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Wells Fargo & Co. said retail customers opened 44 percent fewer new accounts in October from a year earlier in the wake of the bank’s record-setting settlement with regulators over its cross-selling scandal.
U.S. homebuilders’ confidence held steady this month, though their expectations for sales into next year dimmed slightly.
Six months ago, Luke McDonald took two bullets in a gutsy attempt to subdue a bank robber at a Wells Fargo branch on North Division Street. Even though he walks with a slight hobble and faces another surgery, a bone graft, he said he’d do it again.
Wells Fargo & Co. confirmed Thursday that the U.S. Securities and Exchange Commission has joined the growing number of state and federal agencies investigating the company’s sham-accounts scandal.
Wells Fargo & Co. reached a $50 million settlement this week with homeowners who alleged that the bank marked up home appraisal fees for borrowers who defaulted on their residential loans.
Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is “sorry for the pain” that the bank’s employees have suffered as a result of the company’s sales practices scandal.
Wells Fargo launched a new advertising campaign this week to address the company’s ongoing sales practices scandal and what it is doing to make things right for its customers.
There are few political yard signs in Kootenai County this fall. Maybe everyone is afraid to admit whom they support. Or they fear that fanatical followers of extreme candidates might take note. But there is one sign, with black lettering on a yellow background, that catches the attention of passers-by: “Vote No ‘Demon Lord’ Judge Peterson.” One was planted near Carl’s Jr. on Appleway last week. “Demon Lord” is shorthand for “Orcus: Lord of the Undead,” a pseudonym used by Clark Peterson, a magistrate in the 1st Judicial District.
As a Wells Fargo Bank customer for years, I received an email from bank higher-ups Tuesday re: its recent scandal. You can read the email below. If you follow the link, you'll find steps that Wells Fargo is taking as penance for the scandal. I'd like to see some of the big wigs responsible going to prison. But, hey, that's me.
Ohio’s Republican Gov. John Kasich announced Friday that he was suspending Wells Fargo from doing business with state agencies, and excluding the bank from participating in any state bond offerings.
Senate Democrats have written to Attorney General Loretta Lynch pressing the Justice Department to specifically investigate the actions of senior Wells Fargo officials in the recently revealed scandal about fake accounts.
Sen. Sherrod Brown, D-Ohio, said Monday he plans to push legislation that would allow Wells Fargo & Co. customers to sue the bank over unauthorized accounts opened by employees trying to meet aggressive sales quotas.
Illinois state Treasurer Michael Frerichs suspended $30 billion in state investment activity with Wells Fargo on Monday, joining a swelling chorus of outrage over the scandal which saw bank employees opening millions of phony accounts to meet sales goals.
Wells Fargo may have gone out if its way to take senior citizens to the cleaners when the bank’s workers fraudulently opened as many as 2 million accounts without customers’ permission. At least that’s the suspicion of Democratic Sen. Claire McCaskill of Missouri and Republican Sen. Susan Collins of Maine, the top members of the Senate Special Committee on Aging.
Wells Fargo says CEO John Stumpf and the executive who ran the bank’s consumer banking division will forfeit tens of millions of dollars in bonuses as it tries to stem a scandal over its sales practices.
The Labor Department has launched a “top-to-bottom review” of how Wells Fargo & Co. treated employees as it pushed the aggressive sales quotas that led to the bank’s fake-accounts scandal.
Pressure mounted on Wells Fargo & Co. Friday following its fake-accounts scandal, as the bank faced new calls to allow affected customers to file lawsuits and for the board of directors to rescind the pay of a key senior executive.
The bank’s fraud, and the executive’s insolence, may have one salutary result: It takes off the agenda any plan to dismantle the Consumer Financial Protection Bureau.
It began with the constant and compulsive pressure to sell. Then came stress-induced health problems. Wells Fargo employees, both current and former, say they spent every day frantically trying to persuade customers to open more accounts – not for any bonuses, but simply to keep their jobs.
The CEO of Wells Fargo faced accusations of fraud and calls for his resignation Tuesday from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn’t know about to meet aggressive sales quotas.