Wells Fargo 4Q profit falls by half but tops expectations
Wells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.
Wells Fargo to pay $3.7B over consumer law violations
Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Pipeline foes gear up for large northern Minnesota protests
Environmental and tribal groups opposed to Enbridge Energy’s ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.
Here’s when Wells Fargo and Chase bank customers can expect their stimulus payments
ORLANDO, Fla. – Wells Fargo and Chase bank customers will not receive their stimulus payments until mid-week at the earliest. Wells Fargo and JPMorgan Chase told customers the $1,400 direct payments would not be processed until at least Wednesday, drawing the anger of many, especially since some people started receiving their money on Friday. Wells Fargo said it would provide all of the direct deposits “according to the effective date provided by the U.S. Treasury,” and added that it’s not holding onto the money. In a statement to FOX Business, Wells Fargo spokesperson Jim Seitz said the government will release the money in multiple phases, meaning not everyone will receive their check at the same time. AdIndividuals can again check the status of their stimulus checks via the IRS’s “Get My Payment” tool.
Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss
Wells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.
Asian stocks follow Wall St lower as stimulus hopes fade
Stocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
Wells Fargo CEO apologizes for comments about diversity
FILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.
Federal Reserve to boost small business lending efforts
WASHINGTON – The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday. By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Otherwise, when banks make a loan, they are typically required to hold some cash in reserve in the case of default. Because of the bank’s prior scandals, Wells Fargo is under restraints from the Federal Reserve on how many loans it can hold on its books. Many smaller banks have complained that they have had trouble accessing the lending program, according to the ICBA.
Shots fired outside Orlando pizza shop
ORLANDO, Fla. – Shots were fired outside an Orlando pizza restaurant, causing a woman to have a panic attack, according to police. The bullet also cracked the glass of a window at the Morgan & Morgan law offices on the 14th floor of the Wells Fargo building. The shooting happened around 2:30 a.m. Tuesday outside Planet Pizza near the intersection of Washington Street and Orange Avenue in downtown Orlando. "We know know it is foreseeable. Some people who visit downtown Orlando for the night life said they feel safe.