As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of US$131.9 million, bringing the total dividends paid to US$1.441 billion since the preferred stock was issued in October 2008.[52]. [10] It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. Amin relocated from London, where he most recently served as executive
Skip to Main Content. In addition to his role as regional president, Amin was also appointed
[115][116] On October 12, 2016, John Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company. Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. [73] WFS headquarters are in Charlotte, North Carolina, with other US offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with international offices in London, Hong Kong, Singapore, and Tokyo. Yorke. Flexibility in the face of change and a willingness to seek new challenges have become standards in McGeough’s career playbook. financial institution network, and best-in-class technology,” said
By completing your subscription, you are providing consent to Wells Fargo Newsroom to send you email alerts and you are agreeing to our Digital Privacy and Cookies Policy. 1995: Wells Fargo became the first major US financial services firm to offer Internet banking. [68][citation needed] One venture is Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail. McGeough spent several years at Salomon Brothers, working in institutional fixed-income sales while also establishing the foundation of how she wanted to run her career. "We also want to hear and learn from our customers. financial institutions in the Asia Pacific region. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods. "[97], On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers. [134], American multinational banking and financial services company, Investment by US Treasury Department during 2008 financial crisis, 1981 MAPS Wells Fargo embezzlement scandal, Higher costs charged to African-American and Hispanic borrowers, Failure to monitor suspected money laundering, Settlement and fines regarding mortgage servicing practices, SEC fine due to inadequate risk disclosures, Lawsuit due to premium inflation on forced place insurance, Lawsuit regarding excessive overdraft fees, 2015 Violation of New York credit card laws, Racketeering lawsuit for mortgage appraisal overcharges, Failure to comply with document security requirements, Mark Anthony Carrillo 07/13/1982 (Sole lender), CS1 maint: multiple names: authors list (, Q3 2011, Inside Mortgage Finance, Sept. 2011. Also in May, the New York attorney-general, Eric Schneiderman, announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a US$25 billion deal struck between 49 state attorneys and the five largest mortgage servicers in the US. [125], In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus accounts." [131] The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men. Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. Banking, Public Sector, Global Human Resources, and Transaction Banking
[132], Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee. [21], On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve. ALERT - To ensure we continue to fulfill our role as a provider of vital services to the public, we are still hiring and continue to recruit top talent to Wells Fargo. [117] In response to the event, the Better Business Bureau dropped accreditation of the bank,[118] S&P Global Ratings lowered its outlook for Wells Fargo from stable to negative,[119] and several states and cities across the US ended business relations with the company. [53], Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the investment banking arm of Citadel LLC. "[86] Wells Fargo agreed to pay US$125 million to subprime borrowers and US$50 million in direct down payment assistance in certain areas, for a total of US$175 million. And 71 percent of those are in predominantly black neighborhoods. And there is no question Wells Fargo has to make meaningful progress to increase diverse representation.