Huawei CEO Ren Zhengfei said in an interview with CNBC the company's business is still strong in China.Technologyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
Sen. Josh Hawley, a well-known tech critic, introduced legislation on Wednesday that would remove the immunity big technology companies receive for user-posted content under...Technologyread more
Facebook's new cryptocurrency project, titled Libra and backed by the likes of Visa and Booking Holdings, is being widely embraced by market watchers.Trading Nationread more
Zuckerberg fell out of Glassdoor's top 20 CEO ranking for the first time, although his employee approval rate remains high.Technologyread more
The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018.Traderead more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
Adobe expects fiscal third-quarter earnings and revenue that are below what analysts were looking for.Technologyread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
In a letter sent Monday to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has "revealed severe problems with the bank's risk management practices." Warren said the central bank has the authority under federal statute to remove the members who were on the board as the matter transpired.
"We have received the letter and plan to respond," a Fed spokesman told CNBC.
In an agreement with multiple authorities last September, Wells agreed to pay a $185 million fine in conjunction with a scandal in which some 2 million client accounts were created without the customers' knowledge.
More accounts may be involved, according to subsequent allegations.
Even after paying the fine, Wells has continued to undergo reputational damage amid congressional inquiries and additional disclosures
Warren, who has been a harsh critic, pointed out in the letter multiple instances where she believes the board at Wells failed customers.
"The fake accounts scandal cost Wells Fargo customers millions of dollars in unauthorized fees and damaged many of their credit scores," the senator wrote. "The scandal also revealed severe problems with the bank's risk management practices — problems that justify the Federal Reserve's removal of all responsible Board members."
Wells Fargo did not respond to a request for comment. Wells Fargo shares gained about 1.1 percent in early trading, about in line with the sector.
Warren did not limit her criticism to Wells — she also said the Fed "has done nothing to date" to punish the bank "despite its ample statutory authority."
"I urge you to use the tools Congress has given you to remove the responsible board members and protect the continued safety and soundness of one of the country's largest banks," she wrote.
The scandal arose as bank employees sought to meet aggressive sales demands. Employees would enroll customers in various programs without their consent in order to make quotas that have since been disbanded.
Some 5,300 employees have been terminated as a result, and the bank also has a new CEO, Timothy J. Sloan, who took over for John Stumpf.
For the Fed to act, it would need to establish that any individual board member's actions were unsafe or unsound to the bank. The Fed likely would need to initiate an enforcement action and prove its case.
Yellen told Congress during testimony shortly after the scandal broke in September that the Fed is reviewing all operations for large banks and believes that in cases of wrongdoing, "senior management (should) be held accountable."