Tarnished banking giant Wells Fargo said Thursday it will cut an additional $2 billion in costs each year as it aims to restore its reputation following a fake bank accounts scandal. The leader in mortgage lending said it will slash another $2 billion annually by 2019 through a variety of measures, such as greater use … Read more
Wells Fargo took back another $75 million in pay from two former executives who played key roles in the bank’s fake accounts scandal, the bank announced Monday. The US banking giant said it demanded or “clawed back” an additional $28 million from former chief executive John Stumpf, who led the bank at the time of … Read more
Wells Fargo slashed compensation for eight top executives Wednesday in its latest move to try to restore customer confidence after a fake accounts scandal. Wells Fargo, a major retail bank and a giant in mortgage lending, will withhold 2016 cash bonuses for eight senior executives, including chief executive Tim Sloan and chief financial officer John … Read more
US bank Wells Fargo has been hit with restrictions after attempts to fix issues with its bankruptcy plan failed. Banks labelled “too big to fail” must have a so-called “living will” that would allow them to close down without the help of public money. Wells Fargo will be barred from opening international branches and buying … Read more