Wells Fargo news stories on Newser

Protesters Crash Wells Fargo Meeting

Rob Quinn — Wed, 25 Apr 2012 02:59:52 CDT

Some 15 shareholders were arrested for disrupting Wells Fargo's annual shareholder meeting in San Francisco yesterday. The protesters—allowed in because they own Wells Fargo shares—were ejected after shouting over CEO John Stumpf's presentation about the bank's $15.9 billion profit in 2011, reports the San Francisco Chronicle . Hundreds...

Citi Shareholder Revolt Bad News for Other Big Banks

Evann Gastaldo — Thu, 19 Apr 2012 08:16:05 CDT

Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial reform laws,...

Man Arrested Outside Bank: I'm Half Orangutan

Neal Colgrass — Mon, 20 Feb 2012 18:34:31 CST

A Florida man suspected of assault told sheriff's deputies he was half-orangutan and had to telephone the "Fusion Center" about his monkey blood, the Naples Daily News reports. He also claimed to be Elvis Presley's brother, a friend of President Bush, and director of the CIA. The deputies confronted Mark...

Calif., NY May Sign On to Robo-Signing Settlement

Kevin Spak — Mon, 06 Feb 2012 14:25:08 CST

California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to help...

Massachusetts Sues Big Banks Over Mortgage Fraud

Kevin Spak — Thu, 01 Dec 2011 12:58:15 CST

Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic mortgage registration...

S&P Downgrades Credit Ratings of Top US Banks

Tue, 29 Nov 2011 16:55:34 CST

Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan Chase, Morgan...

Occupy Oakland Deposits $20K at ... Wells Fargo

Evann Gastaldo — Wed, 09 Nov 2011 12:59:05 CST

So much for Bank Transfer Day and, you know, railing against Wall Street: Occupy Oakland took its $20,000 straight to Wells Fargo, the fourth-largest bank holding company in the US. The group’s general assembly agreed—just about unanimously—to temporarily put the large donation from Occupy Wall Street into...

30 Top Corporations Paid US No Taxes, Despite Profit

Kevin Spak — Thu, 03 Nov 2011 07:46:39 CDT

America may have a lofty 35% corporate tax rate—but who actually pays that ? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and...

BofA Offers More Ways Around $5 Debit Fee

Neal Colgrass — Sat, 29 Oct 2011 13:51:46 CDT

Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly deposited, or...