WASHINGTON/NEW YORK (Reuters) – Wells Fargo & Co detailed new regulatory restrictions imposed by the U.S. Federal Reserve on Friday that despatched its shares down sharply in after-hours buying and selling, because the third-largest U.S. financial institution continues to reel from a gross sales scandal that erupted in 2016. Wells is just not allowed to […]
The financial institution informed Congress final yr that it had absolutely disclosed misconduct. But later studies point out it knew extra, prompting a name for brand spanking new hearings. SOURCE: NYT > DealBook – Read whole story here.
A topsy-turvy August has reached its finish. The Nasdaq Composite rallied, extending a report streak that was earlier in jeopardy as lower-risk investments comparable to gold and Treasury bonds appreciated. Volatility re-emerged within the inventory market and the power sector’s stoop deepened because the Gulf Coast oil business took a heavy blow from Hurricane Harvey. Here’s some […]
The financial institution’s assessment of probably fraudulent accounts additionally discovered a brand new drawback: clients who have been signed up for its on-line invoice cost service with out their information. SOURCE: NYT > DealBook – Read complete story here.
Amid scandals, regulatory investigations and shareholder unrest, former Fed governor Elizabeth Duke will take one of many largest jobs in banking as Wells Fargo’s subsequent chair. The nomination immediately makes Duke some of the highly effective lady in finance.SOURCE: Forbes – Mutual Funds – Read whole story here.
The Federal Reserve Bank of San Francisco is investigating the lender for not refunding automotive consumers who purchased particular insurance coverage and repaid their loans early. SOURCE: NYT > DealBook – Read whole story here.
Steven A. Wagner, co-founder and chief government of Omnia Family Wealth in Aventura, Fla., encourages clients to have family discussions surrounding wealth and inheritance to get everybody on the identical web page and keep away from “sudden wealth syndrome.” What’s that? When grownup youngsters of an prosperous household don’t study the extent of their wealth […]
With Senate Republicans planning to retain a Three.Eight% surtax on funding revenue of their health-care invoice, it’s a good time for American taxpayers to know precisely how this tax works, writes WSJ Tax Report columnist Laura Saunders. This levy was billed as a tax on the richest, and sometimes it’s: More than three-quarters of its […]
It’s UBS vs. the fiduciary rule. After an extended delay in revealing its compliance plans, UBS’s U.S. brokerage yesterday told WSJ Wealth Adviser’s Michael Wursthorn that it would temporarily adjust broker pay to keep away from the conflicts the rule forbids. The transfer, coming earlier than the June 9 preliminary compliance deadline, principally kicks the can down […]
After investigating allegations of improperly routed enterprise at its Chicago private-banking operations, Wells Fargo discovered no additional disciplinary motion was warranted and is reinstating three senior executives who had been suspended. The executives, Chip Flannagan, a senior vice chairman and regional managing director for the financial institution’s Chicago private-banking operations, and senior vice presidents Scott Landau […]