A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
- Principal Financial Group Inc is in advanced talks to acquire Wells Fargo & Co’s retirement plan services business, in a deal that could exceed $1 billion, people familiar with the matter said on Sunday. Wells Fargo has been seeking to streamline its business as it grapples with the fallout of customer abuse scandals. The bank is prohibited from growing in size after the Federal Reserve slapped it with an unprecedented asset cap in February 2018, citing “widespread consumer abuses and compliance breakdowns.”
The bank’s retirement plan services unit, which includes Wells’ 401 savings accounts business, would expand a similar business of Principal Financial. If the negotiations are concluded successfully, a deal could be announced later this month, according to the sources, who spoke on condition of anonymity as the information is confidential.Based in Des Moines, Iowa, Principal Financial is a life insurance and financial services group with a market capitalization of $14.5 billion.
The disclosure three years ago that Wells Fargo created millions of fake customer accounts prompted regulatory probes into mortgage foreclosures, auto insurance sales and its wealth management businesses, resulting in billions of dollars in fines.
You are insulting us !
Can’t stand Wells Fargo!!!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This Veteran Managed Air Force Systems Before Managing $500M At Wells FargoBefore he managed finances, Steve Viets was responsible for managing something completely different—command management systems for the U.S. Air Force
Source: Forbes - 🏆 394. / 53 Read more »
Washington Wants to Know Why Timothy Sloan Hasn’t Fixed Wells FargoWells Fargo's regulators are debating a rare step: whether to force out top executives or directors. It's a reminder that CEO Timothy Sloan, who testifies before Congress this week, is still in the hot seat with Washington. They need to force out the top 100 people from this bank. Wells Fraudco. Still a rotten place to bank and work. Wells Fargo is proof of the absurdity of Glass Steagall repeal and its reckless culture is longstanding and likely intractable.
Source: WSJ - 🏆 98. / 63 Read more »
Wells Fargo CEO heads to Congress amid claims that reforms are slippingAs the chief executive of Wells Fargo & Co. gets set to tell lawmakers that the bank is moving past its history of consumer abuses, a new report contends the embattled San Francisco financial institution is backsliding. So happy I’m no longer in a major bank What a surprise. No shit . But if you listen to the “ news “ on financial networks- WF is all great - the past is all made whole . Blatant- infomercials- for WF and it’s stock price . Also gov. regulator’s disgraceful over-site continues in all areas of finance . Pathetic,behavior,no correction.
Source: latimes - 🏆 11. / 82 Read more »
Wells Fargo CEO to tout risk management, remediation to U.S. CongressWells Fargo & Co Chief Executive Tim Sloan will tout the scandal-plagued bank&0... 🇮🇳🇮🇳 जय हिंद What a liar 🤥 make US whole Sloan
Source: Reuters - 🏆 2. / 97 Read more »
Wells Fargo CEO Tim Sloan is getting ready to be grilled by CongressWells Fargo CEO Tim Sloan will be testifying before Congress in response to the company's widespread customer abuses. You mean Tim Fargo? Who’s this Sloan guy
Source: BusinessInsider - 🏆 729. / 51 Read more »
Wells Fargo CEO draws bipartisan ire in Congress hearingBoth Democratic and Republican lawmakers pressed Wells Fargo & Co Chief Executiv... I saw him once on the tarmac at Regan National airport. He pointed to the sky and shouted, “DePlane, DePlane!!” The smart money say nothiing has really changed and that it's nothing more than window dressing to hide wht they are doing. Is it about how they flood people with robocalls for a single delayed mortgage payment? JohnOliver
Source: Reuters - 🏆 2. / 97 Read more »
Wells Fargo CEO Faces Aggressive Questions from CongressWells Fargo Chief Executive Timothy Sloan faced combative questions from a bipartisan group of House lawmakers, his latest test in the yearslong fallout from his bank’s sales-practices scandal. Why aren't they going to jail? Fraud, Deception. Yale New congress in the rypical rear view mirror. How about proposing something food for your voters? Would be constructive rather that rehashing over past stuff? Low iQs must have taken over:( Company’s internal culture is horrible
Source: WSJ - 🏆 98. / 63 Read more »
Wells Fargo CEO avoids major stumble at heated congressional hearingDemocratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Ex... As in down the steps? Is Florentino Pérez sitting on the Back? Only one stumble bum at that hearing. AOC 🤣
Source: Reuters - 🏆 2. / 97 Read more »
Wells Fargo CEO Tim Sloan’s message of contrition and improvement draws bipartisan rebukeWells Fargo & Co. Chief Executive Tim Sloan traveled to Capitol Hill with a message of contrition for its many scandals and commitment to treating its employees and customers right. Lawmakers from both parties weren’t buying it. Funny, he looks nice.
Source: latimes - 🏆 11. / 82 Read more »