Wells Fargo CEO apologizes; senators heap criticism on bank
Wells Fargo Chief Executive Officer John Stumpf prepares to testify on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee.
Category Archives: Banking
Are other banks committing Wells Fargo’s sin? Regulator is checking
One of the nation's key banking regulators told senators today that his agency is looking at all of the country's large and mid-sized banks to see if they're guilty of the same types of fraudulent practices uncovered at Wells Fargo. Examiners from the Office of the Comptroller of the Currency will review sales practices at the nation's banks to see if they might encourage illegal or dangerous behavior, including creating fake accounts in the name of meeting sales goals, Comptroller of the Currency Thomas Curry said at today's Senate Banking Comittee hearing.
Wells Fargo CEO apologizes on Capitol Hill as senators heap criticism on bank – Tue, 20 Sep 2016 PST
The CEO of Wells Fargo faced accusations of fraud and calls for his resignation Tuesday from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn't know about to meet aggressive sales quotas. Members of the Senate Banking Committee showed bipartisan outrage over the long-running conduct, unsatisfied by Chief Executive John Stumpf's show of contrition.
LIVE: Wells Fargo CEO gets grilled by the Senate
Wells Fargo CEO John Stumpf is set to appear before the Senate Banking Committee at 10 a.m. ET on Tuesday to answer question about fraudulent accounts opened by Wells employees. 2 million checking and credit card accounts were opened from 2011 onward by Wells Fargo employees without the knowledge of customers.
Wells Fargo CEO John Stumpf Faces Senate Grilling
Wells Fargo chairman & CEO John Stumpf is interviewed by Maria Bartiromo during her "Mornings with Maria Bartiromo" program on the Fox Business Network, Dec. 7, 2015, in New York. Wells Fargo is in the spotlight after its employees allegedly created up to 2 million bank and credit card accounts, transferred customers' money without telling them and even created fake email addresses to sign people up for online banking in an effort to meet lofty sales goals.
Deutsche Bank Said to Securitize $5.5 Billion of Loans to Buoy Capital
Deutsche Bank is using a tailored financial structure to transfer the risk of losses to investors on a pool of corporate loans, according to people with knowledge of the matter. Deutsche Bank , facing investor concerns about its capital adequacy, plans to securitize more than $5.5 billion of corporate loans, in a move that's expected to reduce risks and bolster the lender's financial picture, people with knowledge of the matter said.
Wells Fargo scandal hurts Wall Streeta s fight against pay rules
Lobbyists who've been bashing away at Washington's latest effort to regulate Wall Street bonuses may find the Wells Fargo & Co. scandal just grabbed the hammer from their hands.
Stocks decline, hurt by declines in banks; Waiting for Fed
Stocks were moderately lower Friday, pushed lower by the price of oil. Investors continue to remain on edge regarding the possibility of the Federal Reserve raising interest rates at their meeting next week.
Wells Fargo executives must answer for scandal
Top executives at Wells Fargo have thus far managed to dodge any responsibility for their role in a yearslong scandal that last week earned it $185 million in fines, including a $100 million levy from the Consumer Financial Protection Bureau - the largest the watchdog agency has ever assessed. The bureau said that beginning in 2011, Wells Fargo employees routinely used legitimate customers' names to create phony credit, debit, and checking accounts - as many as 2 million in an effort to meet sales goals.
Shares of Deutsche Bank plunge amid US legal dispute
Shares in Deutsche Bank AG plunged Friday after the revelation that the U.S. Department of Justice is seeking $14 billion to settle civil claims over its handing of residential mortgage-backed securities. It's the latest blow for Germany's biggest bank by assets, which is in the middle of a painful transition as it tries to meet tougher regulatory requirements, cut costs and settle multiple legal investigations.
Wells Fargo Slammed in Customer Suit Over Account Abuses
Wells Fargo & Co. was sued by customers in what may be the first of many lawsuits to come after disclosures that employees created unauthorized accounts to boost the bank's fees.
Wells Fargo Does Damage Control Before Washington Grilling an hour ago
Tim Sloan, the bank's president and chief operating officer, has spent most of the week reaching out and meeting with members of Congress and their staffs in Washington, as the lender confronts blowback over allegations it opened more than 2 million accounts without customers' approval, said people with direct knowledge of the discussions. With the Senate Banking Committee preparing to hold a Sept.
Wells Fargo Under Siege: Drops Sales Goals Tied to Bogus Account Scandal
Wells Fargo will stop setting the sales goals that bank employees say led to pressure to open millions of fake customer accounts. "We are eliminating product sales goals because we want to make certain our customers have full confidence that our retail bankers are always focused on the best interests of customers," CEO John Stumpf said in a statement.
Draghi’s Difficult Dilemma for European Markets
Kevin Lilley, Europe equities fund manager at Old Mutual, discusses possible monetary policy from the European Central Bank. He speaks with Guy Johnson and Caroline Hyde on Bloomberg Television's "On The Move."
US said to weigh HSBC charge that could upend 2012 settlement
US prosecutors are considering a criminal charge against a unit of HSBC Holdings Plc related to conduct on its foreign-exchange desk, according to two people familiar with the matter, imperiling an earlier deal that let the bank avoid prosecution. [NEW YORK] US prosecutors are considering a criminal charge against a unit of HSBC Holdings Plc related to conduct on its foreign-exchange desk, according to two people familiar with the matter, imperiling an earlier deal that let the bank avoid prosecution.
Hong Kong Stocks Advance as Chinese Banks Climb Before Earnings
Hong Kong stocks rose as Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. gained before releasing earnings. China Southern Airlines Co.
Klobuchar denounces sharp price hikes for EpiPen injectors
U.S. Sen. Amy Klobuchar speaks about price hikes for EpiPens, the emergency drug injectors for severe allergic reactions, at Children's Hospital on Wednesday, Aug. 24, 2016, in Minneapolis. Klobuchar, a Minnesota Democrat who has worked to contain prescription drug price increases and whose 21-year-old daughter carries an EpiPen because of severe nut allergies, is one of several members of Congress demanding more information on why EpiPen prices have soared less U.S. Sen. Amy Klobuchar speaks about price hikes for EpiPens, the emergency drug injectors for severe allergic reactions, at Children's Hospital on Wednesday, Aug. 24, 2016, in Minneapolis.
U.S. Appeals Court Rejects Request to Reconsider Bank of America Ruling
A U.S. appeals court refused on Monday to reconsider its decision to overturn a $1.27 billion penalty against Bank of America Corp and a jury verdict finding it liable for mortgage fraud leading up to the 2008 financial crisis. The 2nd U.S. Circuit Court of Appeals in New York rejected a petition by Manhattan U.S. Attorney Preet Bharara's office to have a three-judge panel rehear the case and give the government at least an opportunity to seek a new trial.
Science Applications International Corp. (NYSE:SAIC) Receives $66.00…
Shares of Science Applications International Corp. have been given an average recommendation of "Buy" by the eight research firms that are currently covering the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company.
Press release distribution, EDGAR filing, XBRL, regulatory filings
On April 2... )--TICC Capital Corp. today sent a letter to stockholders outlining how their solid second quarter results high... )--Fitch Ratings assigns an 'A+' rating to the following bonds to be issued by Fort Myers, FL: --$50,715,000 capital improvement and refunding revenue bonds, series 2016.