Wells Fargo is at the middle of big scandal right now as it is being investigated by board and senate.Answers several authority inquiry.
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As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
Fees in investment banking sector across the world declined 29% during the first three-month period of 2016 as uncertainty in the global market halted deal proposing activities and other investment events.
John Laughlin is stepping down as the head of merger and acquisition, becoming the vice chairman of the business. Wells Fargo is now looking to replace him considering both internal and external candidates.
Both Wells Fargo and Citigroup have been badly hit with the historic low oil price. The Walls Street banks have heavy investment in energy portfolio and the industry is passing through a nightmare since 2008. Both the banks have been forced to keep provision against the default power investments. But real estate portfolio has helped Stagecoach to leave behind the umbrella with its greater contributions predicted earlier.
JPMorgan Chase, Bank of America (BoA) and Wells Fargo earned over $6 billion from ATM service and overdraft fees. For the first time, US government in 2015 allowed banks to disclose details from ATM and overdraft fee revenues. The US banking consumers pay in the range of $4 to $5 to withdraw money from an out-of-network ATM.
The steep fall in oil price is impacting Russia's foreign trade more in a negative way, while the financial markets are witnessing renewed interest from overseas investors and fund managers as well.
Warren Buffett's Berkshire Hathaway Inc on Friday said it has boosted its holdings in some of the billionaire's favorite companies, including Wells Fargo & Co and International Business Machines Corp.
General Electric Co is in early-stage talks with Wells Fargo & Co about selling its entire $74 billion U.S. commercial lending and leasing (CLL) portfolio to the bank, according to a source familiar with the situation.
Wells Fargo & Co (WFC.N), the largest U.S. mortgage lender, reported a drop in quarterly profit for the first time in five years as employee costs rose at a time margins are under pressure from low interest rates.
The health warning on a MarkTen electronic cigarette package is 116 words long. That's much longer than the warnings on traditional cigarette packs in the United States.
U.S. regulators are asking banks for more detail on their autos financing exposure, as rapid growth in the lending has prompted officials to seek to better assess the risks, according to a person familiar with the matter.
Charles Schwab Corp (SCHW.N) has dropped the Pimco Total Return Fund from its 10 target date funds and collective trusts, a company spokeswoman told Reuters on Thursday.
U.S. stocks have been on a roll of late, with the S&P 500 hitting the latest in a series of records on Thursday, and investors expect the index's momentum to soon carry it to - if not far past - the 2,000 milestone.
The four biggest U.S. brokerage firms are facing an exodus of employees who are finding they can make more money and save on taxes by taking their clients and starting an independent firm before they retire.