A pastor who was falsely arrested for check fraud because of errors made by Wells Fargo employees may be forced to resolve legal claims against the bank in arbitration. The case renews questions about banks' use of the process.
While bank stocks flounder, their bonds are seen as a haven against a possible recession; the senator asks bank about overdraft fees on closed accounts.
After a news report said the bank kept alive accounts customers thought they had closed, Sen. Elizabeth Warren told acting CEO Allen Parker in a letter that Wells is "still fundamentally broken."
Analysts and big investors say they cannot advocate buying more shares until the bank installs a leader with the authority to lay out a plan for the future. However, speculation about potential candidates has quieted.
China's decision to stop buying U.S. soybeans and let its currency depreciate raised the prospect of further interest rate cuts. That hurt banks slightly more than the rest of the market on what was a bad day for all equities.
