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[1/2] Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Wells Fargo (WFC.N) has agreed to pay a $35 million civil penalty to settle U.S. charges that the company overcharged advisory fees, the Securities and Exchange Commission (SEC) said on Friday. The SEC said it charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees. Wells Fargo settled without admitting or denying the charges, the SEC said in a statement. Wells Fargo paid affected account holders about $40 million, including interest, to reimburse them for the overcharging, according to the statement.

Persons: Wells, Wells Fargo, Ismail Shakil, Nupur Anand, Susan Heavey, Mark Potter Organizations: Wells, REUTERS, Securities and Exchange Commission, SEC, Services, Financial, Advisors, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells Fargo, Wells, Ottawa, New York

☆ 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

☆ Wells Fargo experiencing issues with banking system
▼ + stars: | 2023-08-24 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Wells Fargo experienced issues with some aspects of its banking system on Thursday night, according to the bank itself and hundreds of complaints on Downdetector, a platform that tracks service outages. “Currently, some Online Banking customers are unable to complete transfers or Zelle transactions within Online Banking,” the company tweeted in response to another. This is the second time this month Wells Fargo customers experienced widespread issues with the bank’s system. Earlier this month, Wells Fargo customers reported their direct deposits had disappeared from their bank accounts. Last December, regulators fined Wells Fargo $1.7 billion and ordered it to pay $2 billion to customers for a range of “illegal activity.”Rohit Chopra, the Consumer Financial Protection Bureau director, described Wells Fargo as a “repeat offender” and a “corporate recidivist” when the fines were announced.

Persons: Wells, Rohit Chopra, CFPB Organizations: New, New York CNN, CNN, Twitter, Banking, Consumer Financial Locations: New York, Wells Fargo

☆ Wells Fargo defeats shareholder lawsuit over fake job interviews
▼ + stars: | 2023-08-21 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The plaintiffs in the proposed class action must "allege more than that the sham interviews were an open secret," Thompson wrote. "While Wells Fargo's history provides some context for the allegedly misleading statements, it is not sufficient to confer [intent to defraud]." Wells Fargo did not immediately respond to similar requests. The plaintiffs had claimed that San Francisco-based Wells Fargo inflated its stock price through nine public statements discussing its "diverse slates" guidelines. The case is SEB Investment Management AB et al v Wells Fargo & Co, U.S. District Court, Northern District of California, No.

Persons: Wells, Trina Thompson, Thompson, Charlie Scharf, Wells Fargo, Kirsten Donovan Organizations: U.S, New York Times, SEB Investment, Wells Fargo & Co, Court, Northern District of, Thomson Locations: San Francisco, Francisco, Manhattan, Wells, Northern District, Northern District of California

☆ A Tropical Storm in August? California’s Year of Extremes Grinds On
▼ + stars: | 2023-08-19 | by ( Raymond Zhong | More About Raymond Zhong | ) www.nytimes.com time to read: +1 min

For California, where punishing droughts over the past two decades have shriveled crops and caused wells to run dry, it has been another year of extremes. It started with winter storms that drenched cities and towns, buried the Sierra Nevada in snow and caused an enormous long-vanished lake to reappear in the Central Valley. All of this is quite a turnaround from the past three years, the state’s driest on record, when officials were imposing strict controls to save water. Hilary, which forecasters say could weaken to a tropical storm by the time it makes landfall in California, has no direct meteorological connection with the storms from early this year. But, taken together, they reinforce a key maxim about the weather in California: There’s no such thing as an average year — only very wet, or very dry.

Persons: Hilary Locations: California, Sierra Nevada, Central, Southern California

☆ Hawaiian Electric Industries shares plunge amid deadly Maui wildfire scrutiny
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

Hawaiian Electric was last trading down 35% at $20.90. Hawaiian Electric did not immediately respond to a request for comment on Monday. Hawaiian Electric Vice President Jim Kelly told CNN Sunday that the company does not comment on pending litigation. He added that Hawaiian Electric does not have a formal shut-off program and precautionary shut-offs have to be arranged with first responders, CNN reported. Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.

