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Wells Fargo trims CEO Scharf’s pay to $20.3 million in 2020
The bank was the worst performer in the KBW Bank Index last years; its shares tumbled as it slashed its dividend and reported its first quarterly loss since 2008.
Wells Fargo bans advisers from recommending GameStop, AMC
Clients can still call their advisers to initiate trades in those stocks, a bank spokesperson said. Both companies' shares have surged amid a push from retail traders.
Wall Street skimps on compensation despite pandemic windfall
Investment banks saw a rise in revenue per employee last year, but that doesn't seem to have translated into big rewards for workers.
IBDs saw decent year in 2020 wirehouse recruiting
Independent broker-dealers saw gains in recruiting coveted wirehouse advisers despite the massive disruptions caused by COVID-19. Firms are also building out registered investment advisory platforms to lure advisers.
Wells Fargo nears deal to sell asset management unit
The bank is reportedly in talks to sell the unit to a private equity consortium led by GTCR and Reverence Capital Partners.
Wells Fargo to expand investment bank
Effort would move the fourth-largest U.S. bank a step closer to emulating some of its biggest rivals
Wells Fargo to sell student loan book to Apollo, Blackstone
The sale is part of CEO Charlie Scharf's effort to focus the bank on key businesses
Ameriprise, CI eyeing Wells Fargo asset management unit
Offers are due later this month for the division, which reportedly could fetch more than $3 billion
Wells Fargo reps to jump higher ‘hurdle’ in 2021 pay grid
The target to reach the higher payout will increase by $1,000 per month next year which could pinch adviser compensation
Wells Fargo encouraging risk-on investing in 2021
The company's market watchers see the year ahead as poised for equity performance
Debut ETF issuers hit record this year
New rules that made launches easier and the SEC's approval of nontransparent funds have inspired 14 new firms to enter the market this year
Ex-Wells Fargo CEO Stumpf to pay $2.5 million in SEC settlement
The agency accused Stump and former Wells executive Carrie Tolsted with misleading shareholders about the success of Wells' community bank
Wells Fargo to freeze raises for high earners
The bank plans to halt increases in base pay in the coming year for employees earning more than $150,000
Wells Fargo hits lowest level since 2009
Investors are waiting to learn more about CEO Scharf's strategy amid news of job cuts, sales of business units
Wells Fargo exploring $1 billion-plus corporate-trust sale
The bank is also considering whether to unload its $10 billion student-loan portfolio
Wells Fargo abandons plans to cut 401(k) match for high earners
The change comes just two days after the original cost-cutting measure was unveiled
Wells Fargo said to discuss sale of asset management unit
Selling the business could bring in more than $3 billion
Wells Fargo cuts 401(k) match for high earners, hurting advisers
"This is a loss of thousands of dollars," one adviser says
Former Wells Fargo manager alleges age, race, disability bias
A 65-year-old Black executive in the bank's wealth and investment management arm filed a complaint after losing his job while on medical leave for cancer
Buffett inches toward Wells Fargo exit
Since Charlie Scharf became the bank's CEO, Buffett's Berkshire Hathaway has unloaded most of its stake in Wells
