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.

Stumpf Retires, Sloan Named Wells Fargo CEO

Wells Fargo Chairman and CEO John Stumpf will retire, effective immediately. Tim Sloan, company president and chief operating officer, will succeed him as CEO.

Wells Fargo Completes North American GE Capital Acquisition

Wells Fargo completed the purchase of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets.

Sloan Named Wells Fargo’s President and COO

Wells Fargo’s board of directors has named 28-year company veteran Timothy J. Sloan to be president and chief operating officer, reporting to chairman and CEO John G. Stumpf, effective immediately.