Wells Fargo

Wells Fargo CEO expresses increased confidence in regulatory fixes

The bank is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake-accounts scandal, Reuters reported exclusively

Campus hiring soars as GCCs seek freshers skilled in data science and AI

Companies like Wells Fargo, JPMorgan Chase, Novartis, Epsilon, and EQ India are actively hiring from engineering colleges, business schools, and general degree institutions in India

Wells Fargo's profit falls on lower interest income in September quarter

The fourth-largest U.S. lender reported net income of $5.11 billion for the three months ended Sept. 30, compared with $5.78 billion a year earlier, it said on Friday

Wells Fargo launches 'Transgender persons hiring' in India for diversity

Leading financial services company Wells Fargo on Thursday said it has broadened its talent attraction strategy by launching the Transgender Persons Hiring Program in India, a move that will increase diverse representation across levels. Building on the programme's initial pilot with its 2022 cohort of 13 individuals hired in its technology function, the company aims to train and attract additional talent across multiple lines of business in 2024. The programme aims to provide employability skills training and professional development for transgender talent, Wells Fargo said in a statement. "Investing in diverse communities to upskill and unlock potential and, at the same time, set up the right environment for success is a critical area of focus for Wells Fargo," said Uday Odedra, executive vice president and Region head of Wells Fargo India & Philippines. In partnership with community organisation PeriFerry, the company currently sponsors 30 transgender individuals focused on ...

Wells Fargo fires staff for faking keyboard activity: How do employers spy?

Reports of employees using software to simulate mouse activity on devices to deceive their companies during work hours have surged since the Covid-19 pandemic

Microsoft-backed cybersecurity firm Rubrik aims to raise $713 mn in IPO

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead underwriters for Rubrik's IPO

Wells Fargo boosts end-2024 target on S&P 500 to Street-high of 5,535

The index has gained 9% so far this year, broadly boosted by expectations of interest rate cuts and investor frenzy around the AI boom

Major US banks report rising profits, cautious on economic outlook

JPMorgan's profit jumped 35 per cent on the year-ago quarter, while Wells Fargo profit surged 60 per cent. Citigroup reported a more modest year-on-year 2 per cent gain

Banking giant Wells Fargo prepares for wealth battle after $1 bn turnaround

When Chief Executive Officer Charlie Scharf took the reins at Wells Fargo in 2019, he quickly tagged the firm's wealth offerings as an area he'd seek to develop

US resilience to China's stumbling recovery questioned in Fed risk study

Just last month, economists at Wells Fargo estimated that if China's total output dropped by a cumulative 12.5% over three years, US growth would dip 0.2 percentage point in 2025

Wells Fargo to tap corporate bond market despite US credit downgrade

The deal comes just after Fitch downgraded the US sovereign credit grade one level to AA+ from AAA, arguing the nation's fiscal health will likely deteriorate over the next three years

Wells Fargo raises outlook for interest income after profit surges 57%

Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data

Wells Fargo accused of misleading statement, to pay $1 billion in lawsuit

The investors sued the bank in 2020 claiming that its former chief executive officer, Tim Sloan, and other executives made misleading statements in testimony

Wells Fargo reports beat on earnings, profit rise on higher rates

The firm had $13.3 billion in NII in the first three months of year, up 45% from a year earlier and more than the 42% jump analysts expected, Wells Fargo said

Urinating case: Air India imposes four-month flying ban on Shankar Mishra

Air India has said there was an error of judgment on part of its cabin crew and ground staff to identify the pee-on-board incident as a breach of discipline and it could have been handled better

Wells Fargo tops Q4 profit expectations, records revenue of $19.66 billion

Wells said the losses related to the regulatory matters were equal to about 70 cents per share

Report improper behaviour during flights promptly: Air India CEO to staff

DGCA issues advisory on unruly behavior in aircraft

Air India 'pee-gate': Wells Fargo terminates accused Shankar Mishra

Shankar Mishra, the man accused of urinating on an elderly female co-passenger onboard a New York-New Delhi flight in November last year, has been sacked by his employer Wells Fargo

Wells Fargo to pay $3.7 bn to settle charges of consumer law violations

Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts. The Consumer Financial Protection Bureau on Tuesday ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank. It's the largest fine to date against any bank by the CFPB and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices. Regulators made it clear, however, that they believe Wells Fargo had not done enough to clean up its act. Put simply: Wells Fargo is a corporate recidivist that puts one out of three Americans at risk for potential harm, said CFPB Director Rohit Chopra, in a call with reporters. Chopra said this pattern of behavior made make it necessary for regulators to take ...

Profits of four big banks decline as deal-making, mortgages slacken

The results from Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo were similar to the results out of JPMorgan Chase, which on Wednesday reported a double-digit decline in profits