Wells Fargo has fired around 100 to 125 employees suspected of improperly obtaining coronavirus relief funds, a source familiar with the situation told FOX Business.
The San Francisco-based lender earned $2.04 billion, or 42 cents per share, missing the 45 cents that Wall Street analysts surveyed by Refinitiv were expecting. The results were an improvement from last quarter’s $2.38 billion loss, but marked a 56% decline from the $4.61 billion earned a year ago.
A proposal has been introduced to revoke the bank's naming rights.
Wells Fargo CEO Charlie Scharf apologized Wednesday after saying the financial services industry has “limited” Black talent to choose from when hiring senior management, reiterating his commitment to improving diversity amid a national reckoning on racial injustice sparked by the death of George Floyd.
A U.S. bank regulator announced Monday it had fined three former executives at Wells Fargo Bank for their roles in the company's sales practices scandal.
Warren Buffett's Berkshire Hathaway Inc said on Friday it had cut its Wells Fargo & Co stake to 3.3%, further reducing what had once been a $32 billion investment in the bank.
By trimming its workforce, Wells Fargo says it will bring its expenses "more in line with our peers and create a company that is more nimble, streamlined, and customer-focused."
Warren Buffett's Berkshire Hathaway Inc. (BRKA)(BRKA) unloaded a more than a quarter of its stake in Wells Fargo & Co. (WFC) and about 61% of its position in JPMorgan Chase (JPM), while acquiring a new position in Barrick Gold Corp. (ABX.T), according to 13-F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon.
Wells Fargo WFC -1.93% & Co. unloaded hundreds of millions of dollars of assets during this spring’s market collapse to stay out of trouble with the Federal Reserve.
Wells Fargo & Co. is slashing costs, cutting staff and tightening up on lending to ride out the coronavirus recession.
Wells Fargo customers are accusing the bank of pausing their mortgage payments without permission.
Wells Fargo & Co said on Tuesday Mike Santomassimo will replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm.
The San Francisco-based bank lost $2.38 billion in the second quarter as the novel coronavirus continued to pummel the economy. It was the bank’s first loss since the fourth quarter of 2008.
Wells Fargo directed its employees last week to delete the Chinese video-sharing app TikTok from all company-owned devices due to privacy concerns.
The plans reportedly being drawn up by Wells executives could eventually lead to tens of thousands of jobs being cut.
Nation’s fourth-largest bank has cited weak earnings during the pandemic
Unlike big, “money-center banks” headquartered in New York City such as JPMorgan Chase, Citigroup and in Wells’ case, San Francisco, community banks are locally owned and operated. You won't see their branch offices on every street corner and they don't conduct glitzy advertising campaigns.
The bank is one of the nation’s leading auto lenders for new and used cars.
WASHINGTON -- The U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, two people with knowledge of the matter told Reuters.
The disclosures come just a few weeks after the bank, along with three other major banks, was sued.