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Financials John Stumpf

  • A woman passes a Wells Fargo sign.

    Wells Fargo said it agreed to sell its commercial insurance business.

  • June 27- Wells Fargo& Co said on Tuesday it agreed to sell its commercial insurance business to private insurer USI Insurance Services, as the third-largest U.S. bank plans to focus on core banking products and services. Wells Fargo has doubled its cost-cutting target after expenses soared in the aftermath of the scandal. Wells Fargo plans to reduce expenses by...

  • Sen. Warren calls for removal of 12 Wells Fargo directors

    The "Squawk on the Street" crew weighs in on Sen. Elizabeth Warren's call to oust Wells Fargo directors.

  • June 1- Longtime Wells Fargo& Co executive David Carroll will retire from his role as head of wealth and investment management next month, saying on Thursday he is leaving because he wants to pursue "another chapter in my life." Carroll's retirement is effective July 1, but he will remain with the company until July 31 to make sure the transition goes smoothly.

  • Carroll, 60, will be replaced by Jonathan Weiss, 59, the current head of Wells Fargo Securities. Wells Fargo spokeswoman Kathleen Leary gave reason for Carroll's retirement other than that he was "ready for new challenges". Wells Fargo said it expects to announce Weiss' replacement before he transitions into his new role.

  • May 17- A federal judge signaled that he may reject parts of Wells Fargo& Co's proposed $142 million settlement with customers for whom it opened millions of unauthorized accounts. District Judge Vince Chhabria in San Francisco ordered lawyers for customers and the bank to address his concerns, including whether the entire settlement should be rejected,...

  • May 17- A federal judge signaled that he may reject parts of Wells Fargo& Co's proposed $142 million settlement with customers for whom it opened millions of unauthorized accounts. District Judge Vince Chhabria in San Francisco said he was "strongly inclined" to reject the settlement's provision for an injunction barring customers from pursuing other claims...

  • The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "...

  • Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "actual unauthorized accounts. District Judge Vince Chhabria in San Francisco is scheduled to consider preliminary approval at a May 18 hearing. John Stumpf and Carrie Tolstedt, who were respectively the San...

  • But the move, detailed at Wells Fargo's investor day, failed to impress Wall Street, because management also indicated that revenue growth is suffering from the scandal, which involved employees creating as many as 2.1 million unauthorized accounts in customers' names to hit sales targets. The San Francisco- based bank's stock was down 1.7 percent at $53.81 in...

  • Warren Buffett

    But the Berkshire Hathaway CEO tells CNBC the fundamental earning power of the bank has not been hurt.

  • OMAHA, Neb., May 6- Warren Buffett, the chairman of Berkshire Hathaway Inc, on Saturday criticized Wells Fargo& Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10 percent stake worth roughly $27 billion, gave employees too...

  • OMAHA, Neb., May 6- Warren Buffett, the chairman of Berkshire Hathaway Inc, on Saturday faulted Wells Fargo& Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10- percent stake worth roughly $27 billion, gave employees too...

  • OMAHA, Neb., May 6- Warren Buffett, the chairman of Berkshire Hathaway Inc, on Saturday faulted Wells Fargo& Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10- percent stake worth roughly $27 billion, gave employees too...

  • OMAHA, Neb., May 6- Warren Buffett, the chairman of Berkshire Hathaway Inc, on Saturday faulted Wells Fargo& Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10- percent stake worth roughly $27 billion, gave employees too...

  • OMAHA, Neb., May 6- Warren Buffett on Saturday faulted Wells Fargo& Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a national scandal. Wells Fargo, whose largest shareholder is Berkshire with a 10 percent stake worth $27 billion, gave employees too much autonomy to engage in "cross-selling"...

  • OMAHA, Neb., May 6- Warren Buffett on Saturday faulted Wells Fargo& Co's previous management for failing to take action immediately upon learning that its employees were signing up customers for bogus accounts, causing a national scandal. Buffett spoke at the annual meeting of Berkshire Hathaway Inc, which he chairs, and where he and Vice Chairman Charlie Munger...

  • OMAHA, Neb., May 6- Warren Buffett on Saturday faulted Wells Fargo& Co's previous management for failing to take action immediately upon learning that its employees were signing up customers for accounts they did not want. Speaking at Berkshire's annual meeting, where Buffett and Vice Chairman Charlie Munger are fielding five hours of questions from...

  • BEVERLY HILLS, May 1- Wells Fargo& Co Chief Executive Officer Tim Sloan said recruiting and retention have improved dramatically in the wake of a sales scandal, as the third-largest U.S. bank has made big changes to how it pays and evaluates employees in its branches. Scrambling to contain the fallout, Wells Fargo stopped paying branch workers based on how many...

  • April 27- Wells Fargo& Co is making several changes to its government relations and public policy unit in what its new leader said was a response to its steady growth since the financial crisis. The bank has had a difficult seven months since a sales scandal that severely damaged its reputation and led to the departure of then-Chairman and CEO John Stumpf in...