A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle, in violation of consumer financial laws. In the federal civil complaint, the Consumer Financial Protection Bureau asserts that the banks rushed to … Read more
A Wells Fargo employee was found dead at her desk on Tuesday morning, four days after she had last been seen at work, according to Arizona police officials. Denise Prudhomme, a 60-year-old employee of Wells Fargo in Arizona, was tragically found dead at her desk. Her untimely passing has led to increased scrutiny and criticism … Read more
The proposed class action filed in Minnesota federal court by four ex-employees of Wells Fargo claims the bank violated a federal law requiring companies to prudently manage employee health and retirement plans. The former employees say that Wells Fargo’s health plan pays inflated prices to pharmacy benefit managers, who negotiate with drugmakers, health insurance plans, … Read more
By Hannah Levitt | Bloomberg Wells Fargo Co. fired more than a dozen employees last month after investigating claims that they were faking work. The staffers, all in the firm’s wealth- and investment-management unit, were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to disclosures filed with … Read more
It seems almost unfathomable that there was time — and not that long ago — that Citigroup was the model financial services firm. It might be yet again — but only if its CEO Jane Fraser can pull off the restructuring of the century. Full disclosure: I’m not a believer in the Citi comeback story, … Read more
Bank executives witnessed an increase in their compensation in 2023, while ordinary employees faced yet another year of modest bonuses. This disparity was notably conspicuous at London-based lender Standard Chartered, where CEO Bill Winters experienced a 22 per cent increase in his pay package, as reported by Bloomberg. The bank’s 2023 earnings report disclosed that … Read more
Wells Fargo employees at an Albuquerque, NM, branch voted to join a union on Wednesday, opening up a new frontier in the labor campaign against corporate America. Wells Fargo employees voted 5 to 3 in favor of joining the Communications Workers of America’s Wells Fargo Workers United, the union said. The vote stands “as a testament to workers in the financial services … Read more
