Those bogus bank accounts Wells Fargo allegedly opened are looking mighty expensive for the company. Wells Fargo is now at the center of a class-action lawsuit stemming from the sham accounts scandal. The class-action case is being brought by customers accusing the bank of fraud and...
Wells Fargo Chief Executive John Stumpf’s job could be in trouble due to the fake accounts scandal that is plaguing the company. According to a Fox Business report, sources close to Stumpf said his job may be in jeopardy because of the widespread use of...
The Wall Street Journal reported on Wednesday (Sept. 14) that federal prosecutors are just underway in the earliest stages of an investigation into the sham customer accounts that led to the financial giant being fined $185 million, as noted by unknown sources the financial publication said...
Live by the central banks, die by the central banks. The age of easy money and low interest rates — and, in some cases, negative interest rates — will have to draw to a close. Possibly, sooner rather than later. And that eventuality bodes ill...
In the midst of swirling controversy tied to sham accounts at Wells Fargo, CEO John Stumpf has said he intends to keep his position at the helm of the company. The executive was quoted on CNBC as stating: “I think the best thing I could...
Wells Fargo, which is coming under intense fire for the widespread practice of opening fake accounts to meet sales goals, could be part of a broader problem in the banking industry, despite the increased regulation and scrutiny. That’s according to Cowen Analyst Jaret Seiberg, who...
Wells Fargo may be facing the largest fine ever levied by the Consumer Financial Protection Bureau after it was revealed employees opened up thousands of fake accounts, but the company’s chief financial officer, John Shrewsberry, said it isn’t a systematic problem at the company, just...
Wells Fargo may not have explicitly admitted wrongdoing in the creation and use of sham accounts tied to client activity, but the firm announced on Tuesday (Sept. 13) it was taking at least some steps toward changing its corporate culture. Via press release, the financial...
When the Federal Reserve ticked the interest rate up to 0.25 for the first time in a decade last December, it was something of big moment — it was the first time the rate has been above zero in almost a decade. In the wake of the...
