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Wells Fargo plans third-party racial equity audit
The announcement that the bank hired law firm Covington & Burling to do an assessment comes as CEO Scharf prepares to appear at a pair of congressional hearings.
DOL orders Wells Fargo to pay $145 million over 401(k) company stock purchases
The Wells Fargo retirement plan paid more than fair market value for stock that diminished participants' savings when it was allocated to their accounts.
Wells Fargo team managing $670 million joins RBC
The Clemens McHugh Financial Consulting Group is joining the firm in Westlake, Ohio.
Loan forgiveness unlikely to dramatically swell inflation, say economists
Student loan forgiveness will diffuse through the economy, blunting its direct impact.
Wells Fargo plans retreat from mortgage business
The bank, which once made one out of every three home loans in the U.S., plans to trim its mortgage business after years of struggles with regulatory probes.
Wells Fargo resumes using its diverse candidate guidelines
The banking giant completes 6-week review of procedures after ‘fake interviews’ fracas.
Raymond James adds $580 million Wells Fargo team
The four advisers will operate as Heberle Helm Ferguson Group in Monroeville, Pennsylvania.
Wells Fargo rolls out new racial equity initiative amid scrutiny
The firm announced a $210 million effort to help minority families refinance mortgages.
NYC won’t open Wells Fargo accounts over racial disparities
The bank approved Black homeowners seeking to refinance mortgages in the pandemic at a far lower rate than white ones.
Wells Fargo agrees to pay $32.5 million to settle 401(k) lawsuit
The settlement, filed in U.S. District Court for the District of Minnesota, relates to the 401(k) plan's use of the bank's own offerings.
JPMorgan agrees to racial-equity audit for $30 billion effort
The biggest U.S. bank will hire a third party to perform the audit and publish a report on the results by the end of this year.
Morgan Stanley is wirehouse hiring winner in 2021
It was the only wirehouse to show a net increase in financial advisers last year, according to InvestmentNews data.
Wells Fargo says DOL is probing its 401(k) plan
The bank said regulators including the Labor Department are looking at transactions related to the plan's employee stock ownership feature.
Wells Fargo sets March 14 return-to-office date after delays
The bank is allowing some fully vaccinated staff to voluntarily return, as well as resume business meetings, travel, and client visits.
Goldman, Citi strategists say it’s now time to buy stocks
'Any further significant weakness at the index level should be seen as a buying opportunity, in our view,' Goldman strategists say.
Wells Fargo gets 2015 regulatory order lifted
The Office of the Comptroller of the Currency terminated an order related to add-on products, in another sign of progress for CEO Charlie Scharf's efforts to turn the bank around.
Drop in advisers at Wells Fargo continues but slows
While the company hasn't staunched the bleeding of its financial advisers completely, the three months ending in December saw the rate of decline slow a bit, while the average revenue per adviser continued to increase.
Break up Wells Fargo? OK, but what are its advisers worth?
Wells Fargo Advisors could fetch more than $20 billion in this high-demand market for wealth management firms.
Warren asks the Fed to break up Wells Fargo
In the wake of fresh regulatory action and a $250 million fine imposed on the bank this month, the senator asked the Fed to force the bank to separate its traditional bank and Wall Street businesses.
Wells Fargo fined $250 million over consumer missteps
The Office of the Comptroller of the Currency cited deficiencies in the bank's home-lending business and said it violated a 2018 order tied to past problems.
