Fargo

Wells Fargo lays off 120 in Fort Mill, S.C.

Wells Fargo & Co. has cut 120 call center positions at its mortgage operations in Fort Mill, S.C. The layoffs stem from the closure of Wells’ reverse-mortgage services unit, a move that followed the company’s decision last year to transfer all of the reverse mortgages it had been servicing to another company. Wells, the largest […]

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Wells Fargo raises fake-account estimate to 3.5M

Wells Fargo & Co. has found an additional 1.4 million potentially unauthorized accounts opened by employees, bringing the total to 3.5 million. The revised estimate covers January 2009 to September 2016, almost twice as long as the period examined in an initial review that found that workers had opened more than 2 million accounts without […]

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Wells Fargo seeks arbitration for overdraft-fee lawsuits

Wells Fargo & Co. is appealing a federal judge’s ruling that denied the bank’s request to force long-standing litigation over its overdraft policies into arbitration. Class-action lawsuits filed around the country have accused Wells Fargo of switching the order of debt card withdrawals to increase the number of transactions eligible for overdraft fees. Other large […]

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Wells Fargo Advisors hit by post-scandal departures

Wells Fargo & Co.’s brokerage business has been hit by a wave of departures since last September, when federal regulators fined the bank $185 million for opening accounts without customers’ knowledge. According to a report by InvestmentNews, 70 teams of advisers working with $19.2 billion in client assets have exited the bank from last October […]

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