Tag Archives: Wells Fargo

Financial Daily Dose 10.8.2020 | Top Story: Feds fine Citi $400M over “Longstanding” Governance Failures

BY: Michael D. Reif | October 8, 2020

Federal regulators—including the Federal Reserve and the OCC—have fined Citigroup $400 million over “longstanding” failures in the areas of risk management, data governance, and internal controls. In addition to the fine, the OCC will require Citi to seek its approval before making even minor acquisitions of credit-card portfolios or non-bank companies  – Law360 and WSJ … Continue reading

Financial Daily Dose 7.28.2020 | Top Story: SEC Warns Under Armour Execs of Enforcement Action Over Past Accounting Practices

BY: Michael D. Reif | July 28, 2020

The SEC has served Wells notices to Under Armour, warnings that the company and its execs could “face civil-enforcement action related to the sportswear maker’s past accounting practices,” including “the company’s disclosures around its accounting in 2015 and 2016 and ‘pull forward’ sales during those periods” – WSJ and Bloomberg and Law360 Speaking of both … Continue reading

Financial Daily Dose 7.27.2020 | Top Story: Goldman Sachs Settles Out of 1MDB Scandal for $3.9 B

BY: Michael D. Reif | July 27, 2020

Aaaand, we’re back. Let’s get to it. Goldman Sachs has reached a deal for $3.9 billion with the Malaysian government to resolve allegations of wrongdoing related to the massive 1MDB scandal. Goldman was the “main banker for the Malaysian fund” and raised “billions of dollars” for it, “much of which was allegedly stolen by people … Continue reading

Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

BY: Michael D. Reif | July 15, 2020

The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are collectively stockpiling “$28 billion to cover losses as consumers and businesses start to default on their loans” – WSJ and Bloomberg and NYTimes Automakers … Continue reading

Financial Daily Dose 3.11.2020 | Top Story: New Wells Fargo CEO Scharf Emerges Unscathed After House Testimony

BY: Michael D. Reif | March 11, 2020

Wells Fargo’s latest CEO, Charles Scharf—the bank’s third chief in the past four years—faced a hostile but less pitchfork-and-torch wielding House Financial Services Committee hearing on Tuesday, distancing himself from his predecessors and stressing the bank’s renewed efforts at “appeasing . . . regulators” – NYTimes and WSJ and MarketWatch PepsiCo is closing in on … Continue reading

Financial Daily Dose 3.10.2020 | Top Story: US Markets Dive Again in Worst Trading Day Since 2008

BY: Michael D. Reif | March 10, 2020

Monday on Wall Street was the equivalent of a well-forecast storm that still managed to blow meteorologists’ minds. The deadly combination of diving oil prices and yet more COVID-19 worries spelled disaster for U.S. markets, which saw a halt to trading for the first time since 1997 thanks to a precipitous fall early in the … Continue reading

Financial Daily Dose 2.24.2020 | Top Story: Wells Fargo to Pay $3 Billion to Resolve DOJ and SEC Investigations

BY: Juvian Hernandez | February 24, 2020

Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information and damaged customer credit ratings” in pursuit of sales growth. – Law360 U.S. equity futures slip as coronavirus … Continue reading

Financial Daily Dose 2.21.2020 | Top Story: Morgan Stanley Pays $13 Billion to Acquire E-Trade

BY: Michael D. Reif | February 21, 2020

Morgan Stanley shook the financial world yesterday with the announcement that it’s planning to drop $13 billion on a deal to purchase online discount brokerage E-Trade—the “biggest takeover by a major American lender since the 2008 global financial crisis” – NYTimes and WSJ and Bloomberg Wells Fargo is expected to pay as much as $3 … Continue reading

Financial Daily Dose 2.4.2020 | Top Story: Tesla Stock Hits New Highs on Reports From Battery Partners

BY: Michael D. Reif | February 4, 2020

It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday – NYTimes and WSJ and Bloomberg and MarketWatch This week’s latest coronavirus epidemic-related economic fallout takes the form of OPEC … Continue reading

Financial Daily Dose 1.24.2020 | Top Story: OCC Hits Former Wells Fargo Execs With Enforcement Actions Over Sham-account Scandal

BY: Michael D. Reif | January 24, 2020

The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s already settled with three additional execs, including former CEO John Stumpf, who will pay $17.5 million and lose access to the … Continue reading