News Topic: Wells Fargo

S&P lowers the bank’s rating to A-minus following Federal Reserve sanctions on growth; 13 are arrested after alleging defrauding banks of $530 million over seven years. ... Read full article

The one-notch downgrade, announced Wednesday, came in response to the Fed's unprecedented decision to halt asset growth at the embattled bank. ... Read full article

The SEC and CFTC ask Congress to expand federal oversight of cryptocurrency trading; the recent wild swings in financial markets may boost first quarter trading revenue. ... Read full article

The continuing cycle of scandal has forced big banks to get crafty in how they influence debate in Washington. The latest action against Wells ensures more backroom dealing. ... Read full article

Bank stocks recovered some of their lost value on Tuesday on extremely high levels of trading volume. The lone exception: Wells Fargo. ... Read full article

The Federal Reserve’s order restricting Wells Fargo puts other bank boards on notice that they could be singled out for failure to perform, but also makes it easier for them to avoid that fate. ... Read full article

Shares drop nearly twice as much as other bank stocks and the broader market; agency denies it’s looking to end the investigation into last year’s data breach. ... Read full article

If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent. ... Read full article

Bank stocks tumbled on Monday amid a wider sell-off as investors' concerns mounted that wage growth could lead to inflation, higher borrowing costs for businesses and a slowdown in Fed rate hikes. ... Read full article

Powell, a former investment banker who has served as a Fed governor, was confirmed by the Senate last month to a four-year term as chair of the central bank. ... Read full article

The bank’s assets are capped at their current level of $1.95 trillion; Citi, JPM and B of A will no longer allow bitcoin purchases on their credit cards. ... Read full article

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. ... Read full article

The Federal Reserve voted unanimously Friday to impose an unprecedented enforcement action against Wells Fargo in response to its cross-selling scandal, restricting the bank’s future growth and removing four members of its board of directors. ... Read full article

Large banks have begun sharing their adjusted gender pay gap ratios — how much women are paid versus men for similar jobs. The trouble is, they don’t have similar jobs. ... Read full article

Wells Fargo agreed to disclose the gaps between what it pays men and women as well as disparities for minority groups, a spokeswoman said. ... Read full article

Wells has tapped Sarah Dahlgren for a newly created position overseeing regulatory relations as the megabank tries try to remove the cloud of its phony-accounts scandal. ... Read full article

Michael DeVito, who was named Wells Fargo's interim head of home lending after the bank fired consumer lending head Franklin Codel, is now officially leading the residential mortgage unit. ... Read full article

JPM CEO is expected to remain at the bank for another five years; Michael DeVito had been serving on an interim basis since his predecessor was fired late last year. ... Read full article