Wells Fargo

Los Angeles sues Wells Fargo Bank

Los Angeles sues Wells Fargo Bank

A Los Angeles lawsuit that echoed a Times investigation has revealed that rigid sales quotas at Wells Fargo Bank has driven employees to open unauthorized accounts for customers.

The civil complaint was filed on Monday in state court in Los Angele by City Atty. Mike Feuer stated that the largest California-based bank encouraged its employees to engage 'in unfair, unlawful and fraudulent conduct through a pervasive culture of high-pressure sales.

The lawsuit alleged that the employees misused customers' confidential information and often failed to close unauthorized accounts even after customers complained about the issue.

Some employees even raided client accounts for money to open additional accounts, the suit alleges.

Largest Banks in US can’t make Productive Use of Billions of Dollars in Customer Deposits

Largest Banks in US can’t make Productive Use of Billions of Dollars in Customer

JPMorgan Chase & Co. and Wells Fargo & Co have showed again that the largest banks of US cannot get enough productive use for billions of dollars in customer deposits.

For the first time Wells Fargo's margin dropped below 3% since at least 1994 and JPMorgan's dropped to 2.07%. The margin compression at two of the four largest US banks gives additional evidence that lenders are working hard under Federal Reserve policies that have pegged interest rates near zero since 2008 New York-based JPMorgan told some clients that it doesn't want their deposits. The lenders also show a further decrease in net interest margin.

Wells Fargo to cut 1000 jobs

Wells Fargo to cut 1000 jobs

Thousand Milwaukee workers will soon have to look for new job for them because of improving mortgage delinquencies.

One of the Milwaukee-based Wells Fargo departments concentrated on foreclosures, short sales and collections. Wells Fargo also focused on issues that were a sign of the failing economy. But there is a possibility that the US can finally hit a tipping point. Jobs are recovering. It means that now people can pay for their homes. Business of real estate agents, staffing agencies, and manufacturing companies are increasing.

SEC fines John Femenia and nine others in insider trading case

SEC fines John Femenia and nine others in insider trading caseThe US Securities and Exchange Commission (SEC) have imposed a fine on Wells Fargo investment banker John Femenia and nine others in the insider trading case.

The fined persons are accused to earning more than $11 million in illegal profits by using confidential information regarding some impending mergers. The complaint filed with the US court for the Western District of North Carolina accuses Femenia of abusing his position at Wells Fargo Securities, which is the biggest US home lender, to access confidential information about four separate mergers.

New suit violates terms of earlier settlement, alleges Wells Fargo

New suit violates terms of earlier settlement, alleges Wells FargoWells Fargo & Co has alleged that the new suit against the company filed by federal prosecutors in a New York court regarding home lending abuses is in violation with the settlement of an earlier settlement.

638 Wells Fargo Financial stores to be closed

638 Wells Fargo Financial stores to be closedIt would close its 638 Wells Fargo Financial stores, folding its lending business into its banks and closing out 3,800 jobs, Wells Fargo & Co. said on Thursday.

The company said in a statement that about 14,000 employees currently work at Wells Fargo Financial, which serves many low-income neighborhoods, offering mortgage and auto loans. However, less than 2 percent of the firm's real estate loans originated at Wells Fargo Financial stores in the first quarter.

Discrimination is pivoted on by the Baltimore suit

Wells-FargoThe case centers on predatory lending involving African-Americans, a lawyer helping Baltimore sue Wells Fargo & Co. in a second round of litigation said.

The Baltimore Sun reported on Wednesday that attorney John Relman said, "Ultimately, the amount of damages in this case is far less significant than whether or not a jury says, 'You're right, Wells Fargo targeted an African-American community with predatory loans and they did it for reasons of greed."

Wells Fargo Being Generous Towards its Top Executives

Financial ServicesFinancial Services Entity Wells Fargo seems to have become more generous towards the company’s chief executives.

The company will grant stock awards to the tune of 425 million to its four top executives. In lieu of the annual cash bonus John G. Stumpf, who is the chief Executive of the company, would receive about $10 million in stock. The other three executives will receive an award of $5 million.

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