Wells Fargo fined $185M for dubious account openings

[dealmaker]

Warren Buffett retains his Wells Fargo shares despite scandal
Warren Buffett, who personally owns two million shares of Wells Fargo,called the sales goalsthat the bank placed on its employees "dumb." But he's sticking with the bank, and he described it as an "incredible institution" in his first comments since the unauthorized-accounts scandal broke.(CNN Money)

 

[mlawson71]

If they're profitable he has no reason to sell.

 

[dealmaker]

Wells Fargo cleaves chairman, CEO roles in bylaws
The decisionbreaks with an industry traditionof resisting pressure from corporate governance activists, who had pressed for the amendment to Wells Fargo's bylaws. The decision also distinguishes the bank from almost all of its biggest competitors; Bank of America and JPMorgan Chase have persuaded shareholders not to divide the jobs in recent years.(Bloomberg)

 

[mlawson71]

Will this change be for the better?

 

[dealmaker]

Wells Fargo will shut down nearly 500 branches
In a cost-cutting move after the fake-accounts scandal, Wells Fargo will shut at least 484 branches in the next two years, the bank told analysts in a conference call. The move is expected to save money if the bank loses sales and incurs more expenses from legal and regulatory investigations. (East Bay Times)

 

[dealmaker]

Wells Fargo whistleblowers may have faced retaliation
Wells Fargo says that it has foundsigns of retaliationagainst some whistleblowers who sought to report the fake-accounts scandal. The bank reviewed calls to the confidential ethics line and hired a third party to look into cases where the employees lost their jobs after calling the hotline.(CNN Money)

 

[dealmaker]

Wells Fargo can't pay severance to laid-off employees
Wells Fargo can't pay severance to more than 400 employees who were laid off recently due to restrictions imposed by the Office of the Comptroller of the Currency. The rules were intended to restrict golden parachute packages, but it'saffecting workers who were laid offfor reasons unrelated to the fake-accounts scandal.(New York Times)

 

[dealmaker]

Wells Fargo fires 4 senior managers in sales scandal inquiry

http://www.sfgate.com/business/article/Wells-Fargo-fires-4-senior-managers-in-sales-10948341.php

 

[dealmaker]

Wells Fargo CEO seeks to reassure Warren Buffett
Wells Fargo CEO Tim Sloan told CNBCFridaythat he expects the bank's future performance to reassure thecompany's largest shareholder,Berkshire Hathaway's Warren Buffett, that the bank is on the right track in recovering from its fake-accounts scandal.(Silicon Valley Business Journal)

 

[dealmaker]

Wells Fargo will slash $2 billion more in expenses, shut branches

http://www.mercurynews.com/2017/05/11/wells-fargo-will-slash-2-billion-more-in-expenses/