Berkshire Hathaway cut its investment in Wells Fargo by more than 40% on Friday, selling more than 100 million shares in the bank in the latest of several major investment moves by Warren Buffett’s conglomerate.
Wells Fargo has agreed to pay back wages and interest to resolve allegations from the U.S. Department of Labor that the bank discriminated against hundreds of thousands of Black and female applicants.
With shares in financial institutions hammered by the COVID-19 pandemic, Warren Buffett’s Berkshire Hathaway slashed its stakes in some of the biggest U.S. banks in the second quarter, including Wells Fargo and JPMorgan, even as it moved to bet big on Bank of America.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.
Insurance and investment conglomerate Berkshire Hathaway paid nearly $400 million last week for 16.4 million shares of Bank of America, further committing to its second-largest investment.
Wells Fargo is making moves to join the $4.5 trillion exchange traded fund industry, filing with the U.S. Securities and Exchange Commission to issue its own ETFs.
Former Bridgewater Associates co-CEO Eileen Murray will be the new chairwoman of the Financial Industry Regulatory Authority, putting one of the hedge fund industry’s top female executives in charge of a key Wall Street regulator, the group said Tuesday.
Wells Fargo is growing its in-house legal team, adding a new chief policy adviser to focus on the company’s corporate policy development and implementation as the bank continues to emerge from the legal issues created by its fake accounts scandal.
Members Exchange is receiving an investment from Citigroup, making it the latest big financial institution to become a shareholder in the new stock exchange.
Wells Fargo said that it is the subject of both federal and state government investigations into how it has administered loans for the federal Paycheck Protection Program, an emergency initiative created in response to the COVID-19 economic crisis.
Wells Fargo has reached a settlement to end a years-long lawsuit accusing the bank of misrepresenting its financial status to access funds from federal emergency programs during the 2008 financial crisis.
The U.S. Securities and Exchange Commission has ordered Bank of America’s Merrill Lynch to repay investors for mutual fund fees that it collected without properly disclosing conflicts of interest in the final enforcement action issued under a voluntary reporting program that has seen 95 financial advisors shell out $139 million in refunded fees.