Executive panel: key banking cybersecurity developments for 2023
Ten executives from top firms, including Wells Fargo, Microsoft, TransUnion, and RBC, share their expert views.
Wells Fargo
Wells Fargo launches digital financial planning platform LifeSync
LifeSync, available from March, will sit within the Wells Fargo mobile app.
Wells Fargo lays off hundreds of its mortgage bankers
The job cuts were made in response to “significant decreases” in mortgage volumes, Wells Fargo says.
FinTech Futures: Top five stories of the week – 27 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Several major US banks reportedly team up on new digital wallet project
Seven banks are working on an e-wallet linked to consumers’ debit and credit cards, The Wall Street Journal reports.
2022: Top five partnerships
FinTech Futures takes a look back at some of the year’s top new fintech partnerships.
Wells Fargo fined $3.7bn for loan, mortgage and deposit mismanagement
Wells Fargo must pay more than $2bn in redress to 16 million affected consumers and a $1.7bn civil penalty.
Wells Fargo launches digital business banking platform Vantage
Vantage leverages AI and machine learning to deliver personalised financial services for businesses.
US banking sector launches digital asset settlement proof of concept
US banking heavyweights will explore the feasibility of a DLT-powered interoperable digital money platform.
FinTech Futures: Top five stories of the week – 28 October 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Wells Fargo partners Google Cloud for AI virtual assistant, Fargo
Fargo will leverage Google Cloud’s conversational AI platform Dialogflow to offer personalised banking tips.
Video: Wells Fargo at FinovateSpring 2022 – BaaS and open banking
FinTech Futures chats with Reetika Grewal of Wells Fargo to discuss open banking and BaaS.
Video: Wells Fargo at FinovateSpring 2022 – How to achieve digital acceleration
FinTech Futures chats with Madhu Narasimhan of Wells Fargo to discuss approaches to digital transformation.
HSBC and Wells Fargo launch blockchain-based FX settlement solution
The shared, private ledger enhances settlement speed and efficiency and reduces risk.
Sibos 2021: ISO 20022 “isn’t the solution to all your problems”, says panel
Payments panel at industry conference cautions sector about incoming standard.
Wells Fargo pays $37.3m to settle US foreign exchange lawsuit
The lawsuit was brought against the bank by the Department of Justice.
Elizabeth Warren calls on Fed to break up Wells Fargo
Senator cites the bank’s “longstanding ungovernable behaviour”.
Vestwell lands $70m Series C round co-led by Wells Fargo
Series C takes Vestwell’s total funding to around $112m over four rounds.
Super gains $50m Series C funding for home warranty sector solutions
New investor, Wells Fargo Strategic Capital (WFSC), has led the $50 million round.
Six Black-owned banks receive funding from Well Fargo’s $50m MDI pledge
The banks will have access to a dedicated Wells Fargo relationship team.
2020 review: 10 largest regulatory fines this year
The fines kept flowing even in a year as turbulent as 2020.
2020 review: 10 largest bank job cuts this year
This year has seen several job cut announcements.
Three major US banks make up half of 2020’s $11.39bn fine total
Together, Goldman Sachs, Wells Fargo, and JPMorgan Chase paid $7.85 billion of this total.
Buffet sells another $2.5bn in Wells Fargo shares
The 136 million shares Berkshire owns are worth less than $3.3bn.
Wells Fargo extends 25-year processing partnership with TSYS
US bank resigns for TSYS payments technology.
Wells Fargo resumes job cuts after pandemic break
Layoffs, branch closures and cuts to third-party spending are on the table.
Wells Fargo compliance chief Mike Roemer steps down
The major US bank is undergoing a risk restructure.
PayPal nabs Wells Fargo’s Peggy Mangot for venture capital role
Mangot was behind the launch of Wells Fargo’s challenger app Greenhouse.
Wells Fargo hires Ather Williams III from Bank of America
Major US bank says its new head of strategy will drive innovation.
Wells Fargo mulls job cuts amid loan losses
The major US bank is looking at a strategic overhaul.
Report: Five success factors for an ideal ISO 20022 migration
ISO 20022 represents an opportunity for banks to reinvent the way they operate.
Goldman eyes up merger with Wells Fargo, PNC & US Bancorp on its shortlist
Goldman Sachs, “weakening biz model” would “force a merger,” says Charles Gasparino at Fox Business.
Wells Fargo agrees to pay $3bn fine for fraudulent account furore
US bank agrees to pay hefty settlement fine on ongoing probe.
Wells Fargo cuts 700 jobs, overhauls exec suite and invests $5m in crypto start-up
The bank is splitting its three-part structure into five.
Former Wells Fargo CEO barred from banking industry, fined $17.5m
Seven other former Wells Fargo executives were reprimanded by the OCC.
JP Morgan embroiled in yet another racism scandal
The New York Times obtained two recordings highlighting racial discrimination in the bank.
Wells Fargo hires Santander’s US chief as new COO
Scott Powell will be the bank’s new chief operating officer.
Wells Fargo ordered to pay USAA $200m for infringed payments patents
USAA has further lawsuits pending over cheque deposit system.
BIAN takes aim at core banking modernisation with new initiative
It wants to create an efficient and effective approach to core change.
Sibos 2019: Banks face existential threat from fintechs “willing to lose money”
Industry is “misjudging” competitive risk in payments.
