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| April 27, 2018

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Wells Archives -

Embattled Wells Fargo to face protests and more calls for change at annual meeting

April 25, 2018 |

Wells Fargo & Co.’s top brass will gather in Iowa Tuesday for the bank’s annual shareholder meeting — and they’ll be getting an earful from critics and advocacy groups over issues such as continued revelations of consumer abuses and the bank’s dealings with gun makers.

It’s the second shareholder…


L.A. Times – Business

Wells Fargo shareholders reject calls to oust Sloan and vote to support board at annual meeting

April 25, 2018 |

A year ago, Wells Fargo & Co. shareholders voted in droves against some of the bank’s longest-serving board members, a revolt sparked by the scandal over unauthorized bank accounts.

But 12 months later, even as outrage against the bank continues in the wake of new enforcement actions, shareholders…


L.A. Times – Business

Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses

April 20, 2018 |

Federal regulators slapped Wells Fargo & Co. with a fine of $ 1 billion on Friday, punishing the San Francisco bank for abuses that harmed mortgage and auto loan borrowers, and for what regulators said was a pervasive and “reckless” lack of risk management.

The penalty, announced by the Office of…


L.A. Times – Business

Former Wells Fargo trader alleges pay incentives could have led to foreign-exchange overcharges

April 17, 2018 |

Wells Fargo & Co.’s former top currency trader has sued the San Francisco bank, alleging wrongful termination, saying he was fired last year because he planned to complain to regulators about the foreign exchange desk’s incentive-pay system.

Simon Fowles was one of four currency traders fired in…


L.A. Times – Business

Wells Fargo confirms that it may pay $1-billion penalty over latest consumer abuses

April 13, 2018 |

Wells Fargo & Co. confirmed Friday that the bank might pay as much as $ 1 billion to regulators over its mortgage-lending and auto-insurance abuses — which would be the biggest penalty yet for the bank related to its long running sales-practices scandal.

The San Francisco bank, in its first-quarter…


L.A. Times – Business

Wells Fargo reportedly facing huge fine for mortgage lending and auto insurance problems

April 10, 2018 |

The Consumer Financial Protection Bureau is considering fining Wells Fargo & Co. hundreds of millions of dollars for its mortgage-lending and auto-insurance abuses — following up on a threat by President Trump to take aggressive action against the bank.

The agency is in talks with the San Francisco…


L.A. Times – Business

Wells Fargo Center gets $60-million upgrade as Bunker Hill skyscrapers grapple with competition

April 5, 2018 |

The Wells Fargo Center, with its granite walls soaring more than 50 stories into the air, has long been considered one of the best office addresses in downtown Los Angeles.

But its owners recently came to an unpleasant realization: Although the two-skyscraper complex atop Bunker Hill was still…


L.A. Times – Business

Sen. Elizabeth Warren pushes Federal Reserve to hold formal vote on Wells Fargo reform plan

April 4, 2018 |

Sen. Elizabeth Warren (D-Mass.) is requesting that the Federal Reserve Board of Governors hold a formal vote on whether to accept a plan from Wells Fargo & Co. to address consumer abuses.

In a letter to Fed Chairman Jerome H. Powell released Tuesday, Warren said it was important for Senate-confirmed…


L.A. Times – Business

Top Federal Reserve pick, another white male, criticized for Wells Fargo oversight

April 4, 2018 |

The Federal Reserve’s top official on the West Coast has been chosen to head its powerful New York regional bank, putting a seasoned economist into a key monetary policymaking role to help offset new Fed Chairman Jerome H. Powell’s lack of an economics background.

But the choice of John C. Williams,…


L.A. Times – Business

Wells Fargo customers could have more time to file claims in $142-million fake accounts settlement

March 16, 2018 |

Wells Fargo & Co. failed to notify some customers about its $ 142-million class-action settlement over its unauthorized accounts scandal — an error that could give customers more time to participate in the deal but contribute to months of delay in receiving payments.

The bank last month told attorneys…


L.A. Times – Business