal Reserve Chair Janet Yellen said the Fed is prepared to take action against Wells Fargo but won’t say when. For its part, Wells Fargo said it’s committed to making things right for its customers and is eliminating sales goals for retail bankers in its branches and call centers.
Changes at the top for Wells Fargo
Scandal-besieged Wells Fargo seems to be cleaning up its act. It’s replacing three of 15 board members, including the chairman. Stephen Sanger will step down at the end of the year and current Vice Chair Elizabeth Duke will take his place. Is this a real change for the bank? Click the audio player above to […]
Wells Fargo scandals could mean sweeping consequences
First, there was a scandal over millions of fake Wells Fargo accounts that broke last year. Then, accusations of changes to mortgages without notifying customers. Now, Wells Fargo faces a class-action lawsuit over selling car insurance policies to hundreds of thousands of customers who did not need it from 2012 to 2017. All this could […]
Wells Fargo claws back $75 million from top execs in sales scandal
Problems with Wells Fargo's sales culture dates back at least 15 years, according to a recent investigation.
No ATM card? Wells Fargo customers will be able to withdraw using their smartphones
Starting next Monday, customers of Wells Fargo bank will be able to make ATM withdrawals nationwide without a card using a smartphone. The trend could spread quickly to other banks around the country as consumers grow more used to advanced banking technology. Click the audio player above to hear the full story.
Former Wells Fargo employee shares pressure he felt over sales quotas
Over many years, bank workers opened more than 2 million accounts and credit cards without customers' permission.
Can Wells Fargo shrug off the cross-selling scandal?
Wells Fargo brass seeks to move past recent trouble.