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While waiting on the February jobs report from the US Bureau of Labor Statistics (BLS), I noticed that the big 4 banks (Bank of America, JPMorgan Chase, Citi and Wells Fargo) are drowning in net realized losses as The Federal Reserve combats 1) too many years of loose monetary policy under former Fed Chair Janet Yellen and 2) too much spending under Pelosi, Schumer and … McConnell. At a micro level, we have Silicon Valley Bank (SVB) SVB Is racing to prevent a bank run as funds advise pulling cash. Panic is spreading across the financial world as concerns about...

The layoffs sweeping corporate America are now claiming one of their main casualties — the bloated and counterproductive sector of Diversity, Equity and Inclusion (DEI) professionals, new research shows. As the tech industry laid off tens of thousands of workers last summer, DEI teams shed about a third of their staff, according to data compiled by Revelio Labs. Other departments were only losing a fifth at the same time. Axing 'diversity' professionals extends beyond the tech sector. Retail giant Target led the way, losing 20 DEI staffers in 2022, researchers said. Capital One, Amazon, Applebee's, and Wells Fargo rounded out...

Caroline Ellison hired Stephanie Avakian and law firm WilmerHale to represent her in the FTX investigation, per Bloomberg. Avakian was a top regulator at the SEC, where she increased oversight of cryptocurrency. She also led major cases against companies including Tesla, Theranos, Facebook, and Wells Fargo, among others.

Wells Fargo doesn’t exactly have the best reputation for the way its employees treat people, but this might be going too far.Shankar Mishra, a vice president for the bank’s office in Mumbai, was on a flight from New York to New Delhi on Nov. 26, when he reportedly had a little too much to drink. The 72-year-old woman in a seat near him said that Mishra unzipped his pants and urinated on her. “During the course of the flight, shortly after lunch was served and the lights were switched off, a male business class passenger seated in 8A walked to...

Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was "illegal activity affecting over 16 million consumer accounts." The Consumer Financial Protection Bureau said Wells Fargo "repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees," among other things. Thousands of customers lost their vehicles and homes due to the bank's activity over the course of several years, the federal regulators said. The $1.7 billion fine will go to the...

A coalition of 19 state attorneys general from across the country launched a formal investigation into six major U.S. banks last week citing legal concerns about banks’ “ESG” investing and their involvement with a United Nations alliance fighting CO2 emissions.The banks “appear to be colluding with the U.N. to destroy American companies” and undermine the nation’s best interests, one of the AGs warned in a statement e-mailed to The Epoch Times.Another AG argued that these U.N.-inspired banking policies were resulting in jobs being sent to communist China as the regime there continues building coal-fired power plants to ensure low-cost, reliable...

*** The banking giant said Bitcoin is nearing a “hyper-adoption phase” similar to the internet in the mid-to-late 1990 *** It is not too late to invest in bitcoin, said multinational financial services giant Wells Fargo in a Monday report, drawing parallels between the adoption rates of the internet in the 1990s and that of cryptocurrencies today. Wells Fargo’s global investment strategy team explained in the report that Bitcoin’s over 200% annualized gains since its first transaction in 2010 often lead some investors to think that it may be too late to join the party. However, the big bank disagrees....

An entry level vault associate at a Home Depot in Arizona was arrested last week on charges of passing counterfeit money totaling nearly $390,000 over a period of about three and a half years. The US Secret Service, which was originally founded in 1865 to enforce laws against counterfeiting, said in a statement that Adrian Jean Pineda admitted to the crime when confronted by Home Depot supervisors and federal agents. According to the complaint filed in the Arizona District Court, Pineda went on Amazon and bought pretend $100 bills designed for movie props and bearing the serial number "PLAYMONEY," which...

Your Line of Credit account will remain open We previously informed you that we plan to discontinue our Personal and Portfolio Line of Credit products and that your Line of Credit account would be closed. However, based on feedback from our customers (thank you if you provided feedback!) we are adjusting our approach. As a result, your Line of Credit account will remain open. What you need to know Your Line of Credit account ending in xxxx will remain open, and you may continue to use your account as you have done in the past. The terms of your account...

Wells Fargo has begun informing customers that it will no longer be offering personal credit lines, with all existing lines being shut down in the coming weeks. In a six-page letter to customers obtained by CNBC, Wells Fargo said it had "recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts," instead setting its focus on credit cards and personal loans. The revolving credit lines had been a popular consumer lending product, allowing customers to consolidate higher-interest credit card debt, avoid overdraft fees on checking accounts, as...

Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned. The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit-card debt, pay for home renovations or avoid overdraft fees on linked checking accounts. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close...

Former U.S. House candidate and current American Greatness contributor Pete D’Abrosca found out on Tuesday that Wells Fargo had cancelled his savings account “with no explanation.” The news comes immediately after Wells Fargo closed the account of America First activist Lauren Witzke, leaving her stranded out-of-state with no money. D’Abrosca first reported the news on Twitter, writing “@WellsFargo just closed my accounts with no explanation. I’m sure it has *nothing* to do with my political opinions.” Speaking to National File about the situation, D’Abrosca stated, “Clearly there’s been some kind of conspiracy within Wells Fargo to ban prominent right wingers...

Wells Fargo has shut down the bank account of America First activist Lauren Witzke, leaving her stranded out of state with completely no money. In a post on Telegram, Witzke, who ran as the Republican candidate for the Senate in Delaware in the 2020 elections, revealed that Wells Fargo had completely shut down her bank account, removing all of her money from the system, leaving her with a “zero balance” instead. In a call with the bank, Witzke was informed that the action taken was a purely “business decision,” and that they have the right to close her account down...

Three of the nation’s biggest banks are asking shareholders to reject racial-equity resolutions after they expressed solidarity with the Black Lives Matter movement last year. Citigroup Inc. C, 3.22%, Wells Fargo & Co. WFC, 3.83% and Bank of America Corp. BAC, 4.87% were among the many large U.S. companies to make public statements of support in response to widespread protests last summer after the police killings of George Floyd and Breonna Taylor. In recent days, they have all officially opposed shareholder groups’ calls for them to conduct and publicize racial-equity audits and other changes, saying they are already doing enough...

CHARLOTTE, N.C. (FOX 46 CHARLOTTE)- Charlotte could be facing a big blow to the banking industry. Wells Fargo is expected to announce major layoffs across the board on Tuesday. Thousands across the entire company could get the pink slip and bank insiders tell WJZY that many of those cuts will happen in the Queen City. More than 27,000 people in the Charlotte area work for Wells Fargo. It’s the city’s second largest employer. In July, the bank’s chief executive said it may need to cut expenses by more than $10 billion as it restructures away from a retail bank.

Wells Fargo’s CEO recently faced outrage for a memo noting “the unfortunate ­reality is that there is a very limited pool of black talent to ­recruit from.” Rather than pseudo-righteous indignation, maybe it’s time to confront uncomfortable facts about both college preparedness and the way our society bases economic opportunity on college success. According to critical race theory, our intellectual class’ obsession du jour, any hiring disparity reflects structural racism, and companies like Wells Fargo simply “aren’t trying hard enough” to find black candidates. In reality, there are wide racial gaps even before college. The average black SAT taker trails...

Wells Fargo & Co WFC.N Chief Executive Officer Charles Scharf has apologized for making insensitive remarks around race and diversity, seeking to quell a row over his references to a shortage of talent among minority groups. Reuters reported on Tuesday that Scharf had exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there were not enough qualified minority candidates. He also made the assertion in a company-wide memo that announced diversity initiatives as nationwide protests broke out following the death of George Floyd, an unarmed African-American man,...

Warren Buffett has given up his long-held conviction against buying gold — and he’s meanwhile getting out of Goldman Sachs. The totemic tycoon revealed in filings late last week that he has scooped up more than 20 million shares of mining giant Barrick Gold Corp. even as he unloaded nearly all of his nearly 2 million shares in Goldman Sachs. The 89-year-old investing icon’s sudden embrace of the precious yellow metal — which has has previously derided as “useless,” saying that “anyone watching from Mars would be scratching their head” at the idea of investing in it — took many...

Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation. A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers. The bank had “an obligation to review our business practices...

WASHINGTON – The Eighth Circuit Court of Appeals issued a precedential opinion on Friday, April 24, 2020, affirming a district court decision that a transaction designed to generate massive foreign tax credits (referred to as the STARS tax shelter) lacked economic substance and business purpose and was subject to the accuracy-related penalty for negligence, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman and Deputy Assistant Attorney General Joshua Wu of the Justice Department’s Tax Division.In Wells Fargo v. United States, No. 17-3578, the Eighth Circuit Court of Appeals affirmed the decision of the U.S. District Court for the District of...