Tag Archives: Fargo

Wells Fargo reform plans fail to satisfy Fed after scandals: sources

Business The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions. A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith 06 Dec 2018 07:10PM(Updated: 06 Dec 2018 07:16PM) ...

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Wells Fargo computer glitch blamed as hundreds lose their homes

Wells Fargo says a computer glitch is partly to blame for an error affecting an estimated 545 customers who lost their homes. The giant bank filed papers with the Securities and Exchange Commission last month, revealing it incorrectly denied 870 loan modification requests. About 60 percent of those homeowners went into foreclosure. Legislators, housing advocates, regulators and most importantly, the ...

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Wells Fargo fights to leave customers out of auto payout plan

WASHINGTON/NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) is fighting to shut some customers out of a sweeping plan to compensate around 600,000 drivers it pushed into car insurance they did not need, according to court documents and a source familiar with the effort.    FILE PHOTO: Bank Teller Tyler Wong talks to a customer at the Wells Fargo bank ...

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Wells Fargo plans 1,000 U.S. job cuts

The sign at a Wells Fargo banking location is pictured in Pasadena, California, U.S., September 8, 2017. REUTERS/Mario Anzuoni (Reuters) – Wells Fargo & Co said on Thursday it notified about 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups of plans to eliminate their positions. The layoffs are consistent with the bank’s previously announced plans ...

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Wells Fargo plans to cut up to 26,500 jobs over three years

Wells Fargo plans to cut as many as 26,500 jobs over three years as the troubled bank grapples with the rise of online banking and soaring legal bills. CEO Tim Sloan said on Thursday that Wells Fargo (WFC) plans to cut 5% to 10% of its 265,000-person workforce. He cited “changing customer preferences,” including the wide adoption of digital banking. ...

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Wells Fargo diving back into securities that fueled 2008 crisis

Wells Fargo just can’t help itself. The nation’s third-biggest bank is planning to ramp up trading in controversial securities tied to the mortgage market — just weeks after it paid a $2 billion fine for its role in the financial crisis, The Post has learned. Headed by Chief Executive Tim Sloan, Wells Fargo is actively working on deals with non-bank ...

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