It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Sotheby's announced Monday that it's signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The nation's homebuilders reported solid confidence in the housing market in June, but levels dropped slightly due to concerns over trade issues, the high costs of...Real Estateread more
A group of nuns and religiously-affiliated investors said Wells Fargo & Co. has agreed to publish a review that shows the root causes of the systemic lapses in governance and risk management that have led to ongoing controversies, litigation and fines. As a result of the company's commitment, the Interfaith Center on Corporate Responsibility will withdraw a resolution filed for the 2018 proxy calling for the review.
Sister Nora Nash of the Sisters of St. Francis of Philadelphia led the engagement with Wells Fargo, along with 22 other co-filers who are members of the ICCR, a shareholder coalition that has been engaging the top seven U.S. banks on controversies around risk, ethics and culture for several decades. ICCR members were joined in the filing by the Offices of the Treasurer of the States of Rhode Island and Connecticut.
The group had sought to put its resolution to a vote at the lender's annual meeting in April.
More from Philadelphia Business Journal:
Pennsylvania is a frontrunner for new Apple campus, says Bloomberg
Wells Fargo CEO Tim Sloan hits back at critics
Arts groups get nearly $1M for boardroom diversity, innovation & more
"ICCR first requested this review in 2014 when Wells Fargo came in last in a benchmarking survey on risk management, responsible lending and other metrics," Nash said in a statement. "With each new scandal and penalty as a result of aggressive cross-selling, car loan insurance issues, and mortgage fraud, we tried to impress upon management the need for a comprehensive review that will lead to systemic change. We are encouraged that they are finally agreeing to take this first step towards what we hope will be authentic reform."
San Francisco-based Wells Fargo (NYSE: WFC), Philadelphia's largest bank by deposits, said in a brief statement that it had agreed to publish the review and looks forward to working with the ICCR.
The ICCR said the company has agreed that its published review will include the following six elements:
The ICCR originally filed the shareholder resolution in October 2016, one month after Wells Fargo admitted that its employees opened as many as 3.5 million checking, savings and credit card accounts without customer authorization in order to meet sales goals. The scandal led to a $185 million settlement with regulators and the departure of CEO John Stumpf. It has also set in motion more regulatory settlements, replacing several members of the bank's board and states and municipalities severing or suspending business ties.
Locally, Philadelphia City Council voted unanimously last May to approve legislation to remove Wells Fargo as the bank handling the city's payroll account. Citizens Bank secured the winning bid to handle those services at the start of the city's fiscal year in July 2017.
The city also filed a lawsuit accusing the bank of engaging in discriminatory mortgage lending practices targeting minority borrowers. Wells Fargo's motion to dismiss was recently rejected by a federal judge, but the bank is vigorously disputing the claims in the suit.