Consumer banking

Wells Fargo must pay $97 million to home mortgage consultants and private mortgage bankers in California who didn't get the breaks they were entitled to under the state's stringent labor laws.

The Japanese bank, owner of Union Bank in San Francisco, has hired RBC alum Roger Blissett to raise its profile among lawmakers, oversee compliance and build deeper relationships with regulators as its recent charter switch continues to stir controversy.

The insurance giant said it would need to make a “significant additional investment” to gain scale and be competitive. It has hired an investment banker to help it unload deposits and loans.

The class-action lawsuit filed by investors alleged that bank executives deliberately failed to disclose the full nature of its cross-selling practices to shareholders.

Retaining experienced and competent employees is a crucial but often overlooked strategy for improving bank performance.