Wells Fargo CEO Testifies on Company Reforms Before Skeptical Congress

Wells Fargo CEO and President Tim Sloan testified before the House Financial Services Committee, asserting Wells Fargo has become a better bank through ongoing operational reforms. But numerous news services reported this testimony was met with skepticism by Congressional membership.

Wells Fargo Details Plan to Rebuild and Transform

Wells Fargo provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new progress report available on its website.

Wells Fargo Hires Scammahorn as Chief Auditor

Wells Fargo named Julie Scammahorn as its new chief auditor. Scammahorn will be based in San Francisco and report to CEO and President Tim Sloan and to the Audit and Examination Committee of the board of directors.

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.