WellsFargo
New York (AFP) - US officials announced Tuesday a $3.7 billion settlement with Wells Fargo over an array of "illegal activity" that burdened customers with wrongful home foreclosures and other problems. Wells Fargo will pay $2 billion to compensate customers and $1.7 billion in civil fines under a Consumer Financial Protection Bureau settlement that the agency said pertained to some 16 million consumer accounts. Wells Fargo called the agreement an "important milestone" in the bank's progress after a series of scandals. Shares edged higher early Tuesday in hopes that the bank could be near the ...
AFP
Washington (AFP) - US bank Wells Fargo on Thursday was hit with a new fine -- $250 million for failing to meet requirements in an agreement to pay previously harmed customers. The penalty was set by the Comptroller of the Currency (OCC), one of the main US banking sector regulators. "Wells Fargo has not met the requirements of the OCC's 2018 action against the bank. This is unacceptable," said Acting Comptroller of the Currency Michael Hsu. Wells Fargo admitted to opening 3.5 million fake accounts between 2002 and 2017, allowing its employees to earn bonuses related to the sale of new products...
AFP
New York (AFP) - Wells Fargo's chief executive apologized Wednesday over remarks that blamed the bank's mostly-white operating leadership on a lack of available black talent as the embattled lender sought to quell a public uproar. Charles Scharf, who was installed about a year ago as CEO to turn around the bank following a fake accounts scandal, told employees he was sorry following news reports spotlighting his statements in June in the wake of US racial justice protests."I apologize for making an insensitive comment reflecting my own unconscious bias," Scharf said in a statement."There are m...
AFP
New York (AFP) - Wells Fargo's chief executive apologized Wednesday over remarks that pointed to a lack of black talent as a factor in why the bank's operating leadership remains mostly white.Charles Scharf, who was installed about a year ago as CEO to turn around the bank following a fake accounts scandal, told employees he was sorry following news reports spotlighting Scharf's statements in June in the wake racial justice protests."I apologize for making an insensitive comment reflecting my own unconscious bias," Scharf said in a statement."There are many talented diverse individuals working...
AFP
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