Tag Archives: Wells Fargo

Financial Daily Dose 3.11.2020 | Top Story: New Wells Fargo CEO Scharf Emerges Unscathed After House Testimony

BY: Michael D. Reif | March 11, 2020

Wells Fargo’s latest CEO, Charles Scharf—the bank’s third chief in the past four years—faced a hostile but less pitchfork-and-torch wielding House Financial Services Committee hearing on Tuesday, distancing himself from his predecessors and stressing the bank’s renewed efforts at “appeasing . . . regulators” – NYTimes and WSJ and MarketWatch PepsiCo is closing in on … Continue reading

Financial Daily Dose 3.10.2020 | Top Story: US Markets Dive Again in Worst Trading Day Since 2008

BY: Michael D. Reif | March 10, 2020

Monday on Wall Street was the equivalent of a well-forecast storm that still managed to blow meteorologists’ minds. The deadly combination of diving oil prices and yet more COVID-19 worries spelled disaster for U.S. markets, which saw a halt to trading for the first time since 1997 thanks to a precipitous fall early in the … Continue reading

Financial Daily Dose 2.24.2020 | Top Story: Wells Fargo to Pay $3 Billion to Resolve DOJ and SEC Investigations

BY: Juvian Hernandez | February 24, 2020

Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information and damaged customer credit ratings” in pursuit of sales growth. – Law360 U.S. equity futures slip as coronavirus … Continue reading

Financial Daily Dose 2.21.2020 | Top Story: Morgan Stanley Pays $13 Billion to Acquire E-Trade

BY: Michael D. Reif | February 21, 2020

Morgan Stanley shook the financial world yesterday with the announcement that it’s planning to drop $13 billion on a deal to purchase online discount brokerage E-Trade—the “biggest takeover by a major American lender since the 2008 global financial crisis” – NYTimes and WSJ and Bloomberg Wells Fargo is expected to pay as much as $3 … Continue reading

Financial Daily Dose 2.4.2020 | Top Story: Tesla Stock Hits New Highs on Reports From Battery Partners

BY: Michael D. Reif | February 4, 2020

It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday – NYTimes and WSJ and Bloomberg and MarketWatch This week’s latest coronavirus epidemic-related economic fallout takes the form of OPEC … Continue reading

Financial Daily Dose 1.24.2020 | Top Story: OCC Hits Former Wells Fargo Execs With Enforcement Actions Over Sham-account Scandal

BY: Michael D. Reif | January 24, 2020

The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s already settled with three additional execs, including former CEO John Stumpf, who will pay $17.5 million and lose access to the … Continue reading

Financial Daily Dose 1.13.2020 | Top Story: Labor Dept. Issues Stricter Joint Employer Test in New Rules

BY: Michael D. Reif | January 13, 2020

Sunday’s release of a long-awaited Labor Department final rule on joint employment spells trouble for workers hoping to “sue large companies for wrongdoing by contractors or franchisees.” The rule reverses Obama-era policies by redefining (and increasing) the amount of control a company must have over workers to be considered a joint employer – NYTimes and … Continue reading

Financial Daily Dose 12.17.2019 | Top Story: USMCA Back on Track After Last-minute Wrangling

BY: Michael D. Reif | December 17, 2019

The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or so, the planned congressional vote on the new Nafta was back in jeopardy – WSJ and … Continue reading

Financial Daily Dose 12.05.2019 | Top Story: CBS and Viacom Finalize Deal to Reunite Media Empire

BY: Michael D. Reif | December 5, 2019

CBS and Viacom are back together again. The deal to reunite the former partners, which closed late yesterday, was pushed by National Amusements’ chief Shari Redstone since 2016 and hasted along recently by the precipitous fall from grace of CBS’ Les Moonves last year – NYTimes and Bloomberg The OCC has “rebuked” Wells Fargo’s HR … Continue reading

Financial Daily Dose 11.18.2019 | Top Story: Aramco Seeks Valuation of $1.7T, Well below Original Goal

BY: Michael D. Reif | November 18, 2019

Saudi Aramco’s slow trickle of IPO-related information continued this weekend, including its goal of setting overall company market value at a staggering $1.7 trillion. The figure, though massive, is still well short of the $2 trillion valuation originally floated by MBS – NYTimes and WSJ and Bloomberg As the 737 Max grounding heads into its … Continue reading