Tag Archive chase financial

Wells Fargo and the banking industry: what we know

September 17, 2021 Comments Off on Wells Fargo and the banking industry: what we know By admin

Financial services provider Wells Fargo is being investigated for allegedly misleading clients and charging too much for the services they used to manage accounts.

The US Department of Justice and the Department of Labor have opened an investigation into Wells Fargo, which is based in Fargo, North Dakota, over its practices and policies.

The department has also opened a civil lawsuit against the company, which it says is a “systemic threat to consumers”.

The bank is accused of misrepresenting customer accounts in its Wells Fargo products, as well as misleading customers about the cost of certain products.

Wells Fargo said it has “reached a settlement agreement” with the DOJ and is “fully cooperating”.

“The company has resolved this matter with the Department for $10 million and the department will not pursue a civil suit against Wells Fargo.”

The bank has been fined by the DOJ for “systemically threatening” its customers and its practices, and has also been ordered to implement a new program to ensure the accuracy of its records.

Wells has been criticised by consumer advocates for charging too little for its financial products and for charging high fees for certain products, such as a $250 credit card.

Wells Fargo’s latest settlement is not the only case it is facing.

The Department of Agriculture recently told the bank it had suspended all its loan programs.

Wells said the USDA had done this because it had found “serious misconduct” in its programs.

This case is not yet known to have a criminal outcome.

The bank said it had been advised by its lawyers and that it would not make any further comment until the matter was resolved.

If you are in Australia and would like to report this news, you can do so by calling the Australian Federal Police on 1800 333 000 or sending an email to [email protected]

Follow our live blog of the Wells Fargo settlement announcement for more details.

Read more about Wells Fargo:The full Wells Fargo news story is here


G-Mac Financial CEO: ‘We’re not going to be able to compete’

August 20, 2021 Comments Off on G-Mac Financial CEO: ‘We’re not going to be able to compete’ By admin

The executive who ran G-MAC Financial, a bank that was a subsidiary of Securian Financial, told Bloomberg News the company was no longer profitable and will need to focus on growth.

“We are a small bank and we need to grow and we don’t have a large bank in our portfolio, so that will be our next challenge,” said Michael Cavanagh.

“It’s a tough time to be a bank.”

The former CEO said G-mac would likely have to focus more on its online banking business, which was one of the biggest drivers of its sales.

“You can’t compete on the level of how you offer products and services,” Cavanag said.

“I think it’s going to take a long time to grow, it’s been a difficult year for us, and we’ve been focused on our online business.”

Cavanagg said the bank was not yet ready to announce the closure of the business, but that it would likely focus on its new business, and if it was successful, it would expand the bank into other markets.

The former executive said the company had raised $20 billion in equity funding.

In August, G-Mobile and G-Mall also announced they were going into receivership.

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