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Stock market today: Wall Street rises to close its latest record-setting week as banks jump
Read full article: Stock market today: Wall Street rises to close its latest record-setting week as banks jumpU.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports.
Taylor Pendrith gets 1st PGA Tour win at Byron Nelson after final-hole collapse from Ben Kohles
Read full article: Taylor Pendrith gets 1st PGA Tour win at Byron Nelson after final-hole collapse from Ben KohlesTaylor Pendrith took advantage of Ben Kohles’ final-hole meltdown to win the CJ Cup Byron Nelson on Sunday for his first PGA Tour title.
Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Read full article: Big banks warn of uncertain year ahead after mixed financial performances in the first quarterBig banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
US eases restrictions on Wells Fargo after years of strict oversight following scandal
Read full article: US eases restrictions on Wells Fargo after years of strict oversight following scandalThe Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
More jobs, higher wages will help Super Bowl spenders defy food inflation in US, Wells Fargo says
Read full article: More jobs, higher wages will help Super Bowl spenders defy food inflation in US, Wells Fargo saysFood inflation is still around in the U.S., but good job growth and somewhat negligible price hikes for popular party foods will make for a more affordable Super Bowl than we’ve had in recent years.
Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bank
Read full article: Wells Fargo workers at New Mexico branch vote to unionize, a first in modern era for a major bankEmployees at a Wells Fargo bank in New Mexico have voted to unionize, the first time that workers at a major U.S. bank have attempted to organize in the modern era.
Wells Fargo customer loses funds in mystery business account transaction
Read full article: Wells Fargo customer loses funds in mystery business account transactionA Winter Park man said his bank refused to issue funds stolen from his business account because he did not report the fraudulent ACH, or Automated Clearing House Entry, within the mandated 24-hour time frame.
Winter Park man discovers Wells Fargo business account hacked by cyberthieves
Read full article: Winter Park man discovers Wells Fargo business account hacked by cyberthievesA Winter Park man said his bank refused to issue funds stolen from his business account because he did not report the fraudulent ACH, or Automated Clearing House Entry, within the mandated 24-hour time frame.
Stock market today: Wall Street struggles as war worries collide with hope for stronger profits
Read full article: Stock market today: Wall Street struggles as war worries collide with hope for stronger profitsU.S. stocks mostly fell after getting pulled in opposite directions by competing waves of optimism and fear.
Daytona Beach woman loses $55,000 in security scam. Here’s what you need to look out for
Read full article: Daytona Beach woman loses $55,000 in security scam. Here’s what you need to look out forIf you are reading this, chances are a cyberthief has already tried to lure you into a social media or smart phone text message trap.
Wells Fargo 4Q profit falls by half but tops expectations
Read full article: Wells Fargo 4Q profit falls by half but tops expectationsWells Fargo’s profit for the fourth quarter came in ahead of Wall Street’s targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.
Wells Fargo to pay $3.7B over consumer law violations
Read full article: Wells Fargo to pay $3.7B over consumer law violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Retired Florida couple loses $60K in bank account takeover scheme
Read full article: Retired Florida couple loses $60K in bank account takeover schemeAn 81-year-old retired Florida couple’s seven-month fight to prove their Wells Fargo savings account had been “burglarized” in the amount of nearly $60,000 ended with the funds being reimbursed.
Man arrested after threatening to blow up Belleview bank, stealing $10K, police say
Read full article: Man arrested after threatening to blow up Belleview bank, stealing $10K, police sayA man accused of robbing a Wells Fargo bank Monday morning was arrested during a foot chase, according to the Belleview Police Department.
Big bank profits decline as deal-making, mortgages slow
Read full article: Big bank profits decline as deal-making, mortgages slowFour big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.
Wells Fargo's $5.8 billion profit easily tops expectations
Read full article: Wells Fargo's $5.8 billion profit easily tops expectationsWells Fargo easily beat Wall Street expectations for the fourth quarter with interest rates beginning to take off, likely another boost for the nation’s largest mortgage lender going forward.
Pipeline foes gear up for large northern Minnesota protests
Read full article: Pipeline foes gear up for large northern Minnesota protestsEnvironmental and tribal groups opposed to Enbridge Energy’s ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.
Here’s when Wells Fargo and Chase bank customers can expect their stimulus payments
Read full article: Here’s when Wells Fargo and Chase bank customers can expect their stimulus paymentsORLANDO, Fla. – Wells Fargo and Chase bank customers will not receive their stimulus payments until mid-week at the earliest. Wells Fargo and JPMorgan Chase told customers the $1,400 direct payments would not be processed until at least Wednesday, drawing the anger of many, especially since some people started receiving their money on Friday. Wells Fargo said it would provide all of the direct deposits “according to the effective date provided by the U.S. Treasury,” and added that it’s not holding onto the money. In a statement to FOX Business, Wells Fargo spokesperson Jim Seitz said the government will release the money in multiple phases, meaning not everyone will receive their check at the same time. AdIndividuals can again check the status of their stimulus checks via the IRS’s “Get My Payment” tool.
Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss
Read full article: Wells Fargo posts $2 billion profit in 3Q, reversing 2Q lossWells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.
Asian stocks follow Wall St lower as stimulus hopes fade
Read full article: Asian stocks follow Wall St lower as stimulus hopes fadeStocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
Wells Fargo CEO apologizes for comments about diversity
Read full article: Wells Fargo CEO apologizes for comments about diversityFILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.
Federal Reserve to boost small business lending efforts
Read full article: Federal Reserve to boost small business lending effortsWASHINGTON – The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday. By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Otherwise, when banks make a loan, they are typically required to hold some cash in reserve in the case of default. Because of the bank’s prior scandals, Wells Fargo is under restraints from the Federal Reserve on how many loans it can hold on its books. Many smaller banks have complained that they have had trouble accessing the lending program, according to the ICBA.
Shots fired outside Orlando pizza shop
Read full article: Shots fired outside Orlando pizza shopORLANDO, Fla. – Shots were fired outside an Orlando pizza restaurant, causing a woman to have a panic attack, according to police. The bullet also cracked the glass of a window at the Morgan & Morgan law offices on the 14th floor of the Wells Fargo building. The shooting happened around 2:30 a.m. Tuesday outside Planet Pizza near the intersection of Washington Street and Orange Avenue in downtown Orlando. "We know know it is foreseeable. Some people who visit downtown Orlando for the night life said they feel safe.