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☆ Wells Fargo overcharged nearly 11,000 investment accounts with advisory fees, SEC alleges
▼ + stars: | 2023-08-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday. Wells Fargo agreed to pay a $35 million civil penalty to settle the matter, without admitting or denying the SEC charges. The agency said Wells Fargo also paid account holders about $40 million — including interest — to reimburse customers who’d been overcharged. The SEC also said Wells Fargo overcharged some clients who opened accounts prior to 2014 through the end of 2022. Wells Fargo spokesperson Caroline Szyperski said Wells Fargo Advisors conducted a “thorough review” of accounts and has fully reimbursed affected customers.

Persons: Wells, Wells Fargo, “, ” Gurbir Grewal, Edwards, Caroline Szyperski, “ We’re Organizations: New, New York CNN, Securities, Exchange Commission, SEC, Wells Fargo Advisors, Wachovia, Advisors Locations: New York, Wells Fargo overcharged, Wells, Wells Fargo

☆ The US economy grew stronger than expected in the second quarter
▼ + stars: | 2023-07-27 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Economic growth in the second quarter was driven by business investment, government purchases, inventory investment and consumer spending, though at a much weaker pace than in the first quarter. Consumer spending, which accounts for about two-thirds of economic output, grew at just a 1.6% rate in the second quarter, down sharply from a 4.2% rate in the first three months of the year. Nonresidential business investment rose sharply to a 7.7% growth rate in the second quarter, up from a 0.6% rate in the beginning of the year. The GDP report showed that spending on structure slowed to a 9.7% rate in the second quarter from a 15.8% rate in the prior one.

Persons: “, Lydia Boussour, ’, ” Shannon Seery, Seery, —, ”, Diane Swonk, Thursday’s, Carol Schleif, Jerome Powell Organizations: Washington CNN, Commerce Department, Gross, Federal Reserve, Fed, CNN, Employers, Wells, Investment Bank, Manufacturers, KPMG, restrengthens Investors, BMO Family Office, Investors, “ Locations: EY

☆ Wells Fargo Profit Jumps 57%
▼ + stars: | 2023-07-14 | by ( ) www.wsj.com time to read: +1 min

Wells Fargo’s earnings jumped in the second quarter, joining JPMorgan Chase’s blockbuster report . Here are the highlights:The bank earned $4.94 billion, up 57% from the year-earlier quarter. The bank made more loans and charged higher interest on them, boosting its net interest income by 29% from a year earlier to $13.16 billion. The bank also increased its guidance for the full year, saying it expects net interest income to rise 14% in 2023. Wells Fargo had $1.34 trillion in deposits at the end of June, down 6% from a year earlier.

Persons: Wells, FactSet, Wells Fargo Organizations: JPMorgan Chase’s, Revenue, Bank

☆ Fourth of July gas prices take almost unprecedented plunge
▼ + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.

Persons: John LaForge, ”, Patrick De Haan, De Haan, “, ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia

☆ Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit
▼ + stars: | 2023-05-16 | by ( Ben Eisen | ) www.wsj.com time to read: 1 min

Wells Fargo’s 2016 fake-accounts scandal revealed problems with the bank’s systems for overseeing risk. Photo: Thalia Juarez for The Wall Street JournalWells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal. The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed to prevent the bank from opening up perhaps millions of phony accounts.

☆ Big bank investors owe thanks to Team America
▼ + stars: | 2023-04-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

Wells Fargo has managed to keep even more for itself, passing on just 26%. Finance chief Jeremy Barnum reckons $50 billion of deposits flowed into his bank and stayed put, more than offsetting other outflows. Elsewhere in Dimon’s letter, he describes himself as a “red-blooded, patriotic, free-enterprise and free-market capitalist.” Investors may lap that up, but his bank’s earnings show other forces at work too. Wells Fargo reported $4.7 billion of earnings, 34% higher than the previous first quarter, and took a $1.2 billion quarterly provision for credit losses. Citigroup reported $4.3 billion of earnings, a 7% annual increase, while smaller rival PNC made $1.6 billion, an 18% increase.

☆ Three major risks that have the banking industry on edge
▼ + stars: | 2023-04-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

The toll of the WFH eraCommercial real estate — offices, apartment complexes, warehouses and malls — has come under substantial pressure, my colleague Julia Horowitz reports. Commercial property valuations could fall by roughly 20% to 25% this year, according to Rich Hill, head of real estate strategy at Cohen & Steers. About $270 billion in commercial real estate loans held by banks will come due in 2023. The proportion of commercial office mortgages where borrowers are behind with payments is rising, according to Trepp, which provides data on commercial real estate, and high-profile defaults are making headlines. That might seem simplistic, but it’s especially relevant for an industry as uniquely reliant on trust as banking is.

