Wells Fargo

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

Wells Fargo sign
MoneyBlogNewz / Flickr / https://creativecommons.org/licenses/by/2.0/

Updated 3:49 p.m.
The unflattering news keeps coming for Wells Fargo. The San Francisco-based bank said Thursday that an expanded review turned up more potentially fake accounts, beyond what Wells had already announced.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

High-level changes may be in the works at Wells Fargo. The Wall Street Journal reports the embattled bank is eyeing changes that will likely include the departure of chairman Stephen Sanger. He's held the post since October, when then-chairman and CEO John Stumpf abruptly stepped down.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

An independent report’s findings have spurred Wells Fargo to claw back an additional $75 million in compensation from two executives over the banks’ use of fake customer accounts. But the investigation also shows the scandal goes much deeper and has gone on for far longer than previously known.

As dry conditions move east from North Carolina's mountains, five counties are now in an 'exceptional' drought - the highest level as determined by the U.S. Drought Monitor.

State officials say exceptional drought has now spread to Graham, Macon, and Swain counties, joining them with Cherokee and Clay counties. More than 40 percent of North Carolina is now in some stage of drought, up from 30 percent last week.

Wells Fargo CEO John Stumpf To Retire

Oct 12, 2016
Mark Hames / Charlotte Observer

(Charlotte Observer)

Embattled Wells Fargo Chairman and CEO John Stumpf is stepping down from the bank he has led for nearly a decade, following intense scrutiny over a fake accounts scandal that erupted last month.

Local News Roundup

Sep 30, 2016

On the local news roundup, Charlotte continues to be in the national news following the police shooting of Keith Scott. City Council was disrupted by protestors and the poignant sight of a young girl crying over mistreatment of African-Americans by police. More heat on Wells Fargo CEO John Stumpf over the fake accounts scandal and Charlotte makes its way into this week’s presidential debate. Those stories and more with our roundtable of reporters.

House Bill 2 Repeal Stalls; Wells Fargo Under Scrutiny

Sep 20, 2016

An update on how Charlotte City Council reacts to a possible repeal of HB2 contingent on their repeal of a local ordinance. Followed by a look at what recent revelations of unscrupulous behavior at Wells Fargo may mean for big banks.

Bank of America and Wells Fargo both reported strong third-quarter profits Wednesday. 


Ildar Sagdejev/Wikipedia

Banking giant Wells Fargo reported a rare decline in its first-quarter earnings from a year ago. According to Wells Fargo officials, this year’s first-quarter net earnings dropped slightly to $5.8 billion, from $5.9 billion a year ago. 

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