At least 273 bank locations closed across the United States in May, while 46 opened that month. Many major banks have announced that they’re closing down branches in 2023, as more and more customers are making deposits via their phones or to keep tabs on their balances, all without leaving their homes. Others still rely on…
American Banks Closed 273 Branch Locations in May
June 30, 2023
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Oklahoma Targets Wall Street ESG Activists
May 4, 2023
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Oklahoma became the latest state to take action against Wall Street firms that it claims are hurting companies that are essential to providing jobs and energy for the state. Oklahoma Treasurer Todd Russ announced on Wednesday that 13 financial institutions, which have been deemed to be discriminating against Oklahoma’s energy industry, will be banned from doing business with the state, losing…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
Banks Spend Billions on Climate, Racial Equity
April 12, 2023
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In this year’s annual reports to shareholders, America’s largest banks proclaimed their allegiance to climate activism, racial equity, and other progressive causes, spending billions in shareholders’ money to support this agenda. Similar in vein to BlackRock CEO Larry Fink’s annual letter, which often pushed other CEOs to get in line with initiatives like renewable energy,…
First Republic Gets $30 Billion Rescue From Top US Banks
The beleaguered First Republic Bank will receive $30 billion from the top U.S. banks in a bid to stabilize the troubled firm, the banks confirmed in a joint statement Thursday. Eleven of the largest U.S. banks will provide an infusion to the bank following a volatile week that saw the lender’s stock plunge following the…
Wells Fargo Warns Customers of ‘Incorrect Balances or Missing Transactions’
A number of Wells Fargo online customers on Friday reported not seeing paychecks and direct deposits in their accounts, which the bank blamed on a technical issue. “If you see incorrect balances or missing transactions, this may be due to a technical issue and we apologize,” Wells Fargo told customers in an alert on its…
Wells Fargo Banker Gets Nearly 3 Years in Prison for Role in Money Laundering Scheme
February 28, 2023
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SAN DIEGO—A former Wells Fargo personal banker, who pleaded guilty to federal charges for his role in an international money laundering scheme, was sentenced Feb. 27 to nearly three years in federal prison. Leopoldo Lora Aguilera, 58, of Chula Vista, admitted to opening bank accounts under false names and wiring millions of dollars to Mexico,…
Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs
January 13, 2023
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Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank’s shares were down nearly 4 percent…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
Wells Fargo to Pay $3.7 Billion Over Consumer Law Violations
WASHINGTON—Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts. Wells was ordered to repay $2 billion to consumers by the Consumer Financial Protection Bureau…
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