March 10- New Wells Fargo& Co Chief Executive Charlie Scharf testified on Tuesday that substantial change was under way at the bank as lawmakers grilled him on the status of the bank's remediation plans, consent orders and contingency plans related to coronavirus. "We are putting a substantially different group of people in charge of these issues," he told...
March 10- New Wells Fargo& Co Chief Executive Charlie Scharf testified on Tuesday before the House Financial Services Committee, where he will face off against some of the bank's harshest critics amid a backdrop of market turmoil and a dark economic outlook. Last week the Office of the Comptroller of the Currency, the bank's top regulator, said it was encouraged...
WASHINGTON, March 5- A key congressional panel's chair on Thursday said she may ask the Justice Department to probe whether former Wells Fargo Chief Executive Tim Sloan misled lawmakers, and called for bank Chair Betsy Duke to resign following a yearlong investigation into its sales practice scandals. Representatives for Wells Fargo and the Justice...
Wells, the fourth-largest U.S. lender, reached a $3 billion deal with the U.S. Department of Justice and Securities and Exchange Commission on Friday related to opening fake customer accounts. "The damage train for Wells Fargo may keep rolling along," said Erik Gerding, a law professor at the University of Colorado in Boulder. Ex-CEO John Stumpf and onetime head of...
The settlement represents the latest government penalties for Wells Fargo and its former management for malfeasance.
Wells Fargo is reportedly nearing settlements with the Securities and Exchange Commission and the Justice Department over its sales scandal.
Feb 20- Wells Fargo& Co is nearing a settlement with the U.S. Securities and Exchange Commission and the Justice Department over previously disclosed probes into its sales practices, the New York Times reported on Thursday. The San Francisco- based lender had set aside $3.9 billion for the quarter ended June 30 last year to deal with "a variety of matters, including...
Consumer groups had worried that the Trump administration's pick to lead the Office of the Comptroller of the Currency, Joseph Otting, would do little to change its reputation for leniency. A former chief executive of California's OneWest Bank, Otting as comptroller has referred to lenders as his "customers" and pursued rule changes pushed for by bank...
U.S. stock futures were pointing to higher open after the Dow fell modestly, the S&P 500 rose slightly and the Nasdaq logged another record high.
WASHINGTON, Jan 23- A U.S. bank regulator announced Thursday that several senior former Wells Fargo executives face potential lifetime industry bans and millions of dollars in civil penalties for their roles in the bank's long-running sales practices scandal. The Office of the Comptroller of the Currency announced civil charges against five former senior...
The U.S. government announced that former Wells Fargo CEO John Stumpf is barred from ever working at a bank.
John Stumpf, who ran the San Francisco- based bank from 2007 to 2016, spoke publicly about being raised on a Minnesota farm with 10 siblings, and once recounted his own experience being upside down on a mortgage during the foreclosure crisis in 2010. Tim Sloan, who took over the reins as the bank's fake accounts scandal unraveled, once brought his family, including...
Lawmakers want to press the board on its role in righting the bank after years of problems, said Representative Maxine Waters, who chairs the House Financial Services Committee. Wells Fargo declined to comment. Wells Fargo, the fourth-largest U.S. bank by assets, is too big to be properly managed and should be broken up, Waters said.
Sen. Elizabeth Warren on Thursday sent a letter to Federal Reserve Chairman Jerome Powell calling on the Fed to maintain its growth cap on Wells Fargo until the bank replaces CEO Tim Sloan.
Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, the New York Times reports.
"Wells Fargo's substantial underperformance has created a buying opportunity," analyst Saul Martinez says.
Scott Siefers, Sandler O'Neill bank analyst, breaks down Wells Fargo's quarterly numbers and provides his outlook on the big bank.
Wells Fargo has rehired more than one-third of the employees it axed in the wake of the bank's fake accounts scandal, CEO Timothy Sloan said.
Warren Buffett, Berkshire Hathaway chairman and CEO, weighs in on the Wells Fargo scandal.
The "Squawk on the Street" crew weighs in on Sen. Elizabeth Warren's call to oust Wells Fargo directors.
Data also provided by 
