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| July 16, 2018

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Wells Fargo earnings fall as bank reports a tax hit, fewer loans and deposits

July 13, 2018 |

Wells Fargo & Co. on Friday reported lower-than-expected earnings for the second quarter and said it set aside nearly half a billion dollars to pay additional state taxes in the wake of a recent U.S. Supreme Court decision.

The San Francisco financial giant reported net income of $ 5.2 billion,…


L.A. Times – Business

Wells Fargo fined by SEC for brokers ‘flipping’ investments before they matured

June 25, 2018 |

Wells Fargo & Co. will pay $ 5.1 million to settle a U.S. regulator’s claims that employees abused clients by persuading them to sell certain investments before maturity, generating large fees for the lender.

Brokers with Wells Fargo Advisors, from January 2009 to June 2013, encouraged retail customers…


L.A. Times – Business

Wells Fargo not the only bank to have created unauthorized accounts — but regulator won’t identify others

June 9, 2018 |

A federal bank regulator that has fined Wells Fargo more than $ 500 million over its creation of unauthorized accounts and other consumer abuses has found evidence of sales practice problems at other large and midsize banks — but is refusing to name those institutions.

The Office of the Comptroller…


L.A. Times – Business

Wells Fargo sells all of its branches in Indiana, Michigan and Ohio

June 5, 2018 |

Wells Fargo & Co.’s sale of 52 branches to Flagstar Bancorp Inc. marks a retail-banking exit from Indiana, Michigan and Ohio.

The deal is part of Wells Fargo’s effort to reduce its branch count to about 5,000 from roughly 5,800 by the end of 2020, the company said Tuesday.

“Wells Fargo will continue…


L.A. Times – Business

Judge approves a $142-million settlement over the Wells Fargo accounts scandal, calling it ‘rough justice’

May 30, 2018 |

Wells Fargo & Co. customers who didn’t consent to having 3.5 million accounts created by bankers trying to hit sales quotas are finally getting what amounts to an “imperfect solution.”

U.S. District Judge Vince Chhabria agreed Wednesday to issue final approval for a $ 142-million class-action accord…


L.A. Times – Business

Fed nominees slam Wells Fargo for consumer abuses and indicate bank’s growth cap will be tough to lift

May 16, 2018 |

Two Federal Reserve nominees on Tuesday slammed Wells Fargo & Co., for its consumer abuses and indicated that they would have to see significant improvements before voting to lift a cap on the San Francisco bank’s growth.

“Just based upon the news accounts, which of course is all I have to go on,…


L.A. Times – Business

Embattled Wells Fargo likely to operate under Fed-imposed growth cap into next year, CEO says

May 14, 2018 |

Wells Fargo & Co.’s stiff penalty from the Federal Reserve over its unauthorized accounts scandal and other consumer abuses will continue into next year, the bank’s chief executive told investors Thursday.

The Federal Reserve in February ordered the bank to stop growing its assets beyond $ 1.95…


L.A. Times – Business

Wells Fargo will need a formal vote from the Federal Reserve before growth restrictions are lifted

May 11, 2018 |

Wells Fargo & Co. will have to receive formal approval in a vote taken by the Federal Reserve Board of Governors before its growth restriction is lifted, Fed Chairman Jerome H. Powell has decided — a move that could cut into the bank’s profits.

Powell disclosed his determination in a letter Thursday…


L.A. Times – Business

Wells Fargo owes $97 million to California employees who didn’t get breaks

May 10, 2018 |

Wells Fargo & Co. must pay $ 97 million to home mortgage consultants and private mortgage bankers in California who didn’t get the breaks they were entitled to under the state’s stringent labor laws.

A federal judge in Los Angeles on Tuesday agreed with the bankers and consultants that the money…


L.A. Times – Business

Wells Fargo launches ad campaign to leave accounts scandal behind. Not everyone is buying it

May 9, 2018 |

Deb Gabor was watching television recently when a Wells Fargo & Co. commercial caught her attention.

The ad was part of new ad campaign, called Re-Established, that the banking giant began rolling out this week to help it move past its massive fake-accounts scandal and reassure customers.

The commercial…


L.A. Times – Business