Wells Fargo faces criticism as new scandal uncovered
Financial services major Wells Fargo is facing a new wave of criticism after a revelation that the bank spent years in enrolling unknowing borrowers in costly collateral protection insurance (CPI) program.
Nearly 800,000 Wells Fargo auto borrowers were allegedly inappropriately charged for insurance. It rattled investors, dragging its stock down 2.6 per cent on Friday.
NYC Comptroller Scott Stringer, who is responsible for overseeing public pension funds that hold nearly 11.6 million Wells Fargo shares, said it was a “full-blown” scandal again.
Attacking the bank, Stringer said, “This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn't just a corporate debacle. It's caused real human harm.”
Stringer asked Wells Fargo to immediately install a new independent chair and disclose more information.
The new scandal surfaced just a day after Wells Fargo announced its decision to reimburse $80 million to nearly 570,000 affected customers who qualified for a refund.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.
The European Union’s effort to increase tax on turnover of technology multinationals like Google and Amazon gained momentum as nearly one third of EU states are now in support of the plan, French Finance Minister Bruno Le Maire said on Friday.
Stock price of electric vehicle maker Tesla gained more than 3 per cent on Thursday, after the company’s founder and CEO Elon Musk confirmed plans to introduce an electric semi-truck.
Bitcoin suffered its steepest decline since January 2015 on Friday after a senior executive of China’s state-backed internet finance body said the controversial digital currency could pose risks because Bitcoins and other cryptocurrencies could be
Cupertino, California-based Apple Incorporated has quietly increased prices for the 256GB and 512GB models of its iPad Pro by $50, MacRumors reported.