Category: Wells Fargo

Wells Fargo Suspends Bonuses for 8 Execs, Including CEO, CFO

Wells Fargo is suspending the the cash bonuses of eight senior executives, including the CEO and CFO, as part of the company’s ongoing independent investigation into the fraudulent accounts scandal that rocked the company last year. Additionally, the share equity awards they received in 2014 that vested this year will be reduced by up to 50%.

Prudential May Press Wells Fargo as Fake-Account Fallout Spreads

Prudential Financial Inc., facing regulatory scrutiny and lawsuits over a sales relationship with Wells Fargo & Co., said it may press its partner to cover costs after halting the offering — another sign the bank has yet to contain the full fallout of its bogus-account scandal. Prudential “has provided notice to Wells Fargo that it may seek indemnification,” the Newark, New Jersey-based insurer said in a Feb. 17 regulatory filing, referring to their agreement to sell MyTerm life coverage to Wells Fargo customers.

Seattle to cut ties with Wells Fargo over oil pipeline

Paul Cheoketen, of the Wagner Saanich First Nations tribe, raises his arms as he ends his comments in favor of divestiture before a Seattle City Council meeting Tuesday, Feb. 7, 2017, in Seattle. The City Council is scheduled to vote on whether to … divest $3 billion in city funds from Wells Fargo over its funding of the Dakota Access Pipeline.

Donald Trump Just Gave Wells Fargo a Break

But the tide has already begun to turn for the nation’s third biggest bank by assets, thanks in no small part to the new presidential administration. Earlier this week, the U.S. Labor Department removed a website it had created to log complaints from Wells Fargo employees who claimed to have been retaliated against by supervisors for blowing the whistle on a massive fake-account scandal that look place at the bank from at least 2011 through 2015.

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 CFO Shrewsberry: ‘I Wouldn’t Expect a Pivot Right Now’

Wells Fargo missed on the top and bottom line for the 2016 fourth quarter as it deals with the fallout over its accounts scandal. Wells Fargo investors are going to have to be patient as the bank implements its new compensation structure that is more customer focused rather than sales focused, CFO John Shrewsberry said on CNBC’s “Closing Bell” on Friday afternoon.

Bank Earnings Boost S&P and Nasdaq, Retailers Weigh on Dow

The S&P 500 and Nasdaq were higher in late morning trading on Friday as strong earnings from large U.S. lenders bode well for the rest of the earnings season. The Dow’s gains were comparatively lesser, held back by a drop in consumer stocks after a report showed U.S. retail sales and core retail sales increased less than expected in December.

Wells Fargo profit falls after fraudulent account scandal

Wells Fargo said Friday its profit fell 5 percent in the first full quarter after regulators said that bank employees opened millions of customer accounts fraudulently to meet sales goals. The scandal has kept new customers away, with the bank reporting that new account openings plummeted last month.

Futures Rise on Hopes of Higher Earnings; Asia Mixed

Futures for U.S. markets are higher ahead of earnings season while Asia continues to feel the hangover from the Trump press conference. Futures for U.S. markets pointed higher late Thursday as investors await info on holiday retail sales and the first full day of earnings as a raft of industrial shares trot out their fourth-quarter performance.

A Nasdaq Record Abruptly Ended on Thursday

A selloff in financials and tech stocks on Thursday dragged Wall Street lower and put an end to a record-breaking streak for the Nasdaq. The Nasdaq fell 0.29%, backing away from a run that saw the index close at records for five consecutive trading days.

Wells Fargo Still Staging a Correction

However, it looks like prices got ahead of themselves and the stock has been correcting those gains. In this one-year daily bar chart of WFC, above, we can see an upside price explosion where WFC ran from $45 to touch $58 in a few weeks.

list-article

Nobody’s perfect and corporate executives are just like you and me. But when you’re running a publically traded company and billions in wealth is made or lost by a stock price swing, the stakes are much higher.

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.