Market Watch: Axe Continues to Fall at Wells Fargo

It’s widely known that Wells Fargo is a big bank. How big? With over $1.9 trillion dollars in assets, Wells Fargo has 8,600 stores and offices in all 50 states and over 13,000 ATMs. It has more stores and serves more communities than any other U.S. bank. At the end of third quarter 2016, Wells Fargo ranked third in assets among U.S. banks. The bank has 70 million customers, and has approximately 269,000 employees in 36 countries across more than 90 businesses. It is also generally known that Wells Fargo has suffered some huge hits over the past year over its unsavory sales practices, and has been struggling in the aftermath of its fraud scandal.

Today came word that Wells Fargo has fired four senior managers as an investigation continues into the bank’s sales practices.

See more from CNBC below.

Wells Fargo has fired more than 5,000 employees over a 5-year period after discovering unauthorized credit card and checking accounts were established for millions of unsuspecting customers. The bank said it was sorry and said it would take full responsibility for “any instances where customers may have received a product that they did not request.”

Here are the final numbers from Tuesday, February 21, 2017 on Wall Street:

Dow Jones Industrial Average: 20,743   (+118.95 / +0.58%)

NASDAQ: 5,865.95  (+27.37 / +0.47%)

S&P 500: 2,365.38  (+14.22/ +0.60%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 6 days ago
Phil Cannella
Phil Cannella
Phil Cannella

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