February 27, 2014 |
The Business section of the Los Angeles Times and several of its writers were honored Thursday by the Society of American Business Editors and Writers. The daily section was named as a finalist for the general excellence award for daily newspapers with a circulation of more than 400,000, behind the winner, the business section of the New York Times. “A worthy honoree,” the judges said of the Los Angeles Times' Business section. “In particular, the paper's investigation on Wells Fargo sales quotas featured on the front page exhibited great enterprise in exposing questionable behavior from a bank that had largely avoided scrutiny.” Los Angeles Times staff writer E. Scott Reckard won in the breaking news category, honored for the Wells Fargo story . Consumer columnist David Lazarus won in the category of newspaper commentary, primarily for his coverage of healthcare issues . In the category of newspaper features, staff writer Alana Semuels won for a series on overworked and increasingly pressured Americans.
January 14, 2014 |
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
December 30, 2013 |
WASHINGTON - Wells Fargo & Co. said Monday it has agreed to pay $591 million to Fannie Mae to settle disputes over soured mortgages the bank sold to the seized housing finance giant during the subprime housing boom. The agreement covers loans originated by Wells Fargo before 2009 that Fannie Mae was trying to force the bank to buy back. The deal "resolves substantially" all repurchase issues related to those loans, the company said. Wells Fargo will pay $541 million in cash to Fannie Mae, with the rest covered by credits from earlier repurchases.
December 28, 2013 |
A Times investigation into the intense sales culture at Wells Fargo Bank, published in Sunday's newspaper, has drawn strong reaction from the bank's customers and employees. Many related experiences similar to those described in the story. The Times reported that rigid daily quotas caused many employees to unethically inflate sales - often by pushing unnecessary accounts or services, at times without customer permission. Some staffers begged family members to open ghost accounts; others ordered credit cards that customers never requested, or forged signatures on account paperwork.
December 25, 2013
Re "Wells Fargo sales quotas come at cost," Dec. 22 From 1996 to 2002, I worked at a Wells Fargo branch in Brentwood. My experience was just as The Times reported for other workers. I was criticized numerous times for not selling according to the bank's wishes. Contrary to the bosses' demands, I chose not to push products on people who did not want or need things like loans or credit cards. Customers were called in the evenings, as the article describes. Employees misbehaved.
CALIFORNIA | LOCAL
December 6, 2013 |
The FBI is asking the public's help in identifying a bank robber dubbed the Valley Bandit who has struck eight banks in the San Fernando Valley over the past year. Since last December, he's robbed Bank of America, Chase and Wells Fargo branches in cities across the San Fernando Valley, including Northridge, North Hills, Van Nuys and Sherman Oaks. The most recent robbery took place on Wednesday at a Wells Fargo in West Hills. Federal officials on Friday released photographs of the accused robber in an effort to identify him. Officials say the bandit enters the bank and says he wants to make a withdrawal before brandishing a weapon and demanding cash.