☆ Risk reward in market deteriorating every day, says Wells Fargo’s Chris Harvey
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRisk reward in market deteriorating every day, says Wells Fargo’s Chris HarveyChristopher Harvey, Wells Fargo Securities head of equity strategy, joins "Fast Money" to discuss his outlook on the U.S. economy.

☆ Former Wells Fargo Executive Blamed in Fake-Accounts Scandal Agrees to Plead Guilty
▼ + stars: | 2023-03-16 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

Wells Fargo paid $3 billion in 2020 to settle investigations by the Justice Department and the SEC. The former head of Wells Fargo & Co.’s community bank has agreed to plead guilty to obstructing regulators who tried to examine allegations of sales misconduct at the business she ran, prosecutors said Wednesday. Carrie Tolstedt ’s deal with Los Angeles federal prosecutors would resolve a criminal investigation into her role in the bank’s long-running, fake-accounts scandal, which severely damaged Wells Fargo’s reputation and contributed to an asset cap imposed by the Federal Reserve that limited its size.

☆ MAI Capital Management’s Chris Grisanti says we're still headed for a garden-style recession
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMAI Capital Management’s Chris Grisanti says we're still headed for a garden-style recessionMAI Capital Management’s Chris Grisanti and Wells Fargo’s Michael Schumacher join 'The Exchange' to discuss the Fed's next move, inflation's impact on the economy and markets.

☆ Watch CNBC’s full interview with MAI Capital Management’s Chris Grisanti and Wells Fargo’s Michael Schumacher
▼ + stars: | 2023-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with MAI Capital Management’s Chris Grisanti and Wells Fargo’s Michael SchumacherMAI Capital Management’s Chris Grisanti and Wells Fargo’s Michael Schumacher, join 'The Exchange' to discuss the Fed's next move, inflation's impact on the economy and markets.

☆ Consumers keep spending. That might not be good news for them or the Fed
▼ + stars: | 2023-03-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

And by November and December, those predictions appeared to be materializing, when data showed consumers had pulled back during the holiday shopping season. During a month chock full of suprisingly strong economic data, the Commerce Department’s retail sales and consumer spending reports far surpassed expectations. “It’s not sustainable to keep spending above their means.”Eyes on the FedHearty consumer spending at a time like this is a double-edged sword, said Ted Rossman, senior industry analyst for Bankrate and CreditCards.com. “The resilience of consumer spending is probably the biggest thing that’s pushed this recession timetable out,” Rossman said. The Home Depot (HD) warned of flat sales for 2023 as consumers continue shift spending from goods to services.

☆ A.I. hype cycle is creating an opportunity for Google, says Wells Fargo’s Brian Fitzgerald
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. hype cycle is creating an opportunity for Google, says Wells Fargo’s Brian FitzgeraldBrian Fitzgerald, managing director and senior equity research analyst at Wells Fargo Securities, joins ‘Squawk on the Street’ to discuss why he has a buy rating on Google and how AI could help the tech giant.

☆ Watch CNBC’s full interview with Wells Fargo’s Brian Fitzgerald
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Wells Fargo’s Brian FitzgeraldBrian Fitzgerald, managing director and senior equity research analyst at Wells Fargo Securities, joins ‘Squawk on the Street’ to discuss why he has a buy rating on Google and how A.I. could help the tech giant.

☆ Watch CNBC’s full interview with Vantage's Avery Sheffield, New York Life’s Lauren Goodwin and Wells Fargo’s Sameer Samana
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Vantage's Avery Sheffield, New York Life’s Lauren Goodwin and Wells Fargo’s Sameer SamanaVantage's Avery Sheffield, New York Life’s Lauren Goodwin and Wells Fargo’s Sameer Samana, join 'Closing Bell: Overtime' to discuss the markets and whether it's time for investors to go on the offensive in the market.

☆ Here’s what will happen to the economy as the debt ceiling drama deepens
▼ + stars: | 2023-01-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. And Americans — many people — would lose their jobs and certainly their borrowing costs would rise.”Dire warnings of debt ceiling trouble aren’t new. “2011 was the first time in a long time that we came close to a debt ceiling breach,” he said. “I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing,” he said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended — eventually.

☆ 2023 will be a 'robust market' says Wells Fargo's Bob Peck
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2023 will be a 'robust market' says Wells Fargo's Bob PeckBob Peck, Wells Fargo’s global internet investment banking chairman, joins ‘TechCheck’ to discuss why he believes this year's market will be 'robust' and offer his M&A investor outlook for 2023.

