Business The U.S. consumer watchdog is seeking a record fine against Wells Fargo & Co for auto insurance and mortgage lending abuses that could exceed several hundred million dollars, according to three sources with knowledge of the plans. 10 Apr 2018 01:30AM Bookmark WASHINGTON: The U.S. consumer watchdog is seeking a record fine against Wells Fargo & Co for auto insurance and mortgage lending abuses that could exceed several hundred million dollars, according to three sources with knowledge of the plans.The penalty would be the first issued by Mick Mulvaney, who U.S. President Donald Trump tapped in November to head the Consumer Financial Protection Bureau (CFPB). The fine would fulfill the president's vow to hit the country's third-largest lender hard.Mulvaney is eyeing a penalty that would dwarf the US$100 million the CFPB fined Wells Fargo in September 2016 to settle its phony accounts scandal, said two sources familiar with the talks. That 2016 fine had been … [Read more...] about Exclusive: US consumer watchdog seeks record fine against Wells Fargo for abuses: sources
Wells fargo
Proxy adviser ISS recommends vote for all Wells Fargo board nominees
Business Proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended Wells Fargo & Co shareholders vote for all Wells Fargo board nominees at the bank's annual meeting on April 24. 07 Apr 2018 10:55AM Bookmark REUTERS: Proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended Wells Fargo & Co shareholders vote for all Wells Fargo board nominees at the bank's annual meeting on April 24.The backing of the Wells Fargo board by the influential proxy advisor comes at an important time for the San Francisco Bank as it works to regain the trust of investors and regulators.ISS also added a caveat saying that incumbent nominees on Wells Fargo board prior to 2017 need "cautionary support" while support for all new nominees is warranted.The proxy adviser also suggested shareholders vote for a proposal to reduce the ownership threshold for shareholders to call a special meeting.The Bank's shareholders were also suggested to vote … [Read more...] about Proxy adviser ISS recommends vote for all Wells Fargo board nominees
Wells Fargo to integrate corporate and investment bank: WSJ
Business Wells Fargo & Co is planning to integrate its corporate and investment bank in an effort to reduce costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter. 06 Apr 2018 12:45AM Bookmark REUTERS: Wells Fargo & Co is planning to integrate its corporate and investment bank in an effort to reduce costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter.The bank's plans, which could lead to layoffs in the future, will affect some industry coverage groups, advisory teams, equity and debt capital markets origination and certain corporate-banking relationship managers, according to the WSJ report. (https://on.wsj.com/2GV0Prl)Wells Fargo's corporate bank and investment bank, though not fully merged, will now share profit and loss targets across industry verticals, the Journal said.The Journal also reported that the bank has told staff of several dozen layoffs as recently as on Wednesday in its … [Read more...] about Wells Fargo to integrate corporate and investment bank: WSJ
Chicago can pursue part of Wells Fargo predatory lending case
Business A federal judge significantly narrowed but refused to dismiss a lawsuit accusing Wells Fargo & Co, the third-largest U.S. bank, of predatory mortgage lending targeting black and Hispanic borrowers in the Chicago area. 28 Mar 2018 04:25AM Bookmark REUTERS: A federal judge significantly narrowed but refused to dismiss a lawsuit accusing Wells Fargo & Co, the third-largest U.S. bank, of predatory mortgage lending targeting black and Hispanic borrowers in the Chicago area.U.S. District Judge Gary Feinerman ruled on Monday that Illinois' Cook County, which includes Chicago, may pursue federal Fair Housing Act claims against Wells Fargo, to the extent the bank's alleged "equity stripping" practices boosted the cost of administering and processing a higher number of foreclosures.But Feinerman dismissed claims alleging harm from lost property taxes, the need to combat crime and blight, racial segregation and other factors, calling them "ripples" that "flow far … [Read more...] about Chicago can pursue part of Wells Fargo predatory lending case
Wells Fargo’s stock slump has cost Warren Buffett’s Berkshire Hathaway $2.4 billion
Wells Fargo got smoked Monday morning after the Federal Reserve handed down its harshest penalty in years limiting the bank’s growth to its 2017 year-end assets of $1.95 trillion. Warren Buffett’s Berkshire Hathaway, which owns just under 10% of the company, lost more than $2.4 billion thanks to the stock slide. Shares of Wells Fargo plunged more than 7% when markets opened Monday, costing Warren Buffett’s Berkshire Hathaway company more than $2.4 billion, following a cease and desist letter from the Federal Reserve. The US’ top bank regulator on Friday announced new sanctions against Wells Fargo, the country’s third-largest bank by assets, limiting its balance sheet to $1.95 trillion and ordering it to beef up its oversight and governance following a sales scandal that has bogged down the bank since 2016. Berkshire Hathaway owned roughly 488.5 million shares of Wells Fargo, or 9.92%, as of September 30, … [Read more...] about Wells Fargo’s stock slump has cost Warren Buffett’s Berkshire Hathaway $2.4 billion