Persons: Mike Blake, Thomas Hayes, Jim Kelly, ” Kelly, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Clark Mindock, Shristi, Brendan O'Brien, Michelle Price, Lisa Shumaker, Alexia Garamfalvi Organizations: REUTERS, Hawaiian Electric Industries, Electric, Great, Washington Post, Maui Electric, National Weather Service, Hawaiian Electric, CNN Sunday, CNN, Morningstar, Thomson Locations: Kula, Maui, Hawaii, U.S, Lahaina, Great Hill, New York, Bengaluru, Chibuike

☆ Hawaiian Electric Industries shares plunge 40% amid deadly Maui wildfire scrutiny
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Hawaiian Electric Industries did not immediately respond to a request for comment. A Washington Post report over the weekend raised questions over whether Hawaiian Electric, which owns utility Maui Electric, did not take sufficient safety measures amid warnings days before the fires broke out that wind gusts would trigger dangerous fire conditions. A class action lawsuit has also been filed against Hawaiian Electric claiming a downed power line on Maui caused the fire, NBC news and other outlets reported. The scrutiny caused Wells Fargo (WFC.N) and Morningstar to cut their price targets for Hawaiian Electric. Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.

Persons: Mike Blake, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Michelle Price, Lisa Shumaker Organizations: REUTERS, Hawaiian Electric Industries, Washington Post, Maui Electric, Hawaiian Electric, NBC, Reuters, Morningstar, Thomson Locations: Kula, Maui, Hawaii, U.S, Lahaina, Bengaluru

☆ From pixels to pails, crowdfunded wells quench thirst in Senegal's drylands
▼ + stars: | 2023-07-19 | by ( Ngouda Dione | ) www.reuters.com time to read: +2 min

Water scarcity is so acute at this time of year that many communities face a dire choice: water your farms or quench you thirst. He turned to the internet, setting up crowdfunding campaigns where people can donate money to construct wells in communities lacking water. "In many villages, there were water problems, and this issue notably impacted on learning," said Diakhate, who previously worked in school construction. In a region pockmarked with wells in various states of disrepair, Diakhate hopes the internet can bring communities together to solve the problem of water scarcity. His group has built more than 50 wells this way since 2020, and nine more are under construction.

Persons: Ourou Amady, Mamadou Diakhate, Diakhate, Yoro Boubou Ba, Ngouda Dione, Cooper Inveen, Nellie Peyton, Christina Fincher Organizations: Workers, REUTERS, United Nations, Pepperdine University, Thomson Locations: Ourou, Podor, Senegal, PODOR, Senegal's, Dakar, Saharan Africa, Bagga

☆ New York City pension chief urges pay clawbacks at Bank of America
▼ + stars: | 2023-07-18 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Since the financial crisis of 2008, provisions to recover pay have been strengthened at top U.S. banks to limit risk-taking. Bank of America did not admit wrongdoing in its July 11 agreements with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency. Lander oversees public-employee pension funds with some $300 million worth of Bank of America (BAC.N) stock. It said Bank of America charged multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022. The bank said it voluntarily reduced overdraft fees and eliminated all nonsufficient fund fees in 2022.

Persons: Brad Lander, Lander, Wells, Michael Garland, Ross Kerber, Matthew Lewis Organizations: New York, of America's, Bank of America, Consumer Financial Protection Bureau, Reuters, Bank of, Human, of America, Thomson Locations: New, Charlotte , North Carolina, Reuters , New York City, New York City, Boston

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☆ Wells Fargo beats 2Q expectations. Here's what the pros are saying
▼ + stars: | 2023-07-14 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo beats 2Q expectations. Here's what the pros are sayingErika Najarian of UBS, Joe Terranova of Virtus Investment Partners and Jason Snipe of Odyssey Capital Advisors discussed Wells Fargo after the bank beat earnings and revenue expectations for the second quarter.

