Bank Watch

Bank of America: Rising profits, falling head count

Bank of America Corporation, based in Charlotte, NC, on Monday reported third-quarter profit of $4.96 billion, up 7 percent from a year ago. CEO Brian Moynihan, speaking on an earnings call, said Bank of America has continued to add sales positions while eliminating other jobs through automation.


Wells Fargo sales scandal costs the CEO his job

Wells Fargo Chairman and CEO John Stumpf is stepping down from the San Francisco-based bank he has led for nearly a decade, following intense scrutiny over a fake-accounts scandal that erupted last month. President and Chief Operating Officer Tim Sloan will replace him as CEO.


At Wells Fargo, complaints about fraudulent accounts since 2005

In 2005, the year John Stumpf became president of Wells Fargo, Julie Tishkoff, then an administrative assistant at the bank, wrote to the company’s human resources department about what she had seen: employees opening sham accounts, forging customer signatures and sending out unsolicited credit cards.