Wells Fargo

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
Zuri Berry / 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
Zuri Berry / WFAE

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

Wells Fargo
Zuri Berry / 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
Zuri Berry / 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
Zuri Berry / 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.

Charlotte has long been one of the nation's largest banking hub
Nick de la Canal / WFAE

Orlando has tourism, Nashville has music, seems like Charlotte has always been defined by its banks. But have you ever wondered why?

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

Wells Fargo is being fined a combined $1 billion by two federal regulators for abuses tied to its mortgage and auto lending businesses.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

It could be several weeks before Wells Fargo and its investors know the final cost of settling federal regulatory investigations into allegations that it overcharged borrowers. Last week, the bank, with its east coast headquarters in Charlotte, acknowledged it could be as much as $1 billion. 

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

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

Updated 3:49 p.m.
The unflattering news keeps coming for Wells Fargo. The San Francisco-based bank said Thursday that an expanded review turned up more potentially fake accounts, beyond what Wells had already announced.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

High-level changes may be in the works at Wells Fargo. The Wall Street Journal reports the embattled bank is eyeing changes that will likely include the departure of chairman Stephen Sanger. He's held the post since October, when then-chairman and CEO John Stumpf abruptly stepped down.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

An independent report’s findings have spurred Wells Fargo to claw back an additional $75 million in compensation from two executives over the banks’ use of fake customer accounts. But the investigation also shows the scandal goes much deeper and has gone on for far longer than previously known.

As dry conditions move east from North Carolina's mountains, five counties are now in an 'exceptional' drought - the highest level as determined by the U.S. Drought Monitor.

State officials say exceptional drought has now spread to Graham, Macon, and Swain counties, joining them with Cherokee and Clay counties. More than 40 percent of North Carolina is now in some stage of drought, up from 30 percent last week.

Wells Fargo CEO John Stumpf To Retire

Oct 12, 2016
Mark Hames / Charlotte Observer

(Charlotte Observer)

Embattled Wells Fargo Chairman and CEO John Stumpf is stepping down from the bank he has led for nearly a decade, following intense scrutiny over a fake accounts scandal that erupted last month.

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