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Tag Archives: Wells Fargo

Buffett Weighs in on Wells Fargo Scandal

Warren Buffett weighed in on the recent Wells Fargo scandal, which saw its sales reps create fake accounts in order to meet quotas, at a recent Q&A with Berkshire Hathaway shareholders. According to the billionaire, the bank incentivized the "wrong kind of behavior," and CEO John Stumpf should've acted sooner. Buffett also covered the firm's recent earnings report and expected corporate tax cuts.

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Wells Fargo Repairs Resolution Plan

The FDIC and the Federal Reserve Board found that in December 2016, Wells Fargo had not yet remedied two of the three deficiencies the agencies had previously identified. Subsequently, the agencies imposed restrictions on the growth of Wells Fargo’s international and non-bank activities. The revised plan submitted by Wells Fargo in march adequately repaired the two deficiencies. Wells Fargo has remedied the deficiencies and will no longer be subject to the growth restrictions which were imposed.

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Investigation Spurs $75 Million Recovery from Execs

On the backs of an independent investigation of its sales practices, Wells Fargo has reclaimed a total of $180 million from its former CEO and Head of Community Banking. The organization has also changed bylaws, appointed new board members, and replaced other various executives. The investigation was conducted after a lawsuit alleged the bank had opened accounts in its customers’ names without their consent.

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The Week Ahead: Measuring Market Confidence

With the housing market seeing impending issues with affordability and supply, an index from the National Association of Home Builders and Wells Fargo displays data that shows success and also recognizes areas that are in need of improvement.

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Wells Fargo to Increase African American Homeownership

The African American community was the hardest hit during the housing crisis. Black homeownership grew by six percent when the Fair Housing Act passed, but that growth was stunted between 2000 and 2015. Now, Wells Fargo is working to spur homeownership within this demographic.

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For Now, Wells Fargo’s Earnings are Solid

It has been a tumultuous week for Wells Fargo that included a leadership change at the top. It remains to be seen how these changes will affect Q4 profits, but as for Q3, the bank turned in a solid report.

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