Charles Scharf

A grim outlook for Wells Fargo’s commercial loan book

07/14/20

The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

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Dimon says economic outlook ‘much murkier’ as virus cases surge

07/14/20

Megabanks like JPMorgan Chase boosted loan-loss provisions to record levels in the second quarter in preparation for what could be a wave of loan defaults.

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Wells Fargo posts first quarterly loss since 2008

07/14/20

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

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Wells Fargo hires another JPMorgan alum to head wealth management

06/17/20

Barry Sommers, a former head of wealth management at the New York bank, is the latest high-level hire by Wells CEO Charlie Scharf.

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Wells Fargo struggling to stay under asset cap amid pandemic, CEO says

05/29/20

Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal.

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Wells Fargo's CRA rating improves to 'outstanding'

05/04/20

Banking regulators restored the scandal-plagued bank's score three years after assigning it the lowest possible rating under the Community Reinvestment Act.

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Few fireworks at Wells Fargo's first annual meeting under Scharf

04/28/20

Unlike recent affairs that were marred by protests, this year's meeting — held online because of the coronavirus outbreak — went smoothly as investors overwhelmingly approved the bank's slate of directors and executive compensation plan.

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Wells Fargo hires new operations head from BNY Mellon

04/27/20

Lester Owens, who is scheduled to join the bank in July, will report to Chief Operating Officer Scott Powell. He will be charged with implementing a more unified structure across the 260,000-person company.

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Wells Fargo adds new top lobbyist to help revive image in Washington

04/17/20

Brian Smith, who spent the past decade with Regions Financial, will head the bank's government relations and public policy team.

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Banks stick with dividend plans despite potential for blowback

04/17/20

Large institutions say their strong capital positions allow them to reward investors, and the Fed agrees. But critics say this is the time to be preparing for a sharp downturn and continue helping those hurt by the coronavirus pandemic.

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