Companies Making Plans for More Tariff Turmoil, Wells Fargo CEO Says
Wells Fargo Chief Executive Charlie Scharf said companies remain in solid shape but are bracing for more potential turmoil from tariffs. "We see two different worlds," Scharf said at the WSJ's Future of Everything event on Thursday.
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Fed removes restrictions on Wells Fargo after fake-accounts scandal
The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade. The Federal Reserve said in a statement the bank is no longer subject to an asset restriction it had placed on Wells Fargo in 2018 due to a toxic sales and banking culture. 'We are a different and far stronger company today because of the work we've done,' Wells Fargo CEO Charlie Scharf said in a statement. Read more: Wells Fargo's pressure-cooker sales culture comes at a cost Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around. Wells Fargo had been under tighter rules since 2018 because of a corporate culture that set unreasonable sales goals for branch-level employees. Wells Fargo was the subject of a Times investigation in 2013 that revealed a pressure-cooker culture at the bank where employees opened unneeded accounts for customers, ordered credit cards without their permission and forged signatures on paperwork. The fake accounts scandal cost Wells Fargo billions of dollars in fines and and battered its reputation. The bank later ousted much of its leadership and board of directors. Read more: Why Wells Fargo's San Francisco downsizing is bad news for California banking The Fed placed Wells Fargo under a program known as an asset cap. Under the program, the bank could grow no larger than it was in 2018, a rarity in the banking industry. Wells was also required to fix its culture and restructure its risk and compliance departments . Scharf took the helm of the bank in 2019. Since then, he has been working to convince the Fed that Wells Fargo had reformed. With the removal of the asset cap, the bank can now aim for higher deposits and new accounts as well as pursue additional investment banking businesses by keeping additional securities on its balance sheet. The Associated Press contributed to this report Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
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Wells Fargo Confirms that the Federal Reserve Has Removed the Limits on Growth in Total Assets Imposed in its 2018 Consent Order and Announces a Special Employee Award
SAN FRANCISCO, June 03, 2025--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today confirmed that the Board of Governors of the Federal Reserve System (the Federal Reserve) has determined that Wells Fargo has met all conditions required to remove the limits on growth in total assets imposed in its 2018 consent order. Conditions to lift the restriction outlined in the order included wide-ranging requirements to support board effectiveness and improvements in the company's firmwide compliance and operational risk programs. It also included a requirement for a third-party independent review of the work completed by the company. This third-party review was in addition to reviews the Federal Reserve undertook directly. "The Federal Reserve's decision to lift the asset cap marks a pivotal milestone in our journey to transform Wells Fargo. We are a different and far stronger company today because of the work we've done," said Wells Fargo CEO Charlie Scharf. "In addition, we have changed and simplified our business mix, and we have transformed the management team and how we run the company. We have been methodically investing in the company's future while improving our financial results and profile. We are excited to continue to move forward with plans to further increase returns and growth in a deliberate manner supported by the processes and cultural changes we have made." "This is a huge accomplishment for the 215,000 employees of Wells Fargo, who all contributed to this milestone – whether they worked directly on the risk and control efforts, supported the work indirectly by helping us embed a different way of working into our culture, or continued to serve our customers and clients day in and day out through difficult conditions. Our employees have invested so much of themselves into the company in recent years, and as a demonstration of our appreciation for what we have accomplished together, all full-time employees of Wells Fargo will receive a special $2,000 award1. For most, it will be in the form of a restricted stock grant. A $2,000 award means different things for different people, but we wanted everyone – including tellers, contact center representatives, administrative assistants, operations staff, bankers, financial advisors, and corporate staff – to have an opportunity to own a part of Wells Fargo and hopefully benefit from our future success." Steven D. Black, Chair of Wells Fargo's Board of Directors, added: "I want to thank our Board of Directors for their work in achieving today's outcome, including the substantial changes we have made to board composition and oversight. On behalf of the entire Board, I also want to thank the management team, and in particular, Charlie for his inspired leadership. Since he arrived in late 2019, Charlie has assembled a top-notch management team, overseen the details and the big picture of a major transformation effort, and made meaningful changes to improve returns through a global pandemic, periods of economic volatility and significant regulatory headwinds. He has been instrumental in advancing our goal to make Wells Fargo one of the most well-respected, consistently growing financial institutions in the country." About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. Cautionary Statement About Forward-Looking Statements This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at 1 The special award will vary in select international locations and for select employee classifications. News Release Category: WF-CF View source version on Contacts Media Beth Richek, Investor Relations John Campbell,
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4 hours ago
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The Smart Money Order: Why Most People Get It Wrong
I recently watched a talk by Steve Chen, founder of CALLTOLEAP, where he outlined the optimal order for allocating your money if you bank with major institutions like Chase, Wells... This story originally appeared on Due I recently watched a talk by Steve Chen, founder of CALLTOLEAP, where he outlined the optimal order for allocating your money if you bank with major institutions like Chase, Wells Fargo, or Bank of America. His advice struck me as both practical and eye-opening, especially considering how many of us are making critical mistakes with our financial planning. As someone who has helped many friends organize their finances, I've seen firsthand how people often jump straight into investing without building the proper foundation. Chen's approach offers a clear roadmap that I believe everyone should follow. The Right Order for Your Money Chen outlines a five-step approach that makes perfect sense when you think about building wealth strategically: This hierarchy prioritizes security and tax advantages before jumping into the stock market through regular brokerage accounts. It's a sensible approach that too many people ignore. The post The Smart Money Order: Why Most People Get It Wrong appeared first on Due.
