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Wells Fargo’s top management and board of directors apologized to investors and faced a series of protesters Tuesday at the first big shareholder meeting since a scandal over sales practices led to an executive shake-up, fines and a dented reputation.
Wells Fargo & Co. Chief Executive Officer Tim Sloan and Chairman Stephen Sanger bought more than $5 million of the company’s stock a week after the board published a report into its bogus account scandal to help rebuild investor confidence.
An investigation into sales practices at Wells Fargo released Monday has blamed the bank’s top management for creating an “aggressive sales culture” that led to a scandal involving millions of unauthorized accounts being opened.
An influential firm that advises big shareholders says the majority of Wells Fargo’s board of directors should be removed at the bank’s annual shareholders meeting later this month, accusing the board of having a lack of oversight over the bank’s sales practices.
The Missoula City Commission has voted to pull $2.6 million of the city’s money from Wells Fargo accounts because the bank is invested in the Dakota Access Pipeline and because employees opened fraudulent customer accounts to generate fees and bonuses.
Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday.
Starting on Monday, Wells Fargo will be the first major U.S. bank to offer a card-free option at all of its ATMs. The bank’s customers will be able to use their smartphones to access any of the bank’s 13,000 ATMs.
Wells Fargo CEO Tim Sloan said the company could need several more months to resolve customer damage tied to its massive sales practices scandal, such as figuring out if people had trouble getting approved for other loans because of the fake accounts bank employees opened.
Small business owners are as optimistic as they were before the Great Recession. That’s the finding of a quarterly survey by Wells Fargo, whose Small Business Index rose 20 points from three months ago to a reading of 100. That’s the highest level for the index since it reached 100 in the third quarter of 2007, a few months before the official start of the recession.
Wells Fargo’s board of directors slashed the bonuses and other compensation of its CEO and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation into the bank’s sales practices.
Wells Fargo has offered the city of Seattle the chance to break its contract now, after the city council voted to cut ties with the banking giant over its role as a lender to the Dakota Access pipeline project as well as other business practices.
Wells Fargo & Co. is committed to helping finance the Dakota Access pipeline, which will ship almost half a million barrels of crude a day from North Dakota’s shale fields to refineries in Illinois, Chief Executive Officer Tim Sloan said.
The Seattle City Council on Tuesday voted to cut ties with banking giant Wells Fargo over its role as a lender to the Dakota Access pipeline project as well as other business practices.
A committee of the Seattle City Council on Wednesday voted to end its contract with banking giant Wells Fargo over its role as a lender to the Dakota Access pipeline project and other business practices.
Sen. Elizabeth Warren wants the acting Labor secretary to explain why a website for complaints from Wells Fargo & Co. employees disappeared after President Donald Trump took office, and she has requested an update on the department’s investigation into the bank’s unauthorized-accounts scandal.
U.S. homebuilders are feeling slightly less confident this month about their sales prospects, a pullback from December when builders’ confidence reached the highest level in 11 years.
Wells Fargo still doesn’t have a credible plan for winding down its operations without taxpayer help if it should start to fail, federal regulators said Tuesday, putting new restrictions on the San Francisco bank’s ability to expand into new business areas.
WASHINGTON – Federal regulators have slapped restrictions on Wells Fargo, finding that the big bank failed to adequately plug holes in the plan it would deploy if it fell into bankruptcy.
Wells Fargo is splitting the jobs of chairman and CEO and making other major changes to the composition of its board of directors in an effort to make the bank more accountable following a scandal over sales practices.
Federal regulators are moving to make it more difficult for Wells Fargo to make executive changes or give departing executives departure packages known as “golden parachutes,” the latest signal that the San Francisco bank will be grappling with the fallout from a sales scandal for months to come.