The combination of their convenient branch networks and strong digital offerings makes large, national banks tough to beat in dispensing financial guidance, consumers say.
Wells says it's made progress but needs to do more to rebuild trust with customers and regulators; despite rate hikes by the Fed, big banks continue to effectively pay nothing in interest to savings customers.
The new leadership of the House Financial Services Committee appears intent on subjecting Wall Street to a harsher spotlight, but banks shouldn’t be too sure the new minority has their backs, either.
In a lengthy report released Wednesday, the bank pledged to protect whistleblowers, better handle customer complaints and re-examine its lending practices.
Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.
Many bankers say they’re more comfortable with using artificial intelligence behind the scenes, but others — including Synchrony and Wells Fargo — insist AI can be used to interact with customers if it’s deployed properly.
The leaders of the biggest U.S. banks are likely to be summoned to face questions from the Financial Services Committee, an early sign that the financial industry will endure tougher scrutiny under a Democratic-controlled House.
Wells Fargo named Steve Troutner head of the community bank's U.S. Western region, one of the unit's most senior outside hires since a scandal over bogus accounts erupted more than two years ago.
The bank says regulators want information about its possible role in the money laundering scandal; Kristi Mitchem moves to BMO Global Asset Management.
