Wells Fargo

Updated at 12:45 p.m. ET

The dramatic collapse of the U.S. economy from the coronavirus is pummeling America's largest banks, raising new concerns about how much growth is slowing.

Updated 4:45 p.m. ET

Wells Fargo Chief Executive Officer and President Charles Scharf told lawmakers Tuesday that the scandal-plagued bank he now leads "had a flawed business model" and a structure and culture that "were problematic."

He said that while he is confident that reform plans he's implementing will work, such efforts will likely continue until at least 2021.

Two Wells Fargo board members have resigned, including chairwoman Elizabeth Duke, the bank announced Monday. The departures come days after a House committee report found the bank has been too slow to reform itself in the wake of a series of scandals — including widespread fraud in the consumer banking business tied to overly aggressive sales goals.

Wells Fargo To Pay $3B To Resolve Probes Into Fake Accounts

Feb 21, 2020
Wells Fargo
Erin Keever / WFAE

Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals.

Former Charlotte financial adviser Jim Heafner is facing a new lawsuit. Nine investors who collectively lost hundreds of thousands of dollars through Heafner say they chose him based on his regular appearances on local TV and radio during what appeared to be regular news programming. In reality, those appearances were advertisements Heafner paid for himself.   

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

Wells Fargo's new CEO says the bank needs to cut costs and continue to address legal problems that have dogged the company for years.  Charlie Scharf, who started in October, spoke as the company reported a decline in profits during the fourth quarter.

The Loop at SouthPark Mall
City of Charlotte

Charlotte’s SouthPark Mall and the area around it will look very different in a few years.  There are plans to add a three-mile greenway encircling the mall and a park, along with more offices, apartments, and restaurants. Some of the development gets underway at the end of the month.  

Wells Fargo sign
MoneyBlogNewz / Flickr / https://creativecommons.org/licenses/by/2.0/

WASHINGTON — Wells Fargo's net income in the third quarter fell 23% to $4.61 billion, as the banking giant struggles to get past scandals over sales practices in its retail division.

The bank, based in San Francisco with East Coast headquarters in Charlotte, said Tuesday that its earnings fell to 92 cents per share from $1.13 per share a year ago.

New CEO At Wells Fargo

Sep 27, 2019
Wells Fargo
WFAE

Wells Fargo has named a new CEO and president. The bank today said Charles Scharf will take over both positions next month. He’s currently employed as head of the Bank of New York Mellon, and is the former CEO of Visa Incorporated. 

Nick de la Canal / WFAE

CBD oil sales are booming right now, but there's a threat looming for the small mom and pop CBD oil stores in Charlotte. Big retail chains are now looking to get in on the business. That's according to reporting by Tony Mecia of the Charlotte Ledger business newsletter. He joins WFAE's Morning Edition host Marshall Terry for our new segment BizWorthy.

Wells Fargo
WFAE

Wells Fargo is selling its Charlotte-based retirement and trust business for $1.2 billion to Principal Financial Group.  

The chief executive of Wells Fargo faced another round of testy hearings on Tuesday before a Congressional panel about the bank's series of violations that have resulted in more than $3 billion in fines in the last three years. Rep. Maxine Waters, who chairs the House Financial Services Committee, scolded CEO Tim Sloan for what she said is continued customer abuse.

Wells Fargo

Wells Fargo is launching a new marketing campaign Friday with a slogan that reads 'This is Wells Fargo.'

It includes a new logo with a sleeker version of its trademark stagecoach and will appear in print, broadcast and online.

The bank says the campaign is designed to rebuild trust with its customers.

Wells Fargo
WFAE

Wells Fargo has agreed to a $575 million settlement with 50 states in a lawsuit alleging unfair and deceptive trade practices.

Wells Fargo
WFAE

A California court approved a $480 million settlement with Wells Fargo and its shareholders related to sham accounts the bank admitted to creating. A judge gave the final approval Tuesday for shareholders who claim they were misled by disclosures Wells Fargo made about the accounts.  

Wells Fargo
WFAE

Wells Fargo said Thursday it plans to lay off 116 workers in the Charlotte region in its third round of layoffs this year.

Wells Fargo
WFAE

Wells Fargo said Thursday that it plans to cut its workforce by 5 to 10 percent over the next three years.

Wells Fargo

Wells Fargo said that it does not take a political position on the matter of medical marijuana after a candidate in Florida said the company closed her account because of campaigning she does on the issue.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications.

Wells Fargo

Wells Fargo has agreed to pay a penalty of more than $2 billion for allegedly selling low-quality loans the company knew contained fraudulent information in the years leading up to the financial crisis, according to a statement released by the U.S. Attorney's Office in the Northern District of California Wednesday.

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