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Stock Market & Financial Investment News

News Breaks
May 9, 2012
18:53 EDTWFCWells Fargo releases statement regarding background checks and fingerprinting
Wells Fargo issued the following statement regarding its decision to terminate the employment of Wells Fargo team members due to past criminal matters involving dishonesty or breach of trust: "The decision to terminate team members over criminal matters that occurred prior to their employment with Wells Fargo may seem tough - we recognize that these situations are difficult for everyone involved - but laws and regulations related to the employment of bank employees are designed to protect the interests of all consumers who put their trust in financial service companies. As an insured depository institution, Wells Fargo is bound by Section 19 of the Federal Deposit Insurance Act that prohibits us from hiring or continuing the employment of any person who we know has a criminal record involving dishonesty or breach of trust - regardless of when the incidents occurred. This includes convictions as well as situations where the person has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense, even if the charges ultimately are dismissed. Wells Fargo has been performing thorough background checks on all its team members - regardless of when they were hired - which includes a fingerprint check with the FBI. We encourage job candidates and team members alike to reveal any past convictions to us at both the time of hire and when rescreenings are conducted. Those who are found to have a disqualifying criminal record have the ability to dispute the accuracy of the information we receive and to otherwise appeal their termination if they believe a mistake has been made. They can also apply to the FDIC for written permission to work at a financial institution despite the existence of the disqualifying conviction. A financial institution's violation of Section 19 can result in a fine of up to $1M per day, imprisonment for up to five years, or both."
News For WFC From The Last 14 Days
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January 26, 2015
12:49 EDTWFCFederal Reserve discloses plan to improve U.S. payment system, WSJ reports
The Federal Reserve released a plan that would improve the U.S. payment system, saying the current outlook, which covers banking, checking, credit cards and online transactions is fragmented and outdated with respect to new technologies that may harm consumers, the Wall Street Journal reports. The Federal Reserve invited banks, credit card companies and payment processors to coordinate efforts. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:45 EDTWFCFifth Third Bancorp to buy back $180M of stock from Wells Fargo
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January 23, 2015
07:23 EDTWFCBass does not expect large U.S. banks to break up
Publicly traded companies in the space include Bank of America (BAC), Citi (C), JPMorgan (JPM), and Wells Fargo (WFC). Kyle Bass of Hayman Capital continues speaking on CNBC.
06:42 EDTWFCU.S. banks preparing for prolonged low bond yields, Reuters says
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January 22, 2015
14:36 EDTWFCCFPB fines Wells Fargo, JPMorgan for kickback scheme
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