Persons: Erika Najarian, Joe Terranova, Jason Snipe, Wells Organizations: UBS, Virtus Investment Partners, Odyssey Capital

☆ California new oil well approvals have nearly ground to a halt
▼ + stars: | 2023-07-13 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

July 13 (Reuters) - California, the seventh-biggest U.S. crude oil producer, has put a near halt on issuing permits for new drilling this year, according to state data. New drilling permits have steadily declined since Gavin Newsom became governor in 2019, but the current rate of approval represents a sudden and dramatic drop. In an email, CalGEM attributed the smaller number of approvals to both the broader decline in California oil production and litigation that has paused permitting by Kern County, the center of the state's oil industry. The governor wants to phase out oil drilling in the state by 2045. California also passed a law last year banning oil and gas drilling within 3,200 feet of structures including homes, schools and hospitals.

Persons: Gavin Newsom, CalGEM, CIPA's Zierman, CIPA, Liza Tucker, Nichola Groom, Leslie Adler Organizations: Energy Management Division, California Independent Petroleum Association, Sentinel Peak Resources, San Luis Obispo County, Natural Resources Management, FracTracker Alliance, Reuters, Consumer, Consumer Watchdog, tinker, Thomson Locations: California, Kern County, San Luis Obispo

☆ Will inflation come down this year? Investors seek clues in corporate results
▼ + stars: | 2023-07-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It’s not just in the United States, either. Coming up: Two major measures of inflation in the United States are out this week — the Consumer Price Index on Wednesday and Producer Price Index on Thursday. On Friday morning, earnings reports for the second quarter kick off with JPMorgan Chase, Wells Fargo, Citi and BlackRock all reporting. Her Many Horses joined Wells Fargo in 2018 as senior vice president in middle market banking to focus on rebuilding the bank’s Native American banking effort. Wells Fargo Native American Banking is the leading provider of capital and financial services to Native American and Alaska Native markets, according to a statement from the company.

Persons: they’re, Jerome Powell, Christine Lagarde, ”, Albert Edwards, Edwards, it’s, Lael Brainard, Price, Michael Barr, Barr, ” Barr, Elisabeth Buchwald, Wells Fargo, Dawson, “ Dawson, Ruth Jacks, Wells Organizations: New, New York CNN, Federal, Kansas City Fed, Monetary Fund, European Central Bank, Societe, National Economic Council, JPMorgan Chase, Citi, BlackRock, Rosebud Sioux, Wells, Wells Fargo Commercial Banking, American Banking Locations: New York, United States, Wells Fargo, Wells, Dawson, Rosebud, South Dakota, American, Alaska

☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

☆ Wells Fargo promotes head of Native American banking to managing director
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 10 (Reuters) - Wells Fargo (WFC.N) promoted Dawson Her Many Horses, head of Native American Banking, to managing director, one of the first enrolled tribal members to reach that rank at a major U.S. bank, the lender said on Monday. Her Many Horses was appointed head of Native American Banking in the commercial banking division in 2021. He joined Wells Fargo in 2018. Wells Fargo has banking relationships with one out of three federally recognized tribes in the U.S. with about $3.4 billion in credit commitments and $4.1 billion in deposits. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Wells, Dawson, Wells Fargo, Nupur Anand, Lananh Nguyen, Richard Chang Organizations: YORK, American Banking, Covington, Burling, New York Times, Thomson Locations: U.S, Wells Fargo, New York

☆ We're not giving up on this struggling entertainment stock. Here are our reasons
▼ + stars: | 2023-07-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Labor market hints at cooling U.S. stocks were mixed Thursday as markets digested the latest jobs data. This reflects a slowdown from the month prior, a sign that a resilient labor market may be cooling. Wells Fargo downgrade Analysts at Wolf Research downgraded Wells Fargo (WFC) to peer perform from outperform (hold from buy), citing the bank's risks from commercial real estate exposure, along with potential hits to net interest income (NII). THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, There's, Jeff Marks, we're, Morgan Stanley, Wells Fargo, Jim Cramer's, Jim Organizations: CNBC, Labor, Bureau of Labor Statistics, Federal, Walt Disney Co, Disney, Wolf Research, Club, DIS Locations: Wells, U.S

