April 24, 2017

Wells Fargo Increases Fake-Accounts Settlement Nearly 30% to $142 Million

Wells Fargo Consumer Fraud

Banking giant Wells Fargo, caught last year in a staggering scandal where its agents created as many as 2 million bogus accounts to steal improper revenue from its customers, has agreed to raise the settlement amount in the class action lawsuit over the unauthorized accounts to $142 million. Just three weeks earlier, the bank had…

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April 13, 2017

Wells Fargo False Accounts Scandal Costs to Be Higher Than Expected, Says Wells Bank CFO

Bank

As reported by Bloomberg News, the costs incurred by Wells Fargo Bank in the wake of its huge false accounts scandal are going to be much higher than the bank previously reported, according to Chief Financial Officer John Shrewsberry. Shrewsberry expects consultant and lawyer fees to reach $70 to $80 million per quarter, a 30-40%…

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April 7, 2017

Minneapolis Federal Reserve President Challenges JPMorgan’s Complaints About Regulatory Burdens

Big Banks

In an unusual move, the President of the Minneapolis Federal Reserve Bank has publicly criticized JP Morgan CEO Jamie Dimon for comments Dimon made regarding banking regulation. Minneapolis Federal Reserve President Neel Kashkari offered the criticism of JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon over what Kashkari feels are unrealistic views on core…

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