EghtesadOnline: For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct.
EghtesadOnline: The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States.
EghtesadOnline: JPMorgan Chase and Citigroup trounced third-quarter estimates on Friday on a sharp rebound in trading revenues while Wells Fargo & Co barely beat expectations as a sales scandal engulfed the bank.
EghtesadOnline: Wells Fargo & Co's veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank's reputation and put Wall Street under renewed scrutiny.
EghtesadOnline: Tim Sloan will not have much time to prepare his pitch for Wall Street.
EghtesadOnline: A group of nuns and other religiously-affiliated investors have lost faith in embattled Wells Fargo & Co and filed a shareholder resolution calling on the bank to report on the root causes of a fake accounts scandal that led to a $190 million settlement struck with regulators last month.
EghtesadOnline: The scandal over improper sales practices at Wells Fargo & Co extended to thousands of small-business owners, according to a U.S. lawmaker, raising questions about the scope the bank's issues with unauthorized accounts.
EghtesadOnline: Democratic U.S. presidential candidate Hillary Clinton on Monday vowed to hold Wells Fargo accountable for "egregious corporate behavior" in a scandal over employees' opening millions of accounts without customers' knowledge.
EghtesadOnline: U.S. presidential candidate Hillary Clinton on Monday will unveil a plan to make it easier for consumers to take legal action against “bad corporate actors,” citing Wells Fargo & Co and Mylan Pharmaceuticals, according to a campaign official.
EghtesadOnline: Wells Fargo & Co said on Tuesday that Chief Executive Officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices.