Charlotte is likely to see Wells Fargo layoffs as the San Francisco-based company further integrates its corporate and investment banks, Chief Financial Officer John Shrewsberry said Friday as Wells reported first quarter earnings results.
Wells Fargo is preparing for up to $1 billion in fines from regulators, the Consumer Financial Protection Bureau, CFPB, and the Office of the Comptroller of the Currency, OCC, the San Francisco-based bank disclosed in first quarter results.
The Consumer Financial Protection Bureau could fine Wells Fargo up to $1 billion for auto and mortgage abuses, marking the first penalties under Mick Mulvaney, tapped by President Donald Trump last year to head the CFPB, Reuters reported.
David Carroll, the retired head of Wells Fargo’s wealth and investment management group, said Friday he stands by the unit’s track record as the business faces new scrutiny over customer referrals within the company.
Wells Fargo CEO Tim Sloan said the San Francisco bank is in talks with gunmakers, the latest financial institution to disclose steps it's taking following the Feb. 14 deadly shooting at Marjory Stoneman Douglas High School in Parkland, Fla.
Luther Hodges Jr., who chaired Bank of America predecessor North Carolina National Bank, has sued the IRS in federal court in Charlotte for refunds after claiming he was fleeced by a Ponzi scheme masterminded by financier R. Allen Stanford.
U.S. Senator Elizabeth Warren took to Twitter on Thursday to criticize Wells Fargo CEO Tim Sloan, saying he should be fired instead of getting the “big, fat raise” disclosed in the bank’s proxy filing on Wednesday.
Wells Fargo on Wednesday disclosed 2017 total compensation for CEO Tim Sloan in the bank’s latest proxy filing. He was awarded $17.4 million in compensation for his work last year, a more than 35 percent increase from the year before
A group of nuns says Wells Fargo will report on the causes of its recent scandals, under an agreement with Interfaith Center on Corporate Responsibility members, including the Sisters of St. Francis of Philadelphia.