Chief Executive Officer of Wells Fargo & Co. Charlie Scharf said that the limitation of the assets of the Federal Reserve System is currently not a factor of significant influence on the process of activity of the financial institution he heads, but suggests that the situation will change in the future.
The former CEO of Wells Fargo, Tim Sloan, filed a lawsuit against this financial institution demanding compensation, the amount of which is more than $34 million.
The media reports that Wells Fargo is currently making efforts to improve its system for monitoring crimes committed in the financial environment.
Wells Fargo, following the results of the third quarter of this year, recorded an increase in net charge-offs, a decrease in the demand for loans, and a decline in the average volume of deposits.
To meet the alternative credit needs of middle-market businesses, Centerbridge and Wells Fargo formed a strategic partnership, diversifying the market of clients served by private credit and direct lending.
Wells Fargo is of the opinion that corporate borrowers are ready to put up with an increase in interest rates.
Wells Fargo will pay $1 billion as part of the settlement of a lawsuit filed by investors in connection with the situation with authorized customer accounts.
The Securities and Exchange Commission on Friday, August 25, reported that Wells Fargo has for many years used the practice of illegally overcharging almost 11,000 investment advisory accounts in the amount of about $27 million.
Wells Fargo is currently solving a technical problem, as a result of which, according to reports in social media, direct deposits began to disappear from the bank accounts of customers of this financial institution.
The media reports that Wells Fargo management expects that the activities of this financial institution in the field of real estate lending will have a negative result in the form of losses.
In the United States, the Securities and Exchange Commission on Tuesday, May 30, announced an agreement with the former head of the Community Bank Wells Fargo & Co. Carrie L. Tolstedt.
Wells Fargo & Co has decided to pay $1 billion to settle the court agreement.
Deutsche Bank, Morgan Stanley, US Bank, and Wells Fargo have become the latest representatives of the financial services industry to support the Versana syndicated lending platform.
Wells Fargo has announced the imminent launch of a digital platform for money management and money tracking.
The largest US banks are joining forces to create a digital wallet.
Major US banks are expected to show a net profit decline in their quarterly earnings reports to be released on Friday, while the industry is getting ready for an economic slowdown
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