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Wells Fargo

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Regulation

US Prosecutors Weigh Charges of Front-Running FX Order Against Wells Fargo

  • Wells Fargo is planning on refunding hundreds of thousands of dollars to QSR.
by Aziz Abdel-Qader
Regulation

Wells Fargo Sacks Four Forex Bankers, Opens Internal Probe on Practices

  • Wells Fargo spokesperson Jessica Ong told Finance Magnates that she declines to comment on the bank’s investigation.
by Aziz Abdel-Qader
Regulation

Wells Fargo Customers Get $3.4 Million in Restitution Over Sales Practices

  • Wells Fargo consented to the order without admitting or denying the findings.
by Aziz Abdel-Qader
Regulation

Wells Fargo Accidentally Leaks Wealthiest Clients’ Sensitive Data

  • 50,000 wealthy clients' names, social security numbers, and other data delivered to third party by mistake.
by Finance Magnates Staff
Exchanges

Bitcoin Exchange Bitfinex is Blocked from Accepting Wire Deposits

  • Starting today all incoming wires to Bitfinex, in all fiat currencies, will be blocked and refused by their banks.
by Avi Mizrahi
Regulation

Wells Fargo Tries to Enforce Mandatory Arbitration in Phony Accounts Litigation

  • Wells Fargo tries to make use of fine print in account-opening contracts that bars unsatisfied customers from suing.
by Aziz Abdel-Qader
Regulation

Ecuadorian Bank Gets Green Light in Wells Fargo Suit for $12m SWIFT Heist

  • Banco del Austro is going after Wells Fargo after $12m in transfers were wrongfully sourced using SWIFT's network.
by Jeff Patterson
Regulation

Wells Fargo Chief John Stumpf Steps Down Over Fake Accounts Scandal

  • The bank's chairman and chief executive has announced his departure with immediate effect.
by Finance Magnates Staff
Regulation

Morgan Stanley Charged by US Regulator for Running Illegal Sales Contests

  • The contests were officially prohibited by the bank but proved to be lucrative, adding $24 million in new loan balances.
by Finance Magnates Staff
Thought Leaders

Everybody Talks about Fintech Disruption, But How Can Banks Evolve?

  • Straying off the trading screen, Idan Levitov muses on how the banking industry will look within ten years.
by Idan Levitov
Regulation

CFTC Charges Wells Fargo Bank $400k for Inaccurate Large Trader Reports

  • Wells Fargo is under the spotlight again for for failing to submit accurate LTRs.
by Finance Magnates Staff
Regulation

Former Wells Fargo Bankers Sue for Unfair Dismissal Over Fraud

  • Two ex-Wells Fargo employees have filed a court case over firing after saying they were squeezed to breaking point.
by Finance Magnates Staff
Regulation

Warren Berates Wells Fargo’s Stumpf “You Should Resign”

  • Criticised by Democrats and Republicans alike, Senator Warren called for Stumpf’s resignation amid “gutless leadership”.
by Finance Magnates Staff
Regulation

Deutsche Bank Asked to Pay $14B to Settle Probe Into Mortgage Securities

  • The German lender reportedly has no intention of settling the potential claims anywhere near the amount cited.
by Finance Magnates Staff
Regulation

Wells Fargo Banking Executive to Leave with $95 Million in Options

  • Former Exec Carrie Tolstedt is leaving the bank with a hefty payout in stock and options.
by Finance Magnates Staff
Regulation

US House Committee Passes Bill to Overhaul Dodd-Frank Law

  • The bill is regarded as the first step towards replacing the Dodd-Frank Act adopted after the financial crisis.
by Finance Magnates Staff
Regulation

U.S. Regulators Levy $185 million Fine on Wells Fargo over Fake Credit Cards

  • Employees boosted sales figures by covertly opening and funding accounts without customers’ approval.
by Aziz Abdel-Qader
Exchanges

CLS Group Welcomes Wells Fargo as Newest Settlement Member

  • Wells Fargo has joined CLS' Settlement constituency as its 65th member.
by Jeff Patterson
Innovation

IBM, Intel and Cisco Among Big Names in Linux-Led Open Ledger Project

  • Whereas other blockchain initiatives are primarily composed of banks and exchanges, this is the first driven by technology companies.
by Leon Pick
News

5 More Banks, Bitcoin Experts Join R3 Blockchain Consortium

  • Five more banks have joined a consortium led by R3 CEV that is looking to collaboratively build a distributed financial ledger.
by Leon Pick
Executive Moves

Wells Fargo Promotes Frank Pizzo as Head of EMEA

  • Mr. Pizzo is a seventeen-year veteran at Wells Fargo, having garnered extensive experience at the lender of his tenure.
by Jeff Patterson
Exchanges

Big Banks in Focus as Q1 Earnings Draw Focus of US Investors

  • Wall Street is keyed in on a number of leading banks who are releasing their Q1 2015 earnings this week.
by Jeff Patterson
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