Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

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


SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Wells Fargo : U.S. prosecutors investigate Wells Fargo's sales practices - source

share with twitter share with LinkedIn share with facebook
09/14/2016 | 10:58pm EDT
The logo on a Wells Fargo bank building is seen in downtown San Diego

NEW YORK (Reuters) - U.S. prosecutors have begun an investigation related to sales practices at Wells Fargo & Co that led the bank to agree to a $190 million settlement with regulators, a person familiar with the matter said on Wednesday.

The U.S. Attorneys' Offices in Manhattan and San Francisco are investigating Wells Fargo, the person said, following a settlement announced on Sept. 8 over claims that some customers were pushed into fee-generating accounts they never requested.

Wells Fargo declined to comment on Wednesday. A spokeswoman for U.S. Attorney's Office in Manhattan also declined to comment.

"We don't comment on the existence or non-existence of any investigation," said Abraham Simmons, a spokesman for the U.S. Attorney's Office in San Francisco.

The investigation was first reported by the Wall Street Journal.

The federal prosecutors' probes add a new headache for the company, which has been hit hard by allegations that its staff opened more than two million bank accounts and credit cards for customers without their consent to meet internal sales goals.

As part of last week's settlement, Wells Fargo agreed to pay $185 million in penalties and $5 million to customers. Wells Fargo also said that it had fired 5,300 employees over the sales conduct.

That settlement was with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney.

The bank neither admitted nor denied the allegations as part of the settlement.

On Tuesday, Chief Executive John Stumpf apologized and said the management takes responsibility for the problems identified in the settlement.

Although the bank eliminated sales goals for retail staff, Stumpf said "cross-selling" products from various businesses to customers is still important to expand its business.

(This version of the story has been refiled to correct second paragraph to make clear U.S. Attorneys' Offices are plural)

(Reporting by Anet Josline Pinto in Bengaluru and Nate Raymond in New York; Editing by Don Sebastian and Grant McCool)

By Nate Raymond

Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY -2.45% 228.51 Delayed Quote.35.20%
WELLS FARGO & COMPANY -3.88% 21.82 Delayed Quote.-57.81%
share with twitter share with LinkedIn share with facebook
All news about WELLS FARGO & COMPANY
02:01pWELLS FARGO & COMPANY : Announces Common Stock Dividend
11:13aWells Fargo on Track for Lowest Close Since May 2009 -- Data Talk
10/23Goldman Seizing or Withholding $174 Million From Executives for 1MDB Case -- ..
10/23GLOBAL MARKETS LIVE : Intel, Mattel, NordeaÖ
10/23WELLS FARGO MPANY : launches Payment Tracker during SIBOS 2020
10/23WELLS FARGO MPANY : Lucy To Joins Wells Fargo's Corporate & Investment Banking H..
10/22EXCLUSIVE : Wells Fargo explores sale of asset management business - sources
10/22Wells fargo & co explores sale of its asset management business-sources
10/22Goldman Seizing or Withholding $174 Million From Executives for 1MDB Case -- ..
10/22Goldman Seizing or Withholding $174 Million From Executives for 1MDB Case -- ..
More news
Financials (USD)
Sales 2020 71 964 M - -
Net income 2020 1 307 M - -
Net Debt 2020 - - -
P/E ratio 2020 82,9x
Yield 2020 5,59%
Capitalization 93 808 M 93 808 M -
Capi. / Sales 2020 1,30x
Capi. / Sales 2021 1,32x
Nbr of Employees 274 900
Free-Float 75,0%
Duration : Period :
Wells Fargo & Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WELLS FARGO & COMPANY
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 29,42 $
Last Close Price 21,82 $
Spread / Highest target 106%
Spread / Average Target 34,8%
Spread / Lowest Target 5,41%
EPS Revisions
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
Sector and Competitors