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Financials John Stumpf

  • Nov 29- New Mexico's attorney general on Wednesday announced plans to ask Wells Fargo& Co to pay damages on behalf of customers who were victims of a scandal in which the bank created as many as 3.5 million unauthorized accounts. New Mexico Attorney General Hector Balderas said his investigation showed that Wells Fargo's corporate management used...

  • District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing "unrelenting" pressure to meet sales quotas unlawfully opened accounts, and misled the public about fraudulent practices at the nation's third-largest bank. The judge also said that in the "unlikely" event Sloan...

  • Oct 3- U.S. senators slammed Wells Fargo& Co Chief Executive Tim Sloan on Tuesday for his handling of a massive sales practices scandal at the third-largest American bank and challenged him to allow aggrieved customers to sue. Sloan, when pressed by Senate Banking Committee lawmakers, said the San Francisco- based bank would not prevent customers from suing.

  • Oct 3- U.S. senators slammed Wells Fargo& Co Chief Executive Tim Sloan on Tuesday for his handling of a massive sales practices scandal at the third-largest American bank and challenged him to allow aggrieved customers to sue. Sloan, when pressed by Senate Banking Committee lawmakers, said the San Francisco- based bank would not prevent customers from suing.

  • Oct 3- U.S. senators grilled Wells Fargo& Co Chief Executive Tim Sloan on Tuesday about what he had done to change the bank's culture after a sales practices scandal erupted last year, with one senior Democratic lawmaker calling for his ouster. Senate Banking Committee members flagged problems involving auto insurance and mortgage fees that came to light...

  • Tim Sloan, president and chief executive officer of Wells Fargo & Co.

    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: Want people responsible for WFC scandal to pay

    Warren Buffett, Berkshire Hathaway chairman and CEO, weighs in on the Wells Fargo scandal.

  • Oct 3- Wells Fargo& Co CEO Tim Sloan will be questioned about sales practices, mischarging customers for auto insurance, and complaints about mortgage fees at the bank's consumer lending unit when he testifies before U.S. senators on Tuesday. Reuters reported on Monday that the Office of the Comptroller of the Currency, the leading regulator for Wells Fargo, was...

  • NEW YORK, Sept 22- Wells Fargo& Co. has hired law firm Sidley Austin to take the lead in preparing Chief Executive Tim Sloan for his appearance before the U.S. Congress next month to answer questions about a year-long sales practices scandal, according to four sources with knowledge of the decision. Sloan will appear before the Senate Banking Committee, which...

  • WASHINGTON, Sept 21- Wells Fargo Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations. Sloan will appear before the Senate Banking Committee, which writes rules for his industry, at a hearing titled "Wells Fargo: One Year Later," the panel said on...

  • WASHINGTON, Sept 21- Wells Fargo Chief Executive Tim Sloan is due to testify before the Senate Banking Committee on Oct. 3, sources familiar with the scheduled meeting said. Senator Elizabeth Warren in a CNBC interview on Tuesday again urged the Federal Reserve to hold Wells' board accountable following the fresh disclosure. Sloan's predecessor John Stumpf had...

  • Tim Sloan, CEO of the third-largest U.S. bank, said at an industry conference hosted by Barclays that expenses will likely account for 60 percent to 61 percent of revenues in the second half of 2017, down slightly from the previous three quarters. Wells Fargo does not disclose how much it sets aside for litigation, but said in its second-quarter financial filing...

  • The scandal over phony accounts came to light last September after the company announced a $185 million settlement with regulators to atone for the sales abuses. In response, Wells Fargo has fired senior managers, changed pay incentives for branch staff, separated the role of chairman and chief executive and faced a difficult shareholder vote at its annual...

  • The scandal over phony accounts came to light last September after the company announced a $185 million settlement with regulators to atone for the sales abuses. In response, Wells Fargo has fired senior managers, changed pay incentives for branch staff, separated the role of chairman and CEO and faced a difficult shareholder vote at its annual meeting....

  • The revelation is the latest chapter in a year-long scandal at the San Francisco bank and puts it back in the crosshairs of lawmakers as they prepare to return to Congress next week. She repeated her call for the bank's top brass to appear before the Senate Banking Committee. "Every new disclosure seems to expand the scope of the banks troubles, which creates the...

  • The revelation is the latest chapter in a year-long scandal at the San Francisco bank and puts it back in the crosshairs of lawmakers as they prepare to return to Congress next week. She repeated her call for the bank's top brass to appear before the Senate Banking Committee. "Every new disclosure seems to expand the scope of the banks troubles, which creates the...

  • Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PricewaterhouseCoopers principal, will...

  • Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PricewaterhouseCoopers principal, will...

  • Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chairman Stephen Sanger next year, one of several changes announced on Tuesday in response to shareholder displeasure over the bank's sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will also retire at year end. Wells Fargo's board hired Mary Jo...

  • Betsy Duke, who only joined the board of the third-largest U.S. lender in 2015, will be promoted as Wells tries to repair damage caused by widespread sales abuses against customers. Chairman Stephen Sanger reaches the mandatory retirement age of 72 in April, ahead of the next annual shareholder meeting. On Thursday, the Wall Street Journal reported Sanger would...