Latest news about wells fargo
Here are some of the latest news and updates about Wells Fargo:
Recent Settlements and Fines
- In February 2023, Wells Fargo agreed to pay $3.7 billion to settle claims related to its role in the 2008 financial crisis. The settlement was reached with the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau.
- In January 2023, Wells Fargo agreed to pay $1.7 billion to settle claims related to its mortgage lending practices. The settlement was reached with the Department of Justice and the Federal Reserve.
Regulatory Actions
- In December 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order to Wells Fargo, requiring the bank to improve its risk management and compliance practices. The OCC cited several areas of concern, including the bank's handling of consumer complaints and its risk management practices.
- In November 2022, the Federal Reserve issued a cease-and-desist order to Wells Fargo, citing concerns about the bank's risk management practices and its handling of consumer complaints.
Business and Financial News
- In February 2023, Wells Fargo announced that it would be laying off approximately 3,000 employees as part of a cost-cutting effort.
- In January 2023, Wells Fargo reported a net income of $5.8 billion for the fourth quarter of 2022, down from $6.5 billion in the same period a year earlier.
- In December 2022, Wells Fargo announced that it would be increasing its minimum wage for employees to $15 per hour.
Consumer and Customer Issues
- In January 2023, Wells Fargo announced that it would be refunding approximately $2.5 million to customers who were overcharged for certain bank services.
- In December 2022, the Consumer Financial Protection Bureau (CFPB) issued a report criticizing Wells Fargo's handling of consumer complaints. The report found that the bank had failed to adequately address consumer complaints and had not provided adequate information to consumers about their rights and options.
- In November 2022, Wells Fargo announced that it would be providing additional assistance to customers who were affected by the COVID-19 pandemic. The bank announced that it would be waiving certain fees and providing additional support to customers who were struggling to make payments.
Other News
- In February 2023, Wells Fargo announced that it would be expanding its digital banking services to include a new mobile app and online platform.
- In January 2023, Wells Fargo announced that it would be partnering with the National Urban League to provide financial education and literacy programs to underserved communities.
- In December 2022, Wells Fargo announced that it would be increasing its investment in renewable energy and sustainability initiatives.
These are just a few of the latest news and updates about Wells Fargo. If you're looking for more information, I recommend checking out the bank's website or following reputable financial news sources.