Wells Fargo & Co. community banking head Mary Mack is seeking three new deputies and shaking up regional leadership of the division she inherited after a bogus-account scandal.
Category: Mach One
Wells Fargo Warns Review May Find More Bogus-Account Victims
Wells Fargo & Co., seeking to resolve a bogus-account scandal that shook the company last year, warned investors it may find more victims. Separately, it said U.S. authorities are examining whether other firms abused its technology to violate international sanctions.
Real estate markets across Miami-Dade County steady
Brexit and the US elections were among factors that made 2016 a stable and steady – but not record-breaking – year in real estate markets across Miami-Dade County, observers say. “It was a relatively slow year,” with some companies waiting until year’s end to make major decisions, said Marc Miller, research manager for JLL.
Wells Fargo Plans to Close More Than 400 Branches Through 2018
Wells Fargo & Co. plans to close more than 400 branches in the next two years as the lender seeks to trim about $2 billion in costs by the end of 2018, Chief Financial Officer John Shrewsberry said.
Wells Fargo’s Post-Scandal Pay Plan Eliminates Sales Goals
Wells Fargo & Co. introduced a compensation plan for retail-bank employees that shifts the focus from sales goals to customer service after the old incentives led to a scandal over the creation of potentially millions of fraudulent accounts.
Wells Fargo Settles With Brokers Over Claims of Racial Bias
Wells Fargo & Co. settled a dispute with a group of black brokers claiming the bank failed to give them the same career opportunities as their white colleagues.
FINRA Fines Wells, Others $14M for Records’ Changeable Format
The Financial Industry Regulatory Authority said it fined several Wells Fargo & Co businesses, RBC Capital Markets, LPL Financial and others a combined $14.4 million on Wednesday for record-keeping problems that may have allowed company and customer documents to be altered. The securities industry’s self-regulator found that the firms failed to keep hundreds of millions of electronic documents in a “write once, read many” format, which would have made it impossible to alter or destroy records after they were written.
Wells Fargo Wants a Quiet End to Its Scandal, Risking More Noise
Wells Fargo & Co.’ s attempt to force aggrieved customers into closed-door arbitration over its fake-accounts scandal is drawing a legislative backlash in its home state of California and risks subjecting the bank to another round as a public punching bag.