Wells Fargo Brings Aboard JPMorgan Vet as New Head of Technology

Wells Fargo named Saul Van Beurden head of Technology, a new role the company created in October 2018. Van Beurden will be based in New York and report directly to CEO and President Tim Sloan.

Hewett Joins Wells Fargo Board of Directors

Wayne M. Hewett was elected to the Wells Fargo board of directors. Hewett will serve on the board’s Human Resources and Risk Committees.

Wells Fargo Pays $575MM to Settle Claims Over Retail Practices

Wells Fargo agreed to pay $575 million to settle civil claims with all 50 state attorneys general and the District of Columbia over its previous problematic retail sales practices, auto insurance and mortgage interest rate lock matters.

Wells Fargo Executive Shake-Up Sends Hardison, Julian Packing

Wells Fargo’s Chief Administrative Officer Hope Hardison and Chief Auditor David Julian have begun leaves of absence from Wells Fargo. The company has made several key leadership appointments in the wake of their leaving.

Wells Fargo Reports ‘Flat’ U.S. C&I Balance: Yield Up 35 BPS

Wells Fargo reported U.S. C&I average loan balances of $273.7 billion for the six-month period ending June 30, 2018, compared to $273.9 billion a year earlier. The average yield of 4.00% was up 35 BPS from 3.65% for the same six month period in 2017.

Wells Fargo Acknowledges CFPB/OCC Probe, Reports Preliminary Q1

Wells Fargo reported preliminary Q1/18 earnings of $5.9 billion were up from $5.6 billion a year earlier. In a supplement, Wells Fargo said Q1 results could change to reflect accruals to cover CFPB/OCC matters.

Wells Fargo Q4 Results Reflect $3.35B Tax Act Benefit

Wells Fargo reported 2017 net income of $22.2 billion was up from $21.6 billion a year earlier. The bank noted Q4/17 results included a $3.35 billion after tax benefit from the tax act.

Roemer Named Wells Fargo Chief Compliance Officer

Wells Fargo named Mike Roemer chief compliance officer. Roemer, a 27-year financial services veteran, most recently served as group head of compliance for Barclays.

Federal Judge Okays Lawsuit Over Wells Fargo Fake Accounts

A federal judge ruled that a shareholder lawsuit will be necessary against Wells Fargo CEO Tim Sloan and other executives of the company in connection with a fake account opening scandal.

Wells Fargo CEO Shares Updates on Rebuilding Trust in Message

Wells Fargo CEO Tim Sloan sent a companywide message regarding the bank’s second quarter 10-Q filing and the bank’s effort to regain the public’s trust.