The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
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The Wells Fargo Capitol Center rises over Fayetteville Street and has 550,538 square feet of office space.
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Wells Fargo, which employs thousands of people across North Carolina, is expecting to make layoffs in 2024, its CEO saying Tuesday that the company may set aside $750 million or more for severance costs.
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San Francisco-based Wells earned $4.9 billion, or $1.25 per share in the period, on $20.5 billion in revenue. That beat Wall Street analysts’ targets, which called for profit of $1.16 per share on $20.1 billion in revenue.
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Consumer banking giant Wells Fargo was ordered to pay $3.7 billion in fines and refunds to customers by U.S. government regulators, the largest fine to date against the bank, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
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Wells Fargo easily beat Wall Street’s third-quarter revenue forecasts as higher interest rates helped offset a steep decline in home lending.
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Bank of America and Wells Fargo both topped Wall Street expectations for the third quarter Thursday. Here are the details.
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Few companies in the Triangle are requiring employees to be vaccinated or be terminated, SAS and Merck being the notable exceptions at this point.
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Democratic Senator Elizabeth Warren is calling on the Federal Reserve to break up Wells Fargo following years of scandal at America’s most troubled big bank.
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