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Wells Fargo, Fifth Third, Comcast Unveil Minimum Wages Hike, Bonus Payments After Tax Reform Passes

Update: Add Comcast to the list   #winning pic.twitter.com/QBForn6EeF — Phil Kerpen (@kerpen) December 20, 2017 * * * AT&T’s announcement that it would boost US capex by $1 billion and pay a $1,000 special bonus to 200,000 employees once Trump signs the Tax Cut bill into law (ideally before the holidays), has unleashed a […]


Wells Fargo May Be Hit With “Repeat Offender” Formal Enforcement Action

It's beginning to seem like every day there's a new scandal breaking out at Wellls Fargo. Earlier this week, the Wall Street Journal dished on Wells Fargo’s latest scandal when it reported that several regulators and even one US attorney were investigating the bank for gouging clients of its foreign-exchange trading desk. Among the many […]


Is It Tuesday? Time For Another Banking Scandal…

Authored by Simon Black via SovereignMan.com, Another day, another major banking scandal. It’s getting to the point where you can practically set your watch to these things. The latest involves our old friend Wells Fargo. The Wall Street Journal reported last night that Wells has been screwing its customers on foreign currency exchange rates. According […]


Here We Go Again: Wells Fargo Is Under Investigation For Gouging Clients

After reporting last month that Wells Fargo’s foreign-exchange unit was being investigated by regulators and that the bank had fired four employees – and demoted another – after discovering certain unspecified improprieties in its FX shop, more details about the exact nature of the bank’s latest scandal – which follows revelations that the bank’s retail […]


Wells Fargo Shares Dip As Bank Fires 4 FX Traders Following Investigations

Wells Fargo CEO Tim Sloan received the patented Elizabeth Warren treatment during testimony before the Senate Banking Committee last month when the Massachusetts Senator accused him of sharing in the blame for the bank’s fraudulent sales practices and opined that he ‘should be fired’, echoing comments she made about his predecessor, John Stumpf, a year […]


More Bad News For Autos: Wells Fargo Car Loan Originations Crash To All Time Low

Joining the Q3 roster of banks that beat yet which all surprised investors with a cautionary red flag (for the other banks this involved a drop in FICC trading revenue and a sharp increase in loan loss reserves), moments ago Wells Fargo also reported better than expected Q3 EPS of $1.04 (exp. $1.03) which however […]