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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

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Wells Fargo : Warren slams Wells Fargo over arbitration position

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11/28/2016 | 10:43pm EDT
Senator Warren shows company documents to Wells Fargo CEO Stumpf at Senate Banking Committee hearing on firm's sales practices on Capitol Hill in Washington

NEW YORK (Reuters) - Massachusetts Democratic Senator Elizabeth Warren on Monday criticized Wells Fargo & Co's decision to require customers affected by its unauthorized accounts scandal to go through arbitration rather than allowing them to sue.

The San Francisco-based bank last week asked a U.S. court to uphold contract clauses that mandate arbitration, something financial firms often use to protect against litigation. Wells Fargo's situation is unusual, though, because it opened accounts without customers' permission, calling into question whether the contracts and their clauses are legitimate.

In a Facebook post on Monday, Warren, a frequent critic of the banking industry, said Wells Fargo's promise to treat customers better in light of the scandal is "meaningless" as long as it is pursuing arbitration.

"After dozens of Wells Fargo customers sued the bank to recover fees they were charged from these fake accounts, Wells Fargo tried to boot the claims from court and into the closed-door, industry-friendly arbitration process," Warren said.

"Unfortunately, there's a real chance a court will let Wells Fargo shuffle these claims off to die in arbitration."

A Wells Fargo spokesman said the bank has an arbitration clause in its customer account agreements.

"In cases where customers have received a product that they did not want or authorize related to our recently-announced settlements, we are providing free mediation through an impartial third-party," the spokesman said.

Last year, The bank successfully argued in another lawsuit that arbitration agreements customers signed when opening legitimate accounts extended to the unauthorized ones.

Warren also used her Facebook post to advocate for a rule proposed by the Consumer Financial Protection Bureau that would eliminate mandatory arbitration.

Before being elected to Congress, Warren was a vocal proponent of such an agency being created as part of the 2010 Dodd-Frank financial reform law. Some Republican lawmakers in newly powerful positions following the 2016 elections have pledged to eliminate it.

(Reporting by Suzanne Barlyn in New York; Writing by Lauren Tara LaCapra; Editing by Alan Crosby and Gopakumar Warrier)

By Suzanne Barlyn

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Financials (USD)
Sales 2020 71 476 M - -
Net income 2020 641 M - -
Net Debt 2020 - - -
P/E ratio 2020 3 314x
Yield 2020 4,93%
Capitalization 103 B 103 B -
Capi. / Sales 2020 1,44x
Capi. / Sales 2021 1,42x
Nbr of Employees 266 300
Free-Float 75,0%
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Mean consensus HOLD
Number of Analysts 27
Average target price 29,44 $
Last Close Price 25,02 $
Spread / Highest target 83,9%
Spread / Average Target 17,7%
Spread / Lowest Target -16,1%
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Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Charles H. Noski Chairman
Scott E. Powell Chief Operating Officer & Senior Executive VP
John Richard Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Senior Executive VP & Head-Technology
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