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| January 23, 2018

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Former banker sues Wells Fargo, says he blew whistle on mortgage practices

January 19, 2018 |

A former Wells Fargo mortgage banker in Beverly Hills who was fired and later fined by federal regulators has sued the bank, saying he was used as a scapegoat and that regulators ignored his attempts to report bad practices.

David Eghbali, who had been one of the bank’s top mortgage bankers, said…


L.A. Times – Business

Wells Fargo reports big tax savings — and big costs for investigations, lawsuits

January 12, 2018 |

The GOP tax overhaul saved Wells Fargo & Co. more than $ 3 billion in the fourth quarter, but the bank also set aside more than $ 3 billion to cover costs related to ongoing problems with its consumer businesses, the company reported Friday.

In its earnings release for the fourth quarter and full…


L.A. Times – Business

Wells Fargo says raises were not linked to tax bill passage — then backtracks

December 25, 2017 |

Wells Fargo & Co.’s move to raise its minimum pay to $ 15 an hour was part of a long-term plan and not related to the passage of the Republican tax overhaul as the company implied, said a bank spokesman, who later backtracked and stated the hikes were a result of the bill’s approval.

The bank was…


L.A. Times – Business

Trump’s Wells Fargo tweet cited in court hearing as reason to remove Mulvaney as CFPB acting chief

December 22, 2017 |

A recent tweet by President Trump about possible penalties against Wells Fargo & Co. was cited during a court hearing Friday as a reason for removing White House official Mick Mulvaney as acting director of the Consumer Financial Protection Bureau.

The attorney for Leandra English — the bureau’s…


L.A. Times – Business

Navajo Nation Sues Wells Fargo

December 13, 2017 |

The Navajo Nation announced Tuesday that it is suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members. In a statement, Navajo Nation President Russell Begaye said the tribe’s lawyer has been directed to seek restitution, damages, and civil penalties based on…
Newser

Navajo Nation sues Wells Fargo claiming it was targeted for fake accounts

December 13, 2017 |

The Navajo Nation has sued Wells Fargo, saying its citizens were targeted by workers trying to meet the bank’s aggressive sales quotas.

The lawsuit, filed Tuesday in federal court in Albuquerque, alleges many of the same practices that led to last year’s $ 185-million settlement between Wells Fargo…


L.A. Times – Business

Trump denies that Wells Fargo may avoid federal penalties for alleged mortgage lending abuses

December 10, 2017 |

President Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.

Trump’s comments on Twitter appeared to be in response to a Reuters report


L.A. Times – Business

Wells Fargo ordered to repay customers who lost money on complex securities

October 17, 2017 |

An investment industry regulator has ordered Wells Fargo to pay $ 3.4 million to brokerage customers who lost money buying complicated securities that even Wells Fargo brokers didn’t fully understand.

The Financial Industry Regulatory Authority, or Finra, said Monday that some Wells Fargo representatives…


L.A. Times – Business

State Treasurer John Chiang extends sanctions on Wells Fargo for another year

October 17, 2017 |

The state of California will continue its financial sanctions against Wells Fargo for a second year following a string of new disclosures about bad practices at the bank since its sham accounts scandal unfolded.

State Treasurer and gubernatorial candidate John Chiang said Monday that revelations…


L.A. Times – Business

Senators question whether Wells Fargo CEO is the right person to lead bank’s turnaround

October 3, 2017 |

At a Senate Banking Committee hearing Tuesday, Wells Fargo & Co. Chief Executive Timothy Sloan faced pointed questions about his ability to lead a turnaround of the bank’s culture — and whether the steadily growing list of new disclosures from the bank would ever end.

The hearing was held roughly…


L.A. Times – Business