Wells Fargo faces class action lawsuit over alleged overcharging of military service members
A new class action lawsuit has been filed against banking giant Wells Fargo, accusing the institution of overcharging thousands of customers on credit card interest rates and fees for over a decade. The lawsuit, brought forth by plaintiffs Carmin Nowlin, Tamika Haley, and Jesus Rodriguez, alleges that Wells Fargo charged active US military service members […]
Wells Fargo and Bank of America jump on the Bitcoin ETF wagon
The finance industry is not for the faint-hearted, and when it comes to the crypto, it’s like the Wild West out there. Big names in banking, Wells Fargo and Bank of America, through their Merrill arm, are now saddling up. They’re diving headfirst into Bitcoin ETFs, making these high-stakes products available to some of their […]
U.S. biggest banks expand share of market profits
In the competitive arena of U.S. banking, the four largest lenders – JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup – have firmly solidified their dominance, capturing nearly half of all banking profits in the third quarter of the year. This significant gain not only underscores their increasing advantage in an era of sustained […]
Wells Fargo’s $1 billion settlement approved, former executive faces prison time
According to a report by Bloomberg, Wells Fargo & Co. has received federal approval for a $1 billion settlement in a shareholder lawsuit concerning unauthorized customer accounts. However, U.S. District Judge Jennifer L. Rochon greenlit the settlement after a hearing in New York, bringing the bank’s total payouts for the scandal to nearly $5 billion. […]
Former Wells Fargo executive faces one-year prison term for obstructing fake accounts investigation
Carrie L. Tolstedt, the former head of retail banking at Wells Fargo, could be sentenced to a year in prison for obstructing an investigation into the bank’s notorious fake accounts scandal. Prosecutors in Los Angeles argued that Tolstedt’s actions were an attempt to conceal one of the most significant banking scandals in modern history. The […]
Major U.S. banks lose deposits, regional banks thrive
The U.S. banking industry is undergoing a momentous transformation, with major banks witnessing a sharp decline in customer deposits. According to recent data reported by Yahoo Finance, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, the four largest banks in the country, have lost a staggering $262 billion in deposits compared to the same […]
How top U.S. banks are cashing in on rate hikes
The financial landscape of the U.S. is experiencing a remarkable shift as three banking titans, JPMorgan Chase, Citigroup, and Wells Fargo, collectively recorded a net interest income of $49bn in the second quarter. This financial windfall is largely attributed to the recent surge in loan charges, sparked by a series of interest rate increases initiated […]
Wells Fargo to cough up $1Bn in lawsuit settlement amid prolonged recovery from series of scandals
The embattled financial titan, Wells Fargo & Co, has reached a monumental settlement agreement, opting to pay $1 billion in resolution of a lawsuit. The company faced accusations of intentionally deceiving its shareholders concerning its progress toward recovery from a string of high-profile scandals centered on its customer treatment. U.S. District Judge Gregory Woods granted […]
Biggest banks in the US unite to save struggling financial institution
Five of the US largest banks have united to provide financial aid to a struggling institution. First Republic Bank is set to receive up to $30 billion in deposits from JP Morgan, Bank of America, Wells Fargo, Citi, and others with the support of the U.S Government. However, this deal will help stabilize First Republic […]
Wells Fargo scandal deserves more scrutiny, Ripple CEO says
Brad Garlinghouse, the CEO of Ripple, pointed out the huge difference between public outrage at the FTX scandal and the relatively quiet response to Wells Fargo’s record-breaking penalty. On Wednesday, he posted a humorous meme on Twitter featuring DC Comics superheroes Batman and Robin. In the tweet, Robin exclaims, “But Wells Fargo illegal activity!” to […]
American bank Wells Fargo goes crypto
TL;DR Breakdown Wells Fargo files for Bitcoin fund with SEC. Wells Fargo President revealed bank would begin crypto service back in May. Several other American crypto firms have started to offer crypto services. Top-tier American bank Wells Fargo has finally filed with the Security and Exchange Commission (SEC) to float its own designated Bitcoin fund. […]
US SEC charges Wells Fargo CEO
US SEC charges Wells Fargo CEO for misdirecting its customers. The CEO of Fargo, an American banking giant, John Stumpf, was criminalized by the US Securities and Exchange Commission. Mr. Stumpf had to cough up almost three million dollars to appease the regulator while a former lead exec, Carrie Tolstedt, will be involved in a […]
Max Keiser against Warren Buffet for chiding Bitcoin
Bitcoin proponent and TV anchor Max Keiser recently reacted to investor and Businessman Warren Buffet’s investment on Barrick Gold miner stocks at the expense of JP Morgan Chase Bank and Wells Fargo Bank. Max Keiser reacted saying that the investor is wrong about gold, banks and Bitcoin. Warren Buffet gold investment The Berkshire Hathaway’s CEO […]
Banks are pivotal to crypto adoption, here are reasons why
The United States Office of the Comptroller of Currency (OCC) has opened up bank services to crypto enthusiasts. Specifically, National Banks and Federal Savings Associations “of all sizes” can provide cryptocurrency custody to customers. Previously, just a small fraction of the financial firms in the country has been allowed to provide crypto services, but with […]