☆ Banks dress up for a business-casual recession
▼ + stars: | 2023-01-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Jan 13 (Reuters Breakingviews) - A recession is coming for U.S. banks, but it’s wearing comfortable shoes. Bank of America is writing off 1.7% of its card loans, on an annualized basis, compared with an average of 2.7% since 2013. America’s collective credit card limit is growing at a 9% annual clip, according to the New York Federal Reserve, the fastest since 2008. Citi has put aside enough to cover 7.6% of its credit card loans going up in smoke - more than triple the current level. It said 1.7% of credit card loans had been written off, on an annualized basis, compared with a 2.7% average rate since 2013.

☆ Wells Fargo Is Shrinking Its Mortgage Business
▼ + stars: | 2023-01-11 | by ( Ben Eisen | Gina Heeb | ) www.wsj.com time to read: 1 min

Wells Fargo’s decision to reduce its home-lending operations comes after a series of legal and regulatory issues. Wells Fargo & Co. is dramatically shrinking its home-lending business following a string of scandals and a record fine from the Consumer Financial Protection Bureau. Going forward, the bank said it would largely focus on lending to existing customers and minority borrowers. It will no longer work with outside intermediaries who arrange loans on the bank’s behalf. The practice, known as correspondent banking, makes up nearly half of its mortgage originations.

☆ Premarket stocks: Investors are underestimating inflation...Again
▼ + stars: | 2023-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Investors are holding their breath in anticipation of Thursday morning’s Consumer Price Index inflation report — arguably the most important piece of economic data so far this year. There’s a lot riding on the outcome — if inflation keeps falling, that could support a market rally, while higher-than-expected inflation could send stocks sinking. Asian stocks enter bull market as investors bet on ChinaUS stocks may be volatile, but in Asia markets are soaring. The retreat will likely cause Wells Fargo to lay off at least some employees, though the bank did not announce any specifics. The move comes as Wells Fargo continues to be in trouble with regulators.

☆ Wells Fargo is retreating from the mortgage market it once led
▼ + stars: | 2023-01-10 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Wells Fargo, long one of the biggest players in the mortgage business, is taking a big step back. Wells Fargo said it will also exit its correspondent business, which buys loans made by other lenders, and reduce the size of its mortgage servicing portfolio. The retreat will likely cause Wells Fargo to lay off at least some employees, though the bank did not announce any specifics. The move comes as Wells Fargo continues to be in trouble with regulators. In late 2017, Quicken Loans toppled Wells Fargo as America’s largest mortgage lender.

☆ Wells Fargo labors under $100 bln sin discount
▼ + stars: | 2023-01-10 | by ( John Foley | ) www.reuters.com time to read: +6 min

Wells Fargo shows what happens when misbehavior becomes a feature rather than a bug. TRAGIC NUMBERSerial mischief has cost Wells Fargo investors in three ways. Second, there are the expenses Wells Fargo has incurred from its internal deep clean. A little more than seven years ago, Wells Fargo, Bank of America (BAC.N) and JPMorgan (JPM.N) were roughly the same size in terms of market cap. At $161 billion, Wells Fargo now sits $110 billion short of Bank of America and a whopping $243 billion below JPMorgan.

☆ Premarket stocks: Japan just delivered a lump of coal to investors across the globe
▼ + stars: | 2022-12-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended to keep wages and prices high. The Japanese Central Bank loosened the yield on its 10-year government bonds from 0.25% to 0.5%. The central bank said that inflation expectations have risen. Japan’s is the last major central bank to keep rates negative and this signals that it could be shifting its stance.

Those are some of the infractions allegedly committed by Wells Fargo that has led the bank to agree to a $3.7 billion settlement with the Consumer Financial Protection Bureau. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. “As we have said before, we and our regulators have identified a series of unacceptable practices that we have been working systematically to change and provide customer remediation where warranted," Wells Fargo CEO Charlie Scharf said. "This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us. Wells Fargo has been the target of regulators since at least 2011, when reports of its strategy to cross-sell multiple products to customers first emerged.

Dec 20 (Reuters) - Wells Fargo & Co (WFC.N) agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of car loans, mortgages and bank accounts, the regulator said Tuesday. "Wells Fargo is a corporate recidivist that puts one-third of American households at risk of harm,” CFPB Director Rohit Chopra told journalists in a briefing. Shares of Wells Fargo were down less than 1% in late morning trading. Wells Fargo has faced multiple enforcement actions taken by the CFPB and other banking regulators for violations across the bank's business lines. Scharf became CEO in 2019, the fourth person to lead Wells Fargo since the scandal emerged.

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