The scandal that recently enveloped Wells Fargo teaches an important lesson about running an ethical business. And Wells Fargo was trying to run an ethical business, despite its huge blunder. For example, Well Fargo avoided many of the pitfalls and risky investments that plagued other big banks in 2008/2009. Here is what happened. Show More Summary
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A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for just $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning—and only bid—for the 1.1 million-square-foot Galleria at Pittsburgh Mills on...
Wells Fargo reported a worse-than-expected performance for the fourth quarter of 2016 late last week, but investors were quick to look beyond the earnings miss and led the bank’s shares up 1.5% over trading after they discovered that the primary cause for this was a one-time charge of $592 million linked to its interest rate […]
Elaine Chao is certain to be confirmed as President-elect Donald Trump’s secretary of transportation, but that won’t be her only source of income when the new administration takes over. As Lee Fang reports Tuesday at The Intercept, Chao...Show More Summary
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Three of the largest US banks — Bank of America, JPMorgan Chase, and Wells Fargo — held reported Q4 resultsShow More Summary
Wells Fargo lets you design your own credit card or debit card -- put whatever image and slogan on it you wish, although they have rules because they're a big company with lots of lawyers. So no trademarked images, they don't want to get sued. Show More Summary
The banking giant's fake account scandal has not only hit hard at its bottom line but is creating a dim outlook for the future.
The bank's Q4 earnings missed forecasts on earnings, revenue
New credit card applications were down 43 percent in the fourth quarter of 2016, the bank said, and new checking account openings fell 40 percent.
Wells Fargo & Co. reported a decline in fourth-quarter profit as moves in interest rates, a falloff in mortgage revenue and the bank's recent sales-tactics scandal weighed on the nation's third-largest bank....Since the scandal, newShow More Summary
Investors seem psyched that Wells even got out of bed today.
Wells Fargo missed on earnings in its first full quarter since its fraudulent accounts scandal. The bank reported earnings per share of $0.96, lower than analysts expectations of $1.00 and revenue of $21.58 billion, also missing projections of $22.45 from analysts. Show More Summary
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Beginning this spring, Wells Fargo plans to introduce a “new mobile transaction plan” that will allow customers...Show More Summary
Banks are leading an early rise on Wall Street after three major U.S. lenders reported solid results. JPMorgan Chase, Bank of America and Wells Fargo each rose about 1% in early trading Friday. All three reported results that beat forecasts, although Wells Fargo's profit declined and new account...
Wells Fargo & Co. on Friday reported a 6% drop in fourth-quarter profit in the wake of a scandal over its employees creating as many as 2 million accounts without customer authorization. Earnings at the San Francisco-based bank, the nation’s third-largest, came in below analysts’ estimates as Wells...
Wells Fargo & Co. said Friday fourth quarter net income sank 6% due to a revenue fall in retail banking.
Wells Fargo is set to release its fourth quarter earnings at 8 a.m. ET on Friday. The bank is expected to report earnings per share of $1.00 and revenue of $22.45 billion, based on an aggregate of analysts projections compiled by Bloomberg. The...Show More Summary
Scandals aside, most of Wells Fargo’s products have been mediocre at best — but the bank could mend fences by being more generous, fair and clear.
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