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JPMorgan posts record annual profits as major US banks thrive in the final quarter of 2024
Read full article: JPMorgan posts record annual profits as major US banks thrive in the final quarter of 2024JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year.
Stock market today: Wall Street rises to close its latest record-setting week as banks jump
Read full article: Stock market today: Wall Street rises to close its latest record-setting week as banks jumpU.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports.
Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Read full article: Big banks warn of uncertain year ahead after mixed financial performances in the first quarterBig banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
US eases restrictions on Wells Fargo after years of strict oversight following scandal
Read full article: US eases restrictions on Wells Fargo after years of strict oversight following scandalThe Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bank
Read full article: Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bankEmployees at a Wells Fargo bank in New Mexico have voted to unionize, the first time that workers at a major U.S. bank have attempted to organize in the modern era.
Stock market today: Wall Street struggles as war worries collide with hope for stronger profits
Read full article: Stock market today: Wall Street struggles as war worries collide with hope for stronger profitsU.S. stocks mostly fell after getting pulled in opposite directions by competing waves of optimism and fear.
Wells Fargo 4Q profit falls by half but tops expectations
Read full article: Wells Fargo 4Q profit falls by half but tops expectationsWells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.
Wells Fargo to pay $3.7B over consumer law violations
Read full article: Wells Fargo to pay $3.7B over consumer law violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Demolition plan looms over mosaic murals from 70s in South Beach
Read full article: Demolition plan looms over mosaic murals from 70s in South BeachThe giant, mosaic murals on on the side of the old Wells Fargo building at the corner of Lincoln Road and Alton Road depict scenes from American history.
Big bank profits decline as deal-making, mortgages slow
Read full article: Big bank profits decline as deal-making, mortgages slowFour big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.
Wells Fargo donates millions to help Miami-Dade small businesses
Read full article: Wells Fargo donates millions to help Miami-Dade small businessesWells Fargo announced a $20 million grant to The Miami Foundation, which will be used to help racially diverse small business owners own more of their businesses as well as improve technology to better serve customers.
Wells Fargo's $5.8 billion profit easily tops expectations
Read full article: Wells Fargo's $5.8 billion profit easily tops expectationsWells Fargo easily beat Wall Street expectations for the fourth quarter with interest rates beginning to take off, likely another boost for the nation’s largest mortgage lender going forward.
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Pipeline foes gear up for large northern Minnesota protests
Read full article: Pipeline foes gear up for large northern Minnesota protestsEnvironmental and tribal groups opposed to Enbridge Energy’s ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.
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Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss
Read full article: Wells Fargo posts $2 billion profit in 3Q, reversing 2Q lossWells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.
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Asian stocks follow Wall St lower as stimulus hopes fade
Read full article: Asian stocks follow Wall St lower as stimulus hopes fadeStocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
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Wells Fargo CEO apologizes for comments about diversity
Read full article: Wells Fargo CEO apologizes for comments about diversityFILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.

Bank robber wearing 'Make America Great Again' shirt says teller gave him too much money
Read full article: Bank robber wearing 'Make America Great Again' shirt says teller gave him too much moneySandy Hawkins, 73, is accused of robbing a Wells Fargo branch near Boca Raton, telling the bank teller that he gave him too much money. BOCA RATON, Fla. - A 73-year-old man wearing a "Make America Great Again" shirt told a bank teller he was robbing that he gave him too much money, deputies said. "This is a robbery," Hawkins told the teller. After the teller slid $1,100 under the window, Hawkins took the money and walked out, deputies said. "I will make this easy," Hawkins told detectives during an interview.

Wells Fargo takes $1.6 billion hit linked to fake-account scandal
Read full article: Wells Fargo takes $1.6 billion hit linked to fake-account scandalSAN FRANCISCO, Calif. - Wells Fargo's fake-account scandal continues to haunt the big bank, exacerbating headaches caused by shrinking interest rates. Wells Fargo revealed on Tuesday a 23% drop in third-quarter profit that disappointed investors. The legal hit underscores Wells Fargo's struggles to move past a scandal that first came to light three years ago. Wells Fargo did not detail what sparked the legal hit other than to say it is related to its previously disclosed retail sales practices trouble broadly. Wells Fargo has yet to resolve a trio of investigations launched in 2016 by the SEC, Justice Department, and Labor Department.

Wells Fargo has a new boss. His first task is taming Washington
Read full article: Wells Fargo has a new boss. His first task is taming WashingtonSAN FRANCISCO - The Wells Fargo stagecoach veered off into a ditch more than three years ago. And Scharf's not-so-secret weapon is the fact that "Wells Fargo" did not previously appear on his resume. It took Wells Fargo six months to find a replacement, leaving a rare power vacuum atop one of America's biggest and most troubled banks. Wells Fargo has yet to resolve a trio of investigations launched in 2016 by the Justice Department, SEC and Labor Department. "He's got a onetime opportunity to become the role model for the changed behavior of the Wells Fargo culture."

Wells Fargo names financial veteran Charles Scharf as CEO
Read full article: Wells Fargo names financial veteran Charles Scharf as CEOJustin Sullivan/Getty Images(CNN) - Wells Fargo has hired an outsider to clean up its broken culture, three years after a reputation-tarnishing series of scandals erupted. The bank on Friday named Charles Scharf, previously the CEO of Bank of New York Mellon and Visa, to become its new boss. The hiring of Scharf ends Wells Fargo's six-month struggle to find a replacement for Tim Sloan, who stepped down abruptly in late March. "I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change," Scharf said in a statement. The-CNN-Wire & 2019 Cable News Network, Inc., a Time Warner Company.

FBI agents search for Wells Fargo bank robber
Read full article: FBI agents search for Wells Fargo bank robberPEMBROKE PARK, Fla. - FBI agents released the photo of a Pembroke Park bank robber Wednesday night. Surveillance video shows the bank robber walking into a Wells Fargo branch about 4:25 p.m. at 3131 W. Hallandale Beach Blvd. According to Special Agent Michael Leverock, there were customers in the bank, but there were no injuries. Leverock is anyone with information about the bank robber to call the FBI at 754-703-2000 or Broward County Crime Stoppers at 954-493-8477. Copyright 2019 by WPLG Local10.com - All rights reserved.

Wells Fargo to pay Navajo Nation $6.5M to settle lawsuit
Read full article: Wells Fargo to pay Navajo Nation $6.5M to settle lawsuitJustin Sullivan/Getty Images(CNN) - Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations the bank preyed on the Native American tribe by using shady sales tactics. "Wells Fargo's predatory actions defrauded and harmed the Nation," said Navajo Nation President Jonathan Nez said in a statement on Thursday announcing the settlement. Wells Fargo is trying to move beyond the scandals by working to repair its reputation and relationship with customers. Wells Fargo, the only national bank in the Navajo Nation territory as of 2017, said it looks forward to "continue building upon our long-standing relationships with the Navajo Nation and its members." Wells Fargo has been operating without a permanent CEO since April when Tim Sloan stepped down suddenly.

Dreamer files discrimination lawsuit against Wells Fargo
Read full article: Dreamer files discrimination lawsuit against Wells FargoWells Fargo, which is based in California, declined to comment to CNN Business and has not responded in court yet. Wells Fargo's legal troublesThe new DACA lawsuit adds to the legal headaches for Wells Fargo. Approximately 51,000 of those customers required to make those larger payments ultimately had their vehicles repossessed, Wells Fargo has said. Pea said that after getting denied by Wells Fargo, credit unions and several other lenders also denied him credit. That argument was rejected by a judge in the broader lawsuit brought against Wells Fargo by DACA recipients.