Wells Fargo has eliminated dozens of fixed-income analyst jobs and is cutting back on its distribution of research to clients as the bank continues to take aggressive steps to increase efficiency and cut costs.
Principal Financial is anticipating pandemic losses for the year will be less painful than initially projected, even though the life insurer had a less-than-stellar third quarter, falling short of analyst expectations.
Wells Fargo is reportedly considering the sale of its corporate-trust unit and student-loan portfolio, part of the San Francisco-based bank’s ongoing efforts to reduce expenses and focus on its core operations.
Two days after saying it would no longer match 401(k) contributions for employees making over $250,000 annually, Wells Fargo said it would instead offer that benefit to its full staff, regardless of compensation.
Wells Fargo is reportedly considering the sale of its asset management business, potentially the biggest shake-up under CEO Charlie Scharf as the company attempts to slash expenses.
Wells Fargo altered its compensation structure for 2021, with the bank removing retirement matching funds for employees making over $250,000 and raising pay and benefits for those at lower levels, spokesperson Beth Richek told Fastinform on Thursday.
Wells Fargo has terminated over 100 employees who it believes fraudulently collected coronavirus relief funds from the U.S. government, making it the second major bank to reveal such impropriety by its workers.
Wells Fargo posted higher-than-expected expenses for the third quarter Wednesday as CEO Charlie Scharf enters his second year of cleanup from scandals that predate his tenure, even as the San Francisco-based bank began cutting jobs and continued its efforts toward becoming a more efficient company.
Citigroup executives faced tough questions from investors on Tuesday about penalties handed down by U.S. regulators last week, despite the bank reporting an otherwise resilient quarter in the face of economic uncertainty.
With the U.S. Federal Reserve pledging to keep interest rates near zero through 2023, the nation’s largest banks are in a tight spot, trying to eke out revenue through trading and mortgage refinancing while cutting costs through layoffs.
Wells Fargo is under investigation by the U.S. Department of Labor over efforts to increase diversity, with the regulator's probe centering on whether the bank is incentivizing managers to engage in discrimination.
Wells Fargo has begun trimming its commercial banking head count, reportedly resulting in hundreds of job cuts and potentially thousands more on the way, after resuming workforce reductions in August that had been paused in February due to COVID-19.
Companies are feeling pressure from shareholder campaigns for environmental, sustainability and governance reform measures, even when the efforts don't win a majority vote, an investor advisory firm said.
Wells Fargo is facing accusations that it put about 1,600 U.S. mortgages into forbearance programs without consent of customers during the pandemic, as the bank continues to draw scrutiny over the issue.
Financial messaging service SWIFT revealed Thursday it is launching a new service aimed at helping a wider number of small business customers facilitate cross-border payments, and that it is working with more than 20 banks, including Wells Fargo and Deutsche Bank, to develop the platform.
Goldman Sachs, Morgan Stanley and Citigroup are among 34 S&P 100 companies that will publicly disclose the makeup of their workforce by race, ethnicity and gender, New York City Comptroller Scott M. Stringer said Monday.
Wells Fargo has partnered with data aggregation and analytics platform Envestnet Yodlee to allow customers to securely share financial data with third-party apps, the lender said Thursday, as banks and fintechs grapple with how best to keep customer information safe.
In the wake of public outcry, Wells Fargo CEO Charlie Scharf apologized Wednesday for saying earlier this year that there aren’t enough “qualified” Black and other candidates of color for the bank to hire.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.
Three former Wells Fargo community banking executives have agreed to cooperate with federal regulators in a probe and pay fines relating to allegations of sales practices misconduct, deepening troubles for the firm.