Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it's "a call to action" for traditional banks to match fintechs' all-digital, customer-friendly services.

The about-face followed a swift backlash from affected employees, who earn more than $250,000 a year, according to people with knowledge of the situation.

Wells Fargo is exploring the sale of its asset management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.

With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover and Sallie Mae.

Warren Buffett isn't known to ask much of companies in which he buys stock. Then last year, as Wells Fargo's top investor, he publicly advised the board not to hire a leader from Wall Street — and it did. What ensued shows what can happen when a company rejects the legendary investor's advice.

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

Four of the nation's largest banks updated their progress in recent days on return-to-office plans. The takeaway: Most workers won't be back anytime soon.

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

Wells Fargo cut more than 700 commercial banking jobs as it embarks on workforce reductions that could ultimately number in the tens of thousands, according to people with knowledge of the matter.