Tolstedt captained the retail and small business lending institution from 2007 to 2016 and became the only top Executive to face criminal charges. This occurred after the company’s forceful sales culture, which resulted in opening millions of accounts and selling products customers did not want, came to light. Prosecutors in the case vied for a…
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Mark Jones, co-head of Macro, Wells Fargo Corporate & Investment Bank, said: We are pleased to announce that we will be utilizing blockchain technology for the first time in the settlement process of cross-border payments. We are extremely excited to be collaborating with HSBC on a project which places both organizations at the forefront of…
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The governor of the Bank of Korea suggested that cryptocurrency trades from South Korean citizens are a potential threat to the country’s financial system. Increased trading of virtual assets – known for their volatile pricing – is threatening to leave the nation’s financial system at risk of instability, according to the Governor of the Bank…
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Ather Williams III, Wells Fargo head of Strategy, Digital, and Innovation commented: Helping our consumer and business customers send and receive money seamlessly, securely, and conveniently is one of the most important financial services we provide, and we want to remain at the forefront of technology to enable payments. Ulrike’s deep experience in the payments…
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What to watch Intuitive Surgical: Medical robotics firm Intuitive Surgical’s stock has gained 27% this year, despite Covid-19 disrupting large numbers of medical procedures. The company delivers its latest quarterly earnings update today, where the volume of procedures amid a resurgence in Covid-19 case numbers in several states across the US. Investors will also be…
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The Securities and Exchange Commission (SEC) announced on Thursday settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for improperly recommending risky investments to some of its clients, including senior citizens and retirees. SEC ordered Wells Fargo to pay $35 million penalty. SEC accused Wells Fargo for failing to supervise investment…
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California-based firm Wells Fargo & Co. was charged for misleading investors about the success of its core business strategy, the Securities and Exchange Commission (SEC) announced last week. According to the regulator, the company has agreed to pay $500 million to settle the charges, which will be returned to investors. The payment is part of a…
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Poor Wells Fargo (NYSE:WFC). The third largest bank in the United States cannot seem to win for losing. On one day, it announces a major internal cryptocurrency and blockchain technology project, much in the same vein as did JPMorgan Chase months back, but on the next day, the crypto community, not short on memory, quickly…
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The former CEO of Wells Fargo, Mr. Tim Sloan, resigned from the bank in March, 2019. Ever since then, there seems to be a recruiting problem at Wells Fargo. Financial advisors at the bank are currently hoping to soon find a new CEO, one who will lead the bank out of the history of scandals…
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Mati Greenspan, Senior Market Analyst at FX broker eToro, has provided his daily commentary on traditional and crypto markets for June 14, 2019. The text below is an excerpt and does not contain the full analysis. To say that crypto regulations in the United States are unclear would be a bit of an understatement. Progress…
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