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Tag: ExWells

Ex-Wells Fargo CEO John Stumpf misled investors in fake accounts scandal, SEC says

Finance
John Stumpf, chief executive officer of Wells Fargo & Co., waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, Sept. 29, 2016.Andrew Harrer | Bloomberg | Getty ImagesEx-Wells Fargo CEO John Stumpf and former deputy Carrie Tolstedt were charged by the Securities and Exchange Commission with misleading investors about the bank's success in selling multiple products to customers.Stumpf agreed to pay a $ 2.5 million civil penalty to resolve the matter, allowing him to avoid admitting or denying the charges, the SEC said Friday.The two executives had certified in 2015 and 2016 investor disclosures that touted the firm's supposedly robust "cross-sell" metric, despite knowing it was misleading, the SEC said in a statement. The metric is an indu...
Fed 'hit the bulls-eye' with statement: Ex-Wells CEO Dick Kovacevich

Fed 'hit the bulls-eye' with statement: Ex-Wells CEO Dick Kovacevich

Finance
The Federal Reserve's decision to raise its interest rate once more this year and lower its projection for next year "hit the bulls-eye," former Wells Fargo CEO Dick Kovacevich told CNBC on Wednesday. In a highly anticipated decision, the independent agency announced Wednesday it is increasing its benchmark interest rate a quarter-point to 2.25 to 2.5 percent, and planning for two hikes, one less than previously proposed, in 2019. "It did exactly what I wanted [it] to do and what I thought is best to do," Kovacevich said on "Power Lunch." Making his own case to boost th...