Adding fuel to the Wells Fargo fire, the company has now been sanctioned by none other than the Justice Department for improperly repossessing cars that had been owned by military personnel. Bloomberg reported on Thursday (Sept. 29) that the department found that the financial firm racked...
Wells Fargo Chief Executive John Stumpf’s move to give up around $41 million in unvested equity was prompted in part by board members who were furious about how the CEO handled the fake account scandal. According to a report by CNBC, citing sources, the independent members...
Capital, capital everywhere — but, for big U.S. bank investors, the old Seinfeld punchline: “No dividends for you!” The famed bank stress tests that have been in place for years and that get attention from Wall Street when it comes time to judge how sound the global financial system may...
The leading banks need to improve their customer service, maximize their security, minimize complexity and add value beyond payments if they want to survive and thrive, according to a new report by Boston Consulting Group (BCG). According to the report, which is the14th annual study...
The big banks are facing incoming threats on many fronts. Regulators are wanting to increase competition in the payments industry, FinTech companies are providing quicker cross-border transactions and cybercriminals are finding ever more sophisticated methods to break into networks.
On Friday (Sept. 23), FINRA filed a lawsuit on behalf of JPMorgan Chase against a whistleblower over a client loss that amounted to a whopping $624. According to a report, Johnny Burris, an RIA who has been fighting with JPMorgan Chase for four years now...
What does famed investor Warren Buffett, the largest shareholder (via his investment vehicle, Berkshire Hathaway) of Wells Fargo, intend to do about the bank and what does he think about the bank’s latest imbroglio? He ain’t saying. According to Fox Business, Buffett said that he will...
According to the 2016 Makovsky Wall Street Reputation Study, released today (Sept. 20), the majority of financial professionals surveyed said their companies are still impacted by the 2008 financial crisis. While it’s been nearly a decade since the financial crisis took place, many financial services...
With the NFL back in season (Pats 2-0 for those keeping count at home), the term “Greatest Show on Turf” is getting thrown around an awful lot these days. And while the NFL and its players are usually the Greatest Show on Turf, this week,...
