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
The entire Wells Fargo board of directors was reelected Tuesday after a bruising, rowdy annual meeting where shareholders castigated the bank’s leadership over a fake accounts scandal that severely damaged the company’s image. Even so five members, including the chairman, received only tepid support from investors. The cantankerous gathering lasted nearly three hours and was … 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