Wells Fargo

Wells Fargo Slammed With $2.6 Billion Lawsuit By Terminated Workers

“Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low-level employees,” the bankers alleged in state court. “Although this policy was known to top executives of defendants, plaintiffs, as bankers, were blamed for harm to clients and retaliated against."

Heidi Cruz Rejoins Goldman Sachs

While Goldman is best known for creating the revolving door, where it either soaks up SEC "regulators", spawns central bankers and/or Treasury Secretaries like Hank Paulson, a new function was revealed today: providing sabbaticals for the spouses of presidential candidates. Case in point: Heidi Cruz, who left Goldman Sachs last year to help her husband Ted Cruz in his quest for the Republican presidential nomination, is returning to the bank in a newly created role in the Houston office.

Frontrunning: September 23

  • Futures slip after three-day rally as oil dips (Reuters)
  • Charlotte protests diminish early on Friday as family views video (Reuters)
  • Undecided Voters Are Proving a Tough Sell for Clinton and Trump (BBG)
  • Facebook Overestimated Key Video Metric For Two Years (WSJ)
  • Trump received $1.6 million from Secret Service (Politico)

Senators Call For Labor Dept Probe Into Wells Fargo As Warren Buffett Vows To Keep Silent Until After Election

That did not take long. Just hours after a CNN report suggested that Wells Fargo was retaliating, and firing, company whistleblowers who had spoken out against the company's illegal "account creation" practices (while blaming them of being "tardy"), moments ago Reuters reported that Senators have asked the Labor Department to investigate Wells Fargo for potential violations of Fair Labor Standards

Yellen To Wall St: It's Christmas In September So Buy, Buy, Buy!

"I’m now firmly in the camp that not only will the Fed not raise this year – they may not raise again for years. For they are not only “painted into a corner” via their own misdoings – they are chained there by Wall Street. They’ve missed the window..."

IRS Chief Requests Not To Be Impeached Despite Admitting He Misled Congress

IRS Commissioner John Koskinen expressed "regret" to Congress on Wednesday for his agency’s past mistreatment of tea party groups, but ahead of a hearing before the House Judiciary Committee, the top IRS official said he has cooperated with congressional investigators "and does not deserve to be impeached." In his prepared remarks, Koskinen said that impeaching him would be "improper" adding that "it would create disincentives for many good people to serve."

JPM Downgrades Wells Fargo; Expects More Probes "Following Tough Senate Hearings"

One day after what was a rather disastrous hearing for Wells CEO John Stumpf, which culminated with a Senator telling the embattled chief executive he may want to consider going to prison, the bad news continued overnight when the bank that overtook Wells in the "biggest US bank by market cap" category, JPMorgan, downgraded Wells to Netural, cutting its price target from $53.50 to $48.00 as a result of "tough Senate hearings and mounting public scrutiny following the opening of fraudulent accounts."

Frontrunning: September 21

  • Bank of Japan's policy reset muddies markets' risk mood (Reuters)
  • BOJ overhauls policy focus, sets target for government bond yields (Reuters)
  • BOJ Shifts Policy Framework to Targeting Japan’s Yield Curve (BBG)
  • Fed Focus Turns to Dots as Hike Odds Fade: Decision-Day Guide (BBG)
  • Oil jumps after surprise drop in U.S. crude inventories (Reuters)

Wells Fargo Discloses Carrie Tolstedt's Compensation, Answers If Any Will Be "Clawed Back"

Following today's dramatic grilling of Wells Fargo CEO John Stumpf in the Senate which culminated with Elizabeth Warren shouting at Stumpf that "You Should Resign, You Should Be Criminally Investigated"" moments ago Elizabeth Warren, and four Senate Democrats released answers from Wells Fargo to questions about the compensation of Carrie Tolstedt, as well as whether any of it will be clawed back.