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Link: https://www.cnbc.com/2020/04/30/wells-fargo-says-it-will-no-longer-accept-applications-for-home-equity-lines-of-credit.html Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. “Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30,” the bank said in a statement. During tough economic times, HELOCs are riskier products for banks because in a foreclosure, the lender who made the primary mortgage is first in line to get paid in a recovery. -
Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, regulators said. Credit Eric Thayer/Bloomberg http://www.nytimes.com/2016/09/09/business/dealbook/wells-fargo-fined-for-years-of-harm-to-customers.html
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via .ORGWorld News
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Between 13,250 people and 26,500 people could be out of a job So said the third-largest bank in the U.S. yesterday. The what: The bank said it'll cut 5% to 10% of its employee headcount over the next three years. Wells Fargo (+0.60%) currently has about 265,000 employees, meaning between 13,250 people and 26,500 people could be out of a job. The why: It's part of Wells Fargo's ongoing turnaround plan. Remember, Wells (which has $1.9 trillion in assets) is still recovering from a series of scandals in the past two years. In just one example, branch employees opened millions of fake accounts in customers' names to meet sales targets. + While we're here: It's been a tough week all around for Wells CEO Tim Sloan. His team had to deny rumors that former Goldman Sachs exec (and former member of the Trump admin) Gary Cohn would be replacing Sloan atop Wells Fargo.
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via TheWorldNewsOrgWorld News
