Victims of the Ponzi scheme operated by businessman Rick Siskey could recover at least 90 percent of their investments under a proposed settlement filed in federal bankruptcy court in Charlotte, North Carolina.
The 2008 financial crisis changed “Banktown” Charlotte, NC, as Wachovia was bought by San Francisco’s Wells Fargo and Bank of America’s CEO stepped down amid fallout from the purchase of Merrill Lynch.
Charlotte, NC, is once again the second largest banking center in the U.S. Charlotte, headquarters of Bank of America, has overtaken San Francisco, which is home to Wells Fargo and now the third largest center.
The N.C. Office of the Commissioner of Banks has granted charter approval for American Bank & Trust, a community bank planned for Monroe in Union County. It’s the first new bank in North Carolina in a decade.
Bank of America is rewarding workers with $1,000 cash bonuses after the Charlotte-based bank posted record profits in the third quarter and continues benefiting from federal tax cuts, an internal memo says.
Michelle Moore, Bank of America’s Charlotte-based head of digital banking will leave the company by the end of the year, the bank confirmed this week. Moore is being replaced by David Tyrie, who is based in Boston.
North Carolina offered millions of dollars in incentives to retain Charlotte, N.C., mortgage company RoundPoint Mortgage Servicing Corp., which ultimately picked Fort Mill, S.C., as its new headquarters site.
Bank of America said its profit rose 32 percent in the third quarter of 2018 from net income in the same period a year ago. That’s a record. CEO Brian Moynihan attributed the results to a strong U.S. economy.
Wells Fargo leader Mary Mack says much has been fixed in her community banking segment following a 2016 sales scandal over unauthorized accounts but says she’s not done making changes to turn the bank around.
Movement Mortgage is laying off about 180 employees nationwide, including 75 at its Indian Land, S.C., headquarters, according to a press release from the firm founded by former Carolina Panther Casey Crawford.
Wells Fargo CEO Tim Sloan and Chairwoman Betsy Duke should be made to testify before Congress, Sen. Sherrod Brown and other Democrats on the Senate Committee on Banking, Housing, and Urban Affairs said.
Bank of America and Wells Fargo are under fire for ties to private prisons as President Donald Trump’s administration cracks down on ICE and illegal immigration, a move expected to benefit prison operators CoreCivic and GEO Group.
Wells Fargo will reduce its employees by 5 to 10 percent over the next three years, with some people losing their jobs in layoffs. CEO Tim Sloan said it’s part of the company’s goal to be more customer focused.
Wells Fargo Chairwoman is denying a report the bank’s board considered replacing CEO Tim Sloan with former Goldman Sachs President and Trump economic adviser Gary Cohn following a story in the New York Post.
Bank of America was fined $30 million by the Commodity Futures Trading Commission to settle charges it attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, the CFTC said.
Wells Fargo Chief Financial Officer John Shrewsberry criticized the media on Friday, insinuating that journalists and news outlets are running negative headlines on the company’s scandals because they are an “ad seller.”
Wells Fargo will close Charlotte branches early Friday for Hurricane Florence while those in western North Carolina will close at 4 p.m. and those in eastern North Carolina and the Triangle won’t open Friday.
Bank of America and Wells Fargo have closed branches in eastern North Carolina ahead of Hurricane Florence. Wells Fargo said branches remain open in Charlotte and the Triangle, Triad and western North Carolina.