Wells Fargo on foreclosure checks: “We don’t need no stinkin’ audits.”
Wondering where the San Francisco bank stood while other big lenders, like JPMorgan, GMAC and BofA were suspending foreclosures while checking procedures, I got this statement from a spokesman the...
View ArticleWells Fargo foreclosures: Possible “lapses” in up to 55,000 cases.
Remember not so long ago when Wells Fargo said things like, “Our affidavit procedures and daily auditing demonstrate that our foreclosure affidavits are accurate.”? This from Bloomberg: Wells Fargo...
View ArticleWells Fargo closes East Bay faciliity, lays off 137
This from Wells Fargo: Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A., said today that it will close its wholesale lending operations site in Concord. The facility processes loans for...
View ArticleWells Fargo: The Feds are gunning for us
From Bloomberg: Wells Fargo & Co.’s lending and foreclosure practices probably will draw an enforcement action that may include a fine, the bank said today in a regulatory filing. “It is likely...
View ArticleBank of America (last bank standing) drops debit card fees
From Reuters: Bank of America Corp is dropping plans to charge a $5 monthly fee for debit card use, a source familiar with the matter said on Tuesday. The second-biggest U.S. bank becomes the last big...
View ArticleCalifornia AG subpoenas Fannie Mae, Freddie Mac
From the L.A. Times: Investigators with the California attorney general’s office have subpoenaed information from mortgage titans Fannie Mae and Freddie Mac as part of a wide-ranging inquiry into...
View ArticleSan Francisco banker investigated for insider trading
From the New York Times: Federal prosecutors in California are said to be investigating whether Matthew E. Korenberg, an investment banker at Goldman Sachs, leaked confidential information about health...
View ArticleWells Fargo: $100 million environment grants to nonprofits, universities
From Wells Fargo: Wells Fargo & Company announced today a $15 million relationship with the National Fish and Wildlife Foundation that launches its new environmental grant program aimed at awarding...
View ArticleWells Fargo commits $55 billion to women-owned businesses
From Wells Fargo: Wells Fargo & Company today announced a commitment to lend a cumulative total of $55 billion to women-owned businesses in the U.S. by the year 2020, updating its lending...
View Article“Oscar”nomination for Richmond refinery fire performance
Here’s how to be in the running for an investment industry “crisis management” award: Explosions and fire at your East Bay oil refinery send thousands to hospital, results in huge fine for company and...
View ArticleLike a good neighbor, Wells Fargo is there. In a way.
Say hello to your 21st Century “neighborhood bank,” complete with big-screen ATMs, “paperless workflow” and employees walking around with tablets; all to serve you, the customer, better. Wells Fargo...
View ArticleNew Fed chief: S.F., Berkeley vs. Harvard, Wall Street
Janet Yellen or Larry Summers? President Obama promoted the UC professor and former SF Fed bank CEO to be second-in-command to Ben Bernanke. He appointed consumate Washington and Wall Street insider...
View ArticleFast food workers: say hello to bank tellers
From the Washington Post: Almost a third of the country’s half-million bank tellers rely on some form of public assistance to get by, according to a report due out Wednesday. Researchers say taxpayers...
View ArticleWells Fargo afraid of being disrupted?
Wells Fargo has forbidden its members to have anything to do with online peer-to-peer lenders, like San Francisco’s Lending Club and Prosper Marketplace. Why? Because, “for-profit peer-to-peer lending...
View ArticleJamie Dimon: Yes, there is no justice
It feels like howling at the moon. No matter how egregious and systematic the malfeasance, not matter how many lives have been ruined, no matter how loud the calls for accountability, the big chiefs...
View ArticleCharles Schwab hitting the ‘ol dusty trail?
If you want to talk to Chuck, you may have to move to Texas. Charles Schwab is moving “approximately 1,000 jobs out of San Francisco over the next three to five years,” a spokeswoman for the investment...
View ArticleThe unbanked pay dividends for a Silicon Valley company
A Bay Area start-up that targets the unbanked has attracted some serious money and a big new partner. PayNearMe, a Sunnyvale electronic cash transaction company, just closed a $20 million round of...
View ArticleTop of the morning: Amazon’s never-ending battle, Siri stopped and eminent...
A quick round up of news and views that caught my eye this morning. Here, kitty kitty: The latest round in the Amazon/Hachette battle has the world’s biggest bookseller offering Hachette authors 100%...
View ArticleThe harsh reality of tech bus drivers
Working life isn’t a very happy one for drivers of the luxury shuttle buses transporting high tech workers to and from Silicon Valley every day. “For the most part, they earn low wages and benefits....
View ArticleAt last, Lending Club files to go public
It was only a matter of time. San Francisco’s Lending Club filed for its long anticipated initial public offering this morning. It didn’t state the number of shares or price range it was considering,...
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