Investors worry the drop in crude prices could spark a rash of defaults; the bank denies it opened accounts without customer permission to meet sales quotas.
The bank's board chair and fellow director James Quigley abruptly resigned early Monday. Both are scheduled to appear before the House Financial Services Committee this week.
The Supreme Court will hear arguments on the agency’s structure; the company, desperate after losing Costco’s business, allegedly pressured and misled applicants.
Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.
The ten-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.
A deferred-prosecution agreement with the Justice Department spares the bank a potential criminal conviction — provided it cooperates with continuing probes and abides by other conditions.
Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.
A Denver company says that the $410 billion-asset bank used its confidential information to create a copycat product and poach its customers. PNC is contesting the allegations.
For the second time in four years regulators are investigating Jes Staley; fintechs have until July 30 to sign agreements on how they access customer data.
