What's more, loan officers' pay has dropped. At work behind these surprising trends is a blend of economic forces, technological change and pressure on banks to pay entry-level employees better.
Federal Reserve Chair Janet Yellen said the central bank is prepared to issue further enforcement actions against Wells Fargo for its account scandal if “appropriate.”
The bank received conditional court approval to create a settlement fund of at least $142 million to cover 11 class actions filed after its fake-accounts scandal.
Many of Zelle's member banks chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end user awareness or consent it can irritate consumers.
Wells Fargo beats out other banks — and by a wide margin — in BrandZ’s ranking of most valuable brands; American bank CEOs make much more than their foreign counterparts.
The largest banks announced plans to distribute capital back to shareholders after the Fed gave passing grades to everyone following this year’s CCAR stress tests.
Out of the ashes of the fake-accounts fiasco, heads of business lines became more open to change, an executive at the bank’s innovation group said Wednesday.
Wells Fargo aside, the industry overall should be pleased with the results of our annual survey of bank reputations. One key insight: Displaying strong ethics is an effective way to improve what people think of your bank.
A federal appeals court is scheduled to hear oral arguments in August in a decade-old case against the San Francisco bank that could cost it hundreds of millions in penalties and restitution.
