Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Big banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
Wells Fargo 4Q profit falls by half but tops expectations
Wells Fargoโs profit for the fourth quarter came in ahead of Wall Streetโs targets but were about half of what it earned last year as the bank had to pay another $3.3 billion in fines and penalties to settle numerous scandals from recent years.
Wells Fargo to pay $3.7B over consumer law violations
Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
KPRC 2 Investigates: Zelle fraud victims rarely get their money back
Chase, Bank of America, Wells Fargo... no matter which bank you use, you probably trust your bank to protect your money. But consumer advocates are calling out the nation's largest banks for giving thieves easy access to your cash through an app and platform they created. They say new numbers from some of those banks show just how much criminals are making from Zelle.
Mayor Turner, Wells Fargo announce launch of $20M grant for small, diverse businesses, non-profit organizations in Houston area
Houston Fund for Social Justice and Economic Equity Honorary Board Chair Mayor Sylvester Turner, along with Wells Fargo and Black Houston business and civic leaders, announced the launch of the Open for Business Grant portal to distribute $20 million to Houston-area diverse, small businesses and non-profit organizations.
KPRC 2 Investigates: Phone number swap scam warning
A new scam is targeting something just about all of us have in our pocket or purse - our cell phone. Itโs called SIM swap fraud and our KPRC 2 Investigates team explains how criminals can steal your phone, your personal information and your money, without ever touching your device. We have the warning plus, what you need to do to protect the information on your phone.
Pipeline foes gear up for large northern Minnesota protests
Environmental and tribal groups opposed to Enbridge Energyโs ongoing effort to replace its aging Line 3 crude oil pipeline are planning large protests in northern Minnesota as the Canadian-based company gears up for a final construction push.
Wells Fargo posts $2 billion profit in 3Q, reversing 2Q loss
Wells reported revenue of $18.86 billion in the quarter, also down from last year's third quarter when it took in $22 billion. Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year's period. On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years.
Asian stocks follow Wall St lower as stimulus hopes fade
Stocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.
Wells Fargo CEO apologizes for comments about diversity
FILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK โ Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees โthere is a very limited pool of Black talent to recruit fromโ in corporate America. โPerhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,โ said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.
Houston-area families can get free food at these distribution events every Saturday through mid-Sept.
LA PORTE, Texas โ Wells Fargo is partnering with the Houston Food Bank to distribute meals to those who need them. The distribution will start Saturday at the Wells Fargo La Porte Branch on 1001 Highway 146 South. People can drive up to the branch between 1:30 p.m. and 3 p.m. to get food. โWells Fargo has a long-standing commitment to help our local communitiesโespecially during challenging times. We are glad to bring nourishment for many families and hope this modest gesture lifts spirits and reminds people that they are not alone.โ