Wells Fargo to pay states $575 million over sales practices The settlement with 50 states and the District of Columbia resolves state investigations into Wells Fargo’s practices from 2002 to 2017. The practices, which have previously been disclosed, include forcing insurance policies on auto-lending customers, opening bogus accounts and charging improper mortgage rate-lock extension fees. (Automotive News)
Wells Fargo taps JPMorgan Chase’s ranks for one of its most important jobs Wells Fargo said Wednesday that JPMorgan Chase executive Saul Van Beurden will become its head of technology, a new role reporting directly to CEO Tim Sloan. Van Beurden, a 25-year industry veteran who will continue working out of New York when he starts in April, will also join San Francisco-based Wells Fargo’s operating committee as an executive officer. Van Beurden has a big job ahead of him. (Portland Business Journal)
Wells Fargo Auto wants to close its digital gap After a series of scandals, Wells Fargo has restructured its auto business and is looking to turn over a new leaf with consumers and dealers. Wells Fargo began pulling back on auto loan originations in 2016, but as of the third quarter of 2018, the bank started boosting its auto originations. (Automotive News)
When can I read some positive news on WFC? I am desperate to read something positive other than being indicted, constantly admitting wrong doings and paying fines.
Wells Fargo CEO avoids major stumble at heated Congressional hearing While Sloan struggled to convince skeptical lawmakers that the bank has transformed its culture, he managed to navigate a hostile committee without a major stumble that would have compounded doubts about his leadership. Sloan was the first bank executive to be grilled by the House Financial Services Committee since it was taken over by Democrats following the 2018 congressional election. (Reuters)