Bank earnings could be hurt this year as big retailers close stores and file for bankruptcy. The situation has sparked a debate about how much CRE and C&I books will suffer just as lenders were putting other commercial woes behind them.
The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.
CEO Jes Staley is investigated by British authorities for trying to unmask a bank whistleblower and will take a pay hit; ISS is second consultant to call for voting against Wells directors.
The payments giant has made a lot of money issuing loans to online shoppers with blemished credit histories. But now it is looking to reduce its risks.
Germany's state-owned development bank KfW, which gained publicity for erroneously transferring hundreds of millions of euros to Lehman Brothers the day the U.S. firm filed for bankruptcy, has done it again.
So-called performance-share units are pushing aside stock options as the preferred long-term incentive pay for bank executives. Many investors and regulators fear that options can encourage reckless conduct and have other shortcomings, though options still have supporters.
The scandal involving Wells Fargo that surfaced last year shows the U.S. banking industry still has work to do on improving its culture, Federal Reserve Bank of New York President William Dudley said.
The insurance company, facing regulatory scrutiny and lawsuits over a former sales relationship with Wells Fargo, said it may press its partner to cover costs after halting the sales.
The newest reputational threat has nothing to do with violations of regulations or ethical norms, but rather with the extreme polarization and activism spreading through the country.
