For seven years, the bank was forbidden to grow as punishment for misconduct including creating fraudulent bank accounts and mistakenly seizing homes.
Category: Scharf, Charles W
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Jamie Dimon Warns of ‘Most Dangerous Time in Decades’ as Banks Report Big Profits
JPMorgan Chase and Wells Fargo said that consumers continued to borrow and spend, but their chiefs warned that risks were intensifying.
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Wells Fargo Beats Expectations but Sets Aside Money for Loan Losses
The U.S. economy “continues to perform better than many had expected,” said Charlie Scharf, the bank’s chief executive, but “there will likely be continued economic slowing.”
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Wells Fargo’s Carrie Tolstedt Pleads Guilty and Faces Prison
The New York Times – Business:Carrie L. Tolstedt, who ran the bank’s retail branches, faces up to 16 months in prison for obstructing a bank examination.
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Rising Interest Rates Lift Profits at Bank of America and Wells Fargo
The New York Times – Business:Both banks increased their reserves as protection against deteriorating economic conditions, but signaled optimism about consumer resilience.
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Wells Fargo to Pay $3.7 Billion Over Consumer Banking Violations
The New York Times – Business:The Consumer Financial Protection Bureau cited improper overdraft fees, account freezes, auto repossessions and misapplied home loan payments that have harmed millions of consumers since 2011.
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JPMorgan, Citigroup and Other Big Banks See Profits Drop
The New York Times – Business:Lenders foresee economic “headwinds,” but household spending is mostly holding up, buffering profits from turmoil in financial markets.
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Elizabeth Warren Singles Out Wells Fargo for ‘Alarming Pattern’ of Zelle Fraud
The New York Times – Business:Customers’ claims have risen sharply in recent years and exceed the rate reported by other large banks, the senator said in a letter to the bank’s leader.