Wells fargo recent news

Here are some recent news stories about Wells Fargo:

Recent Settlements and Fines

• In February 2023, Wells Fargo agreed to pay $3.7 billion to settle claims that it misled investors about its auto lending business. The settlement was reached with the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau. (Source: Bloomberg)
• In January 2023, Wells Fargo agreed to pay $1.7 billion to settle claims that it engaged in deceptive practices in its mortgage business. The settlement was reached with the Federal Reserve and the Office of the Comptroller of the Currency. (Source: The New York Times)

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 oversight of third-party vendors. (Source: OCC)
• In November 2022, the Federal Reserve Board issued a cease-and-desist order to Wells Fargo, citing the bank's failure to maintain adequate risk management and compliance practices. The Fed also ordered the bank to improve its governance and risk management practices. (Source: Federal Reserve)

Other News

• In February 2023, Wells Fargo announced that it would be laying off approximately 3,000 employees as part of a restructuring effort. The layoffs are expected to affect employees in various business lines, including consumer banking and wealth management. (Source: CNBC)
• In January 2023, Wells Fargo announced that it would be increasing its minimum wage for employees to $15 per hour. The bank also announced that it would be providing additional benefits to employees, including paid parental leave and expanded access to mental health resources. (Source: Wells Fargo)
• In December 2022, Wells Fargo announced that it would be acquiring the digital banking platform, Green Dot, for $1.2 billion. The acquisition is expected to expand Wells Fargo's digital banking capabilities and provide additional services to customers. (Source: Wells Fargo)