2021-01-15 — cnn.com
More than four years after the Wells Fargo (WFC) fake-accounts scandal erupted, the bank reported Friday another $321 million of quarterly losses tied to customer refunds. That brings Wells Fargo's 2020 total for what it calls customer "remediation" to a staggering $2.2 billion.
Former Wells Fargo executives continue to get punished by regulators for their behavior at the bank. The Office of Comptroller of the Currency announced Friday a $3.5 million fine against James Strother, the bank's former general counsel. The OCC cited Strother's role in Wells Fargo's "systematic sales practices misconduct." The agency said last year it was seeking a $5 million fine against Strother. As part of the settlement, Strother has agreed to cooperate on other potential OCC investigations into Wells Fargo.
the bank disappointed Wall Street by reporting a 10% slide in revenue to $17.9 billion. The bank's shares fell more than 3% in premarket trading, eating into its 2021 gains. Last year, Wells Fargo lost 44% of its value, far outpacing the losses among other big banks.
As it has done in recent years, Wells Fargo is leaning on share buybacks to placate frustrated shareholders. The bank boosted its buyback plan by another 500 million shares. At current prices, that translates to more than $16 billion worth of buybacks
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