Critics of the OCC have long maintained that the agency was too close with the San Francisco bank. A watchdog's assessment of what transpired between 2009 and 2017 is expected to be completed late this spring.
Former CEO John Stumpf agreed to pay a $17.5 million penalty while ex-community banking chief Carrie Tolstedt faces a potentially $25 million fine for sales-practices misconduct. Other former officials could face fines totaling $16 million.
A smiling President Donald Trump thanked some of the biggest U.S. companies for about 10 minutes on Wednesday at the White House, where he was celebrating his trade deal with China. When it came to JPMorgan Chase, he asked for reciprocation.
The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.
In the battle to control consumer data, Visa has made a major score by agreeing to acquire Plaid, a technology company that it could have seen grow into a competitor.
Iranian hackers have a history of targeting U.S. banks. Security experts discussed how bankers can prepare themselves if such attacks are renewed as part of a response to the killing of Qassem Soleimani.
Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month.
