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The Latest Breaking News from Charlie Scharf

Wells Fargo Stock Falls Despite Q2 Beat: Buy, Sell or Hold?

Wells Fargo stock is down despite reporting better-than-expected second-quarter earnings results. Here’s what you need to know.

Kiplinger

Spotify CEO is shocked by negative impact of recent layoffs

CEO Daniel Ek claims that the layoffs posed a “significant challenge” for the company.

The Street

Amazon has allegedly found a controversial way to cut its workforce

An Amazon employee is alleging that the company is attempting to avoid negative press by using a new approach to shrink its headcount.

The Street

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Earnings season kicks off with a stark warning from JPMorgan CEO Jamie Dimon

JPMorgan Chase, Citigroup, and Wells Fargo turned in strong results for the third quarter, but geopolitics is now top of mind.

Fortune

Office real estate values are moving down so fast that banking giants like Wells Fargo are already bracing for losses

Wells Fargo CEO Charlie Scharf: "we are reserving for the weakness that we expect to play out in that market over time."

Fortune

Bank Stocks: Earnings Largely Positive, Except For This Red Flag

Bank stocks have gained on largely positive earnings results. But firms are bracing for hits from commercial real estate and other losses.

Investors Business Daily

Jamie Dimon leads big banks’ earnings triumph: The economy remains ‘resilient,' but a ‘soft landing’ isn’t guaranteed

Despite stubborn inflation and rising interest rates that pose "salient risks," Jamie Dimon says he's hoping for the best.

Fortune

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New Wells Fargo Scandal Allegations Come From Its Own Staff

The bank has suffered numerous scandals, but this time the call is coming from inside the house (and the accusations are very serious.)

The Street

Wells Fargo CEO Passes on Raise: Will 'Only' Make $24.5 Million This Year

Wells Fargo CEO Charlie Scharf cited his bank's 'transformation journey' as the reason he turned down a pay increase.

The Street

Wells Fargo Tries to Give Customers Perks Other Banks (Mostly) Don't

The embattled bank is seeking to regain the public's trust -- and savings.

The Street

Wells Fargo to pay $3.7 billion in penalties, restitution over ‘widespread mismanagement’

CHARLOTTE, N.C. — Wells Fargo is facing $3.7 billion in fines and restitution after reaching a settlement with federal regulators Tuesday to resolve multiple issues related to auto lending, mortgages and consumer deposit accounts.

Tribune News Service

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

WEKU

US agency orders Wells Fargo to pay $3.7 bn for shoddy banking practices

New York (AFP) - US officials announced Tuesday a $3.7 billion settlement with Wells Fargo over an array of "illegal activity" that burdened customers with wrongful home foreclosures and other problems.

AFP

US banks report solid results but warn of rising recession risk

New York (AFP) - Large US banks reported a round of solid quarterly profits Friday, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy.

AFP

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The Street

Wells Fargo Stock Higher Despite Q3 Profit Earnings On 'Fake Account' Litigation Hit

"We are closely monitoring risks related to the continued impact of high inflation and increasing interest rates," said CEO Charlie Scharf.

Investors Business Daily

Stock Market Gains Sharply On Retail Numbers; Financials Lead

The stock market gained sharply on higher-than-expected retail numbers, led by bank stocks like Citigroup and Wells Fargo.

The Street

Wells Fargo Stock Jumps As Buyback Hopes Offset Q2 Earnings Miss, $580 Million Bad Loan Provisions

"We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios," said CEO Charlie Scharf.

AFP

Citigroup sets aside $1.9 bn for Russia as US banks report mixed results

New York (AFP) - Citigroup said Thursday it set aside $1.9 billion in reserves due to Russia's invasion of Ukraine as large US banks reported mixed results amid a backdrop of geopolitical upheaval and fast-changing monetary policy.

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