The agreement between the bank and attorneys general from the 50 states plus the District of Columbia covers a series of scandals that have dogged the big US bank since 2016, when it was fined $185 million by US regulators over its so-called fake accounts scandal. Wells Fargo, which replaced its chief executive and overhauled its system for compensating staff in the wake of the debacle, said the deal "underscores our serious commitment to making things right in regard to past issues as we work to build a better bank." In addition to the payments, San Francisco-based bank agreed to maintain a dedicated team and website to help consumers work through the problem and to periodically report to the states on the status of remediation efforts. The agreement will help address conduct that was "unlawful and disgraceful," said California Attorney General Xavier Becerra, whose state will receive $148.7 million, by the far the largest settlement. "Instead of safeguarding its customers, … [Read more...] about Wells Fargo in $575 mn US settlement on consumer ills
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Wells Fargo moves jobs abroad after US layoffs, government says
Business Wells Fargo & Co. has been hiring overseas after pledging to eliminate thousands of jobs, according to a Department of Labor investigation. 21 Dec 2018 06:05AM Bookmark REUTERS: Wells Fargo & Co. has been hiring overseas after pledging to eliminate thousands of jobs, according to a Department of Labor investigation.The department determined American employees who have been laid off in Wells Fargo’s customer account management unit after Sept. 28 will be eligible for government aid under the Trade Adjustment Assistance (TAA) program. The program provides weekly income and training to help workers displaced by global trade find new jobs.The bank “has shifted to a foreign country the supply of a service like or directly competitive with the service supplied by the workers,” the TAA determination said.The document, available online, did not specify which countries jobs were being moved to or how many people were hired overseas. The … [Read more...] about Wells Fargo moves jobs abroad after US layoffs, government says
Facebook to banks: Give us your data, we’ll give you our users
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By Emily Glazer The Wall Street Journal Deepa Seetharaman AnnaMaria Andriotis Tues., Aug. 7, 2018 Facebook Inc. wants your financial data. The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users. Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and U.S. Bancorp to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said. Data privacy is a sticking point in the banks’ conversations … [Read more...] about Facebook to banks: Give us your data, we’ll give you our users
Can Facebook restore public trust after Cambridge Analytica privacy scandal?
By Sharon Cohen The Associated Press Matt Sedensky Sat., March 24, 2018 CHICAGO—It’s a scandal of privacy, politics and an essential ingredient of business success — public trust. Facebook is confronting a costly, embarrassing public relations debacle after revelations that Cambridge Analytica may have misused data from some 50 million users to try to influence elections. Among its marquee clients: U.S. President Donald Trump’s general election campaign. Now a company known as much for reminders of a long-lost friend’s birthday and documentation of acquaintances’ every whim is grappling with outrage — and the possible loss of confidence — from users around the globe that have made the social media site a part of their daily routine. “I trust somebody until they give me a reason not to trust them,” said Joseph Holt, who teaches business ethics at the University of Notre Dame. “And Facebook has … [Read more...] about Can Facebook restore public trust after Cambridge Analytica privacy scandal?
Trump just made a nonsensical analogy between school and bank security
President Donald Trump on Thursday suggested school security should be akin to that of banks. Trump has proposed arming teachers and other professionals at schools as a way to prevent mass shootings. That’s not how bank security works. At the White House on Thursday, President Trump made this analogy between schools and banks: “You can’t hire enough security guards. You need 100, 150 security guards. But you could have concealed on the teachers. I want my schools protected just like I want my banks protected.” Well, how are banks protected? Not by arming the bank tellers. While Trump has conjured an image of armed teachers heroically stopping mass shooters with their own guns, that’s not how banks work at all. When I worked at Wells Fargo, I had to go through the online bank branch security training like all other employees. The instruction, in the event of a robbery, is to hand over the … [Read more...] about Trump just made a nonsensical analogy between school and bank security