Wells Fargo

Weak earnings leave Wells Fargo in US banking doghouse

New York - AFP

Slumping US financial giant Wells Fargo badly missed earnings estimates Friday due to $1 billion in new legal costs and higher overall expenses, raising fresh questions about the scandal-plagued bank. Wells Fargo reported flat or lower revenues in many key consumer banking segments in the aftermath of a fake accounts scandal that led to a shakeup of company leadership andRead more

Wells Fargo profits miss estimates on $1 bn litigation costs

New York - Muslimchronicle

Wells Fargo reported a sharp decline in third-quarter earnings Friday after setting aside $1 billion for litigation related to mortgage investigations. Earnings at the US banking giant fell 20.2 percent to $4.2 billion, with the $1 billion in expenses related to previously announced mortgage-related regulatory investigations. Shares fell 1.5 percent in pre-market trading to $54.38. source: AlarabiyaRead more

Wells Fargo CEO defends bank in tough Senate hearing

New York - Muslimchronicle

Wells Fargo's chief defended the bank's efforts to rectify a massive fake accounts scandal Tuesday, but faced tough questioning from senators and at least one call for his ouster. Chief executive Tim Sloan, who was promoted to the top job in late 2016 after the scandal exploded, again apologized for the debacle, in which the bank opened as many asRead more

Wells Fargo says it may find many more fake accounts

New York - AFP

Beleaguered banking giant Wells Fargo said Friday it might uncover even more fake accounts, broadening a scandal that has dogged the company for nearly a year. The third largest bank in the US said it was extending its internal probe to cover three additional years, which likely will uncover more fake savings and credit card accounts. The company also revealedRead more

plans to return next month

Los Angeles - Arab Today

World number one Dustin Johnson will return to competition at the PGA Tour's Wells Fargo Championship next month. The 32-year-old American, who missed the Masters because of a back injury, is set to play in the event from May 4-7 in Wilmington, North Carolina. Tournament officials confirmed Johnson's entry on Thursday. "We certainly are excited that Dustin will be joiningRead more

US banks report solid earnings, still hopeful on Trump agenda

New York - AFP

Strong trading results, rather than lending, was the driving force behind solid earnings reported by large US banks Thursday, as executives expressed measured optimism about the prospects for President Donald Trump's pro-growth agenda. JPMorgan Chase and Citigroup reported big jumps in first-quarter net income compared with the same period of last year, while Wells Fargo continued to feel the effectsRead more

Wells Fargo claws back another $75m from former executives

New York - Arab Today

Wells Fargo took back another $75 million in pay from two former executives who played key roles in the bank's fake accounts scandal, the bank's board announced Monday. The US banking giant said it demanded or "clawed back" an additional $28 million from former chief executive John Stumpf, who led the bank at the time of the scandal, and $47Read more

US puts limits on Wells Fargo as bankruptcy plan falls short

Washington - AFP

US banking regulators Tuesday said they are prohibiting Wells Fargo from opening new international branches until it fixes continuing deficiencies in its bankruptcy plan. The so-called "living will" is required of all large US banks to ensure that in the event they need to declare bankruptcy, they can be dismantled in an orderly fashion without the kind of upheaval seenRead more

Wells Fargo faces tighter controls as US regulator reverses course

Washington - Arab Today

A leading US bank regulator has reversed course and positioned the agency to claw back pay of former executives at Wells Fargo & Co. after a phony-accounts scandal. The lender must also now seek prior approval before naming new bank leadership, said the Office of the Comptroller of the Currency, the main regulator for federal banks. Friday’s move may target executive payRead more

Illinois punishes Wells Fargo over fake accounts scandal bus inter

Washington - AFP

The State of Illinois on Monday announced it was suspending as much as $30 billion in investment activity with the embattled California lender Wells Fargo over the bank's fraudulent sales practices. It was the second state in a week to suspend some ties with the bank, after Californian authorities announced Wednesday they were halting certain business relations with Wells FargoRead more