Receiving Wide Coverage ...
More pressure on Wells: Two Democrat senators, Elizabeth Warren of Massachusetts and Robert Menendez of New Jersey, asked Wells Fargo's chairman if the board had sufficiently questioned Timothy Sloan about his knowledge of the bank's phony accounts scandal before appointing him chief executive officer. "It is difficult to believe that he had no knowledge of or bears no responsibility for the actions of thousands of Wells Fargo employees creating fake accounts," the senators' letter to Wells Chairman Steven Sanger said. "We continue to have questions about
The Board of Supervisors of San Francisco – where Wells is headquartered – is scheduled to vote next week on whether to
The bank also lost its Better Business Bureau accreditation, which "means they
Mexican immigrants who speak little English, older adults with memory problems, college students opening their first bank account, and small-business owners were
The scandal at Wells "took an even sharper toll on the company's workers," says the Times, which interviewed several former bank employees. "A number of them say they faced a stark choice: Create new accounts by any means possible, or
Wall Street Journal
Paying the price: The billions of dollars in penalties that banks and other financial institutions have had to pay since the financial crisis – plus the additional millions in legal fees – have constrained global economic growth as banks reduced lending in response. "The roughly $275 billion in legal costs for global banks since 2008 translates into more than
PayPal-Alibaba deal: PayPal said it reached an agreement with Alibaba to make PayPal a
Prepaid cards gain: Prepaid card usage is growing among all U.S. consumers, both those with regular bank accounts and those without. According to the FDIC, 27% of households that have no access to the banking system said they
New York Times
Preemptive strike: Marketplace lenders have