Housing data released on Friday in the US showed better-than-expected numbers, with an increase in housing starts by 19.4%. Analysts at Wells Fargo point out home building had gotten off to a strong start in 2020 before the lockdown caused activity to plummet in April. They see that theRead More →
© Reuters. Wells Fargo Bank branch is seen in New York (Reuters) – Wells Fargo (NYSE:) & Co swung to a second-quarter loss as the coronavirus set back the bank’s progress in recovering after a series of misselling scandals, forcing it to set aside billions of dollars to coverRead More →
Wells Fargo anticipates U.S. corporate pensions will move $35 billion into fixed income. Analysts believe this may cause a sharp sell-off in the stock market and given the correlation between Bitcoin and stocks, this could leave BTC vulnerable for a pullback. KKM Financial managing director Dan Deming also warned thatRead More →
© Reuters. Wells Fargo close to settlements with DOJ, SEC over sales scandal: NYT (Reuters) – Wells Fargo & Co (N:) is nearing a settlement with the U.S. Securities and Exchange Commission and the Justice Department (DOJ) over previously disclosed probes into its sales practices, the New York Times reportedRead More →
© Reuters. A Wells Fargo logo is seen in New York City By Pete Schroeder and Chris Prentice WASHINGTON (Reuters) – Long accused of being too soft, a U.S. bank regulator has surprised its critics with tough treatment of scandal-ridden lender Wells Fargo (N:), culminating on Thursday in more than$58Read More →
The sales-practices scandal at Wells Fargo & Co. that shook investors, regulators and lawmakers in 2016 was worse than you think. ‘I was in the 1991 Gulf War. … This is sad and hard for me to say, but i had less stress in the 1991 Gulf War than lookingRead More →
© Reuters. A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto (Reuters) – Wells Fargo & Co (N:) reported a 55% slump in fourth-quarter profit on Tuesday, as the fallout from a sales scandal that erupted in 2016 drove the bank to set asideRead More →
Even as geopolitical tensions continue to ratchet up, there’s much to be bullish about in the stock market in the New Year — maybe too much, according to Chris Harvey, the head of equity strategy at Wells Fargo Securities. “There’s a lot of things to like. Rates are lower, creditRead More →
© Reuters. A Wells Fargo logo is seen in New York City By Bharath ManjeshR and Imani Moise (Reuters) – Wells Fargo & Co (N:) said on Thursday general counsel Allen Parker, who briefly served as interim chief executive of the scandal-hit U.S bank, will step down next year. TheRead More →
(Reuters) – Wells Fargo & Co (N:), which recently tapped one-time Jamie Dimon protégé Charles Scharf to be its CEO, has hired another former JP Morgan Chase (N:) executive and previous White House official, William Daley, to head public affairs. Daley, who was named vice chairman of public affairs, willRead More →
© Reuters. A Wells Fargo logo is seen in New York City By Imani Moise and P.J. Huffstutter (Reuters) – Wells Fargo & Co (N:) has laid off more than 200 bankers in its U.S. lending divisions in recent months, as the bank reacted to business trends and restructured someRead More →
© Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City By Imani Moise (Reuters) – Wells Fargo (NYSE:) & Co is creating a new unit tasked with satisfying U.S. regulatory requirements, according to an internal memo seen by Reuters. Derek Flowers, who has been with theRead More →
© Reuters. FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, gestures while playing bridge as part of the company annual meeting weekend in Omaha (Reuters) – Warren Buffett, Wells Fargo (NYSE:) & Co’s largest shareholder, urged the bank to look outside Wall Street for a new chief executive officer,Read More →
An endorsement from one of the greatest value investors of our generation, and a big owner of shares in Wells Fargo, usually is worth its weight in gold. However, despite a ringing endorsement from Warren Buffett, Tim Sloan — a longtime Wells Fargo executive who replaced beleaguered CEO John StumpfRead More →
Getty Images Sen. Elizabeth Warren wants Wells Fargo to dismiss its chief executive. The Wall Street Journal ran a story on Monday about big banks bracing for a “browbeating” by Sen. Elizabeth Warren, the Massachusetts Democrat who’s exploring running for president. She didn’t disappoint. On Monday morning, Warren outlined theRead More →
© Reuters. Tim Sloan, CEO and President, Wells Fargo & Co., speaks at the Milken Institute’s 21st Global Conference in Beverly Hills (Reuters) – Wells Fargo (NYSE:) & Co Chief Executive Tim Sloan, in a CNBC interview on Friday, said he is the right person to run the company, inRead More →
