Charles Scharf

Banking regulators restored the scandal-plagued bank's score three years after assigning it the lowest possible rating under the Community Reinvestment Act.

Unlike recent affairs that were marred by protests, this year's meeting — held online because of the coronavirus outbreak — went smoothly as investors overwhelmingly approved the bank's slate of directors and executive compensation plan.

Lester Owens, who is scheduled to join the bank in July, will report to Chief Operating Officer Scott Powell. He will be charged with implementing a more unified structure across the 260,000-person company.

Brian Smith, who spent the past decade with Regions Financial, will head the bank's government relations and public policy team.

Large institutions say their strong capital positions allow them to reward investors, and the Fed agrees. But critics say this is the time to be preparing for a sharp downturn and continue helping those hurt by the coronavirus pandemic.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.

TD Bank Group's top lawyer will succeed Allen Parker at scandal-plagued Wells Fargo later this month.

Leaders to parlay with president as banks worldwide offer to aid customers; Wells CEO says the bank will be run “fundamentally differently” than in the past.

House Democrats maintained their criticism of the bank during Charlie Scharf's first hearing, but Republicans suggested it is on better footing now that many top leaders have been replaced.

The House Financial Services Committee is expected to question two of the bank's former board members, raising public scrutiny to a new level for bank directors.

The bank said it was Sloan's decision to retire, but a new report from House Democrats reveals that Fed and OCC officials made moves behind the scenes in 2018 and 2019 to pressure the bank's board to remove him.

The bank's announcement comes a week before CEO Charlie Scharf and two board members will testify on Capitol Hill.

Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.

The 10-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.

Mike Weinbach will lead consumer lending as part of a reorganization that will change the responsibilities of three longtime bank executives.

Michael Cleary will report to Scott Powell, who had been his boss at Santander Bank.

The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.

Wells Fargo & Co. may have a new leader, but the work of reinvigorating the firm after years of troubles is far from over.

Estimates for 2020 are for a combined profit drop of $10 billion as global interest rates remain stubbornly low and geopolitical tensions stay high.