Ta is aiming to reduce turnover at Wells Fargo Advisors by revamping the succession planning program.

A group representing bank directors says the regulator’s sudden attempt to increase penalties by millions of dollars would set a dangerous precedent.

Profits slumped last year and many investors are now voicing their displeasure with the compensation awarded to senior leaders. A nonbinding “say on pay” vote taken Tuesday passed narrowly, but Chairman Charles Noski indicated that the board will take the results into account when designing future pay packages.

The agency’s cases against David Julian, Claudia Russ Anderson and Paul McLinko, which allege culpability for the bank’s phony-accounts scandal, are scheduled to go to trial in September.

Wells Fargo wants to use the real-time payments network being developed by the Federal Reserve for 24/7 liquidity management. The online-only First Internet Bank aims to use it to help customers manage their bills and cash flow.

Called by House and Senate Democrats, the hearings with the heads of the nation's six largest banks will take place over two days and will likely examine the industry's response to the pandemic and efforts to address climate change and racial equity.

Business owners have shown little interest in taking on debt during the pandemic. Will their attitudes change as the economy improves?

Net income was boosted by a $1.6 billion release of loan-loss reserves.

The San Francisco company has now backed 11 minority-owned banks as part of a $50 million pledge it announced last year.

Shares of the company advanced after it issued a statement about the bank’s prime-brokerage relationship with the family office.

The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.

Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million.

Wells Fargo Chief Executive Charlie Scharf said he sees the U.S. economy coming back from the coronavirus pandemic in a strong way in the second half of the year.

The two banks are pushing back against shareholder requests for sweeping audits of how they handle racial equity as the industry faces mounting public scrutiny of its historic role in economic disparities.

Wells Fargo is dropping the Abbot Downing name for managing ultrarich clients’ money as wealth and investment management head Barry Sommers remakes the unit.

The bank also committed to finance $500 billion in sustainable businesses and projects by 2030.

Less than half of consumers believe financial services providers adequately protect their personal information, according to an Arizent survey. Banks such as Wells Fargo and Bank of Idaho are offering mobile tools and cybersecurity education that could help rebuild trust.

Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments.

Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.

The nod from the Federal Reserve is seen as a significant step toward eventually freeing the bank from a 2018 order that imposed a cap on its assets.