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☆ SolarWinds chief vows to fight any legal action from US regulators over alleged Russian hack
▼ + stars: | 2023-06-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

The US Securities and Exchange Commission has informed current and former SolarWinds executives that it intends to recommend “civil enforcement action” alleging the company broke federal securities laws in its public statements and “internal controls” related to the hack, SolarWinds said in a filing with regulators on Friday. The SEC notice is an indication that US regulators are moving closer to bringing a civil lawsuit against SolarWinds that could result in fines or other penalties. For several months in 2020, hackers used software made by SolarWinds and other technology firms to burrow into US government agencies and corporate victims in an apparent spying campaign. After the hack became public, US lawmakers demanded answers from federal cybersecurity officials on why the hackers were undetected for so long, as well as criticized SolarWinds for its security practices prior to the hack. But SolarWinds says it has instituted numerous security reforms in the years since the hack, and has pushed that message of reform in public appearance with federal officials.

Persons: SolarWinds, –, Biden, “, ”, Sudhakar Ramakrishna, SolarWinds “, ” Ramakrishna Organizations: CNN, US Securities and Exchange, Justice, Homeland Security, SEC Locations: Russian, ” Austin , Texas, Moscow

☆ Wall Street prepares for more gains this month after past week's breakout
▼ + stars: | 2023-06-16 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

For now, it's not a brighter economic picture or an exuberant earnings outlook pushing stocks higher. Another reason that some investors have come back to stocks is simply because the S & P 500 ended the week more than 23% above last October's low. "The next level of resistance is above 4,500 on the S & P. Historically, the market gains 14.5% on average between the 20% threshold level and the next decline of 5% or more. "Inflation peaked in June of last year and has been rapidly declining over the past 12 months. Trading the week after is often treacherous, Hirsch said, with the Dow Jones Industrials falling in 27 of the past 33 years and the S & P 500 down in 23 of 33 years.

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Compare TD Bank and Wells Fargo TD BankWells Fargo Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightTD Bank vs. Wells Fargo Savings Account ComparisonsThe TD Simple Savings Account and Wells Fargo Way2Save® Savings Account are each bank's standard low-fee savings account. Wells Fargo has a $525 cash bonus for new customers who open any qualifying Wells Fargo savings account by June 27, 2023 (CDs are not eligible, nor are savings accounts through Wells Fargo Private Banking). Winner: TD Bank TD Bank CDs might catch your eye if you're searching for CD variety or special types of CDs. Wells Fargo vs. TD Bank: Frequently Asked QuestionsIs Wells Fargo better, or TD Bank?

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Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show. "While we disagree with the allegations in this case, we are pleased to have resolved this matter," Wells Fargo said in a statement on Tuesday. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation over its business practices. The case is In re Wells Fargo & Co Securities Litigation, U.S. District Court, Southern District of New York, No.

☆ 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.

☆ Wells Fargo reaches $1 bln settlement with shareholders over recovery from scandals
▼ + stars: | 2023-05-16 | by ( ) edition.cnn.com time to read: +2 min

Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. Wells Fargo (WFC) has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. Wells Fargo did not immediately respond to requests for comment outside business hours. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and expense of litigation, court papers show. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation concerning its business practices.

☆ Cramer calls Wells Fargo the 'best-capitalized bank' following $1 billion settlement
▼ + stars: | 2023-05-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Equities mixed Wells Fargo settlement Watch AMD 1. Wells Fargo settlement Club holding Wells Fargo (WFC) agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in resolving its fake accounts scandal of 2016. Jim Cramer on Tuesday called Wells Fargo "the best-capitalized bank." THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

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