The settlement would mark a rare instance where the bank stands to benefit monetarily from a scandal that has severely damaged its reputation and cost it hundreds of millions in penalties.
The Federal Reserve on Friday slapped Wells Fargo with one of the harshest orders it has ever handed down, but the message it sent went far beyond a single institution.
As eye-catching as the scandals at Wells Fargo are, the most shocking thing is that federal regulators have taken no meaningful action against the bank’s executives.
A year ago, then-Wells CEO John Stumpf testified before two committees. It went so poorly Stumpf later resigned and his bank is still struggling to repair the damage. Here's how Equifax CEO Richard Smith can avoid the same fate.
One year after the San Francisco megabank paid $190 million in fines and restitution after it opened millions of unauthorized accounts, Wells remains mired in scandal. Why hasn't the firm been able to recover?
Senate Banking Committee Chairman Sen. Mike Crapo, R-Idaho, said he is considering holding another hearing on Wells Fargo following the bank's recent missteps.
The goal, according to Wells Fargo's head of community banking, is to focus on how customers are treated rather than how many products they buy as well as create a consistent approach to the megabank's sprawling branch network.
Even in the event of a landslide, throw-the-bums-out investor vote over director seats next week, expect business as usual in Wells’ boardroom for a long while.
The 110-page document offers plenty of new details about what went wrong at the megabank but may leave shareholders wanting a truly independent investigation.
Directors take back $75 million more from two former executives and release scathing report on bank's fake accounts scandal; UBS executive sees decade-long wait for transformation.
