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The bank topped analysts’ forecasts in its first earnings report since its phony accounts scandal, but the firm revealed that its consumer business may be taking a hit.
“There was clearly something wrong, and we will make the necessary changes to fix it,” Wells Fargo’s new CEO Tim Sloan pledges.
The scandal served as a reminder of how far banks have to go yet to recover the public trust they lost after the 2008 financial crisis.
Wells Fargo share prices rose after CEO John Stumpf stepped down, putting the stock on pace to rise above $46 a share in Thursday’s session.
Wells Fargo’s board “should’ve started this investigation years ago, certainly months ago,” management expert Jeffrey Sonnenfeld tells CNBC.
The good news for banks is that most people have more faith in them than in Congress and the media. The bad news is that’s still not very good.
A war of words has escalated between the supporters and detractors of troubled German lender Deutsche Bank.
A bailout of Deutsche Bank won’t happen for political reasons, according to risk consultancy Eurasia Group.
Deutsche Bank Chief Executive John Cryan on Friday moved to reassure staff after shares in Germany’s largest lender hit an historic low amid.
Only a substantial intervention by the German government can stop the collapse of the country’s largest lender, according to one analyst.
The independent directors on Wells Fargo’s board announced that it is launching a probe of the bank’s retail banking sales practices.
“I am recommending financials in general. I would just say buy ’em all and it’ll work its way out in the wash,” CIO Jack Ablin tells CNBC.
Federal Reserve Governor Daniel Tarullo announced that future stress tests will be geared toward demanding even higher cash buffers for big banks.
Wells Fargo CEO John Stumpf deflected repeated questions about whether pay clawbacks were coming.
Like Wells Fargo CEO John Stumpf, the Vanguard founder learned the hard way that the best method of handling a mistake is to admit it.