Wells Fargo

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Wells Fargo Fires Employees for Faking Work
Wells Fargo Fires Employees
for Faking Work
in case you missed it

Wells Fargo Fires Employees for Faking Work

More than a dozen workers reportedly affected

(Newser) - As tools that allow users to "fake" being at work proliferate, Wells Fargo has reportedly fired more than a dozen workers who were allegedly faking their keyboard activity. According to Bloomberg (paywall), as cited by the BBC and Yahoo Finance , the affected employees worked in the firm's wealth-...

The 'Little Rascals' Arrested for Bank Robbery

Boys ages 11, 12, and 16 allegedly passed threatening note in Houston

(Newser) - Three boys, ages 11, 12, and 16 and dubbed the "Little Rascals," have been arrested for robbing a bank in Houston, authorities confirmed Wednesday, per the AP . Harris County Sheriff Ed Gonzalez said the youngsters are in custody and have been charged with robbery by threat. Gonzalez said...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

Customers Report Deposits Missing in Wells Fargo Accounts

Again, some people are locked out of accounts or don't see the balance they should have

(Newser) - Some Wells Fargo customers have had a question this week when they checked the balance in their accounts: Where's my money? The bank has acknowledged that some people can't see or access amounts that were supposed to have been deposited, CNN reports. That's caused problems, with customers...

Feds Impose Massive Penalty on Wells Fargo

Bank will remain in regulators' crosshairs for foreseeable future

(Newser) - Megabank Wells Fargo has been ordered to pay $3.7 billion in a settlement with the Consumer Financial Protection Bureau. Per NBC News , the action includes $1.7 billion in civil penalties; the rest is restitution for millions of consumers who have been ripped off in various ways since 2011....

Wells Fargo Halts Policy Over Bogus Job Interviews

Minorities were interviewed for positions that were already filled

(Newser) - Wells Fargo is backtracking on a hiring policy after an embarrassing investigative report in the New York Times . The bank put what it called a "diversity slate" policy in place in 2020 stipulating that "diverse" candidates must be interviewed for any job with a salary of more than...

Bank Manager: Customer 'Ambushed' Me Over Mask

Hispanic Army vet says customer at Wells Fargo hurled racial slur, beat him in parking lot

(Newser) - The heated climate over mask mandates kicked up a notch at a Wells Fargo branch earlier this month, when a California bank manager says he was ambushed and beaten by a customer who didn't want to comply with the bank's mask rules. The bank manager, IDed only as...

Attempted Bank Robbery Turns Into Hostage Situation

Standoff ends after 8 hours

(Newser) - A standoff at a St. Cloud, Minnesota, bank ended Thursday night around 10:30pm after starting almost nine hours earlier. Police were called to the Wells Fargo branch around 1:45pm to reports of a possible robbery in progress, the St. Cloud Times reports. It turned into a hostage situation,...

Wells Fargo CEO Sorry for Complaint About Black Talent

Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent

(Newser) - The CEO of Wells Fargo has apologized for an "insensitive" memo in which he said the bank wasn't meeting diversity goals because of a shortage of skilled Black workers. "The unfortunate reality is that there is a very limited pool of Black talent to recruit from with...

Wells Fargo Will Pay US $3B to Settle List of Abuses

Accounts were opened without customers' consent

(Newser) - Wells Fargo agreed Friday to pay the government $3 billion to settle investigations into a series of abuses that went on for years, including opening accounts for customers without their approval. The deal wraps up federal civil and criminal cases, the Wall Street Journal reports, though criminal charges could be...

Wells Fargo: Ex-Worker Took $88K From Vault

Suspect Arlando M. Henderson allegedly posted on social media about his newfound riches

(Newser) - Federal authorities are accusing a former Wells Fargo employee of stealing more than $88,000 in cash from the vault of a bank in North Carolina, the AP reports. An indictment unsealed this week alleges 29-year-old Arlando M. Henderson took the cash from customer deposits on at least 18 occasions...

Wells Fargo Takes 'Important Step in Making Things Right'

Company will pay at least $385M to settle class-action suit on auto loans, car insurance

(Newser) - Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for costly car insurance without their consent, resulting in many having their vehicles repossessed. The bank filed the agreement Thursday in a federal court in Santa...

Wells Fargo CEO Abruptly Quits
Wells Fargo CEO Abruptly Quits

Wells Fargo CEO Abruptly Quits

Bank has gone through a number of scandals of late

(Newser) - Wells Fargo's CEO Tim Sloan stepped down Thursday, after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals. Sloan said in a statement he will give up his roles as CEO, president and a member of the bank's board of...

Most-Hated Firm in America Has 'String of PR Disasters'

Facebook really gets our goat, per 24/7 Wall St.

(Newser) - The opposite of love may be indifference, but hate is what Americans harbor for the companies that annoy, enrage, and frustrate them. And those firms fall in a variety of sectors, per 24/7 Wall St ., which ranked the most loathed companies in the country based on consumer surveys, data from...

Wells Fargo Fires Employees Over Food Orders

'Wall Street Journal' reports bank investigating doctored receipts on meals

(Newser) - Some Wells Fargo employees are losing their jobs for an unexpected reason—bogus receipts over meals. The Wells Fargo Securities employees, who are reimbursed for at-work meals after 6:30pm, were found to have altered time stamps on receipts for meals ordered earlier, sources tell the Wall Street Journal . The...

Florida Candidate Dumped by Wells Fargo Over Marijuana

Nikki Fried is a Democratic candidate for agriculture commissioner with ties to cannabis

(Newser) - A political candidate in Florida has been dropped as a customer by Wells Fargo for her ties to and support of medical marijuana. Per the Tampa Bay Business Journal , Democratic candidate for agriculture commissioner Nikki Fried was forced to move her campaign funds to another institution because of this stance....

Hundreds Lost Their Homes Thanks to Computer Glitch

Wells Fargo said a mistake contributed to hundreds of foreclosures

(Newser) - Wells Fargo says a company mistake contributed to hundreds of foreclosures because it miscalculated customers' eligibility for mortgage modifications, per the AP. The bank said in a filing Friday the error caused about 625 customers to be denied, or not offered, loan modifications they otherwise qualified for. Foreclosures were...

Wells Fargo to Pay $1B for Forcing Insurance on People

And for missteps in its mortgage division

(Newser) - A Thursday rumor turned into Friday truth: Wells Fargo will pay $1 billion to settle allegations from federal regulators for abuses tied to its mortgage and auto lending businesses. It will pay $500 million to the Office of the Comptroller of the Currency, its main bank regulator, as well as...

US Fed Caps Wells Fargo's Assets in 'Unprecedented' Move

Bank can't grow until it proves widespread misconduct is in the past

(Newser) - In what CNN calls an "unprecedented" punishment, the US Federal Reserve on Friday ordered Wells Fargo to halt all growth until "it sufficiently improves its governance and controls" in the wake of "pervasive and persistent misconduct." The bank admitted in 2016 to opening 3.5 million...

Cops: Man Beat Up ATM That 'Gave Too Much Cash'

He told police he didn't know what to do

(Newser) - 'Tis the season to be generous—but not if you're an ATM, and especially not if you're dealing with Michael Joseph Oleksik. Police in Florida say the 23-year-old Merritt Island man was arrested and charged with criminal mischief over an attack that caused at least $5,000...

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