News Topic: Wells Fargo

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. ... Read full article

The bank could announce as early as Friday a deal on charges it wronged customers; the acquisition allows Morgan Stanley to compete in retail banking. ... Read full article

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. ... Read full article

Goldman Sachs pledged in late 2019 to stop financing projects in coal and Arctic oil exploration. Activist groups and Democratic senators say other large institutions should do the same given the economic and environmental risks from climate change. ... Read full article

Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories. ... Read full article

Five Republican senators want to cut off deposit insurance for banks that have stopped offering financial services to firms that operate detention facilities and private prisons on behalf of the federal government. ... Read full article

Wells is thought to be the first big U.S. bank to allow harassment victims to go to court instead of arbitration. An investment firm that advocates for progressive causes claimed credit for the policy change. ... Read full article

Bank will have more business lines, all reporting to the CEO; a research paper says the accounting rule could result in eased capital rules. ... Read full article

Mike Weinbach will lead consumer lending as part of a reorganization that will change the responsibilities of three longtime bank executives. ... Read full article

When it comes to customers using application programming interfaces, the bank appears to be outpacing its rivals. ... Read full article

Brandee McHale will be president of the Citi Foundation and oversee the company's community development, inclusive finance and impact investing teams. ... Read full article

Brandee McHale will be president of the Citi Foundation and oversee the company's community development, inclusive finance and impact investing teams. ... Read full article

M&T hires Aarthi Murali away from JPMorgan Chase as its customer experience chief; when a small town loses its only bank; why more banks are ditching their legacy core vendors; and more from this week’s most-read stories. ... Read full article

Michael Cleary will report to Scott Powell, who had been his boss at Santander Bank. ... Read full article

A new religion swept Wall Street after the 2008 crisis: Pay executives with stock, make them wait to collect it, and there will be fewer problems. Now a generation of executives retiring from Wells Fargo is experiencing what can happen to those payouts ... Read full article

The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions. ... Read full article

Verdict on OCC’s supervision of Wells Fargo expected in late spring; TD Bank names Matt Boss its new consumer products chief; CenterState and South State plan $3.2B merger with operations stretching from Virginia to Florida; and more from this week’s ... Read full article

Lenders that depend on the Export-Import Bank to back loans to exporters are already seeing business borrowing pick up after Congress reauthorized the agency in December. ... Read full article