Latest Wells Fargo & Co News

FILE - In this Thursday, April 2, 2020 file photo, Jovita Carranza, administrator of the Small Business Administration, speaks about the coronavirus in the James Brady Press Briefing Room of the White House n Washington, as Vice President Mike Pence, President Donald Trump listen. Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare for the deluge. Small businesses will be seeking loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic. (AP Photo/Alex Brandon, File)

Small business relief program launches, hits snags

Apr. 3, 2020 6:35 PM EDT

NEW YORK (AP) — The federal government’s $349 billion relief program for small businesses got off to a rocky start Friday as hundreds of thousands tried to apply for desperately needed loans. Many small business owners ran into bureaucratic or technological road blocks. Some even discovered their...

The USNS Mercy enters the Port of Los Angeles, Friday, March 27, 2020, in Los Angeles. The The 1,000-bed Navy hospital ship is expected to help take the load off Los Angeles area hospitals as they treat coronavirus patients. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Mark J. Terrill)

California has surge of virus cases that threatens hospitals

Mar. 27, 2020 11:33 PM EDT

LOS ANGELES (AP) — The surge of coronavirus cases in California that health officials have warned was coming has arrived and will worsen, Gov. Gavin Newsom said Friday, while the mayor of Los Angeles warned that by early next week his city could see the kind of crush that has crippled New York. “We...

Unidentified Los Angeles residents are admistered with a test for COVID-19 while in their vehicles inside the Crenshaw Christian Center in South Los Angeles Wednesday, March 25, 2020. With California virus cases surging, Gov. Gavin Newsom said his stay-at-home order for 40 million Californians may stay in place into May.  (AP Photo/Damian Dovarganes)

California governor: 5 big banks suspend mortgage payments

Mar. 25, 2020 9:02 PM EDT

SACRAMENTO, Calif. (AP) — Five of the nation's largest banks have agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said Wednesday. The announcement came as Newsom provided yet another grim statistic about the economic...

FILE - In this Monday, March 16, 2020, file photo, pedestrian traffic is light along Wall Street in Lower Manhattan in New York. The banking system is not as risk of failing as banks have plenty of capital on hand to handle this crisis due to the new coronavirus, economists say. (AP Photo/Craig Ruttle, File)

With billions at stake, banks try to save stunned borrowers

Mar. 24, 2020 2:44 PM EDT

NEW YORK (AP) — Tarred as villains during the 2008 financial meltdown, banks of all sizes are trying to help out Americans reeling from the economic crisis caused by the coronavirus outbreak. Banks are scrambling to put into place loan forgiveness and relief programs, working to keep their customers from...

A view a street in downtown Milan, Italy, Sunday, March 15, 2020, as most people remained home following the indications of doctors and the government in order to slow down the spread of the new coronavirus. For most people, the new coronavirus causes only mild or moderate symptoms. For some, it can cause more severe illness, especially in older adults and people with existing health problems. (Claudio Furlan/LaPresse via AP)

The Latest: Stock market outdoes itself, but not in good way

Mar. 16, 2020 6:07 PM EDT

The Latest on financial markets (all times local): 4:30 p.m. Biggest drop ever. Worst day since. The stock has heard a lot of that over the past few weeks. The market outdid itself again Monday, though not in a good way. The Dow Jones Industrial Average dropped 2,997 points. That's the index's biggest point drop...

Virus seizes markets and it's no longer business as usual

Mar. 16, 2020 2:33 PM EDT

Global markets and businesses big and small opened the week to a landscape seemingly altered by the coronavirus pandemic. A host of retail chains have shut their doors or diminished hours of business. Banks are taking steps to keep cash on hand, lots of it. Markets in Asia, Europe and the U.S. are plunging....

A pair of shoppers wearing masks walks through Pike Place Public Market, Wednesday, March 11, 2020, in Seattle. In efforts to slow the spread of the new coronavirus, Washington state Gov. Jay Inslee announced a ban on large public gatherings in three counties in the metro Seattle area. (AP Photo/Stephen Brashear)

Nervous consumers around world pull back amid viral outbreak

Mar. 12, 2020 12:24 PM EDT

WASHINGTON (AP) — Buffeted by fears of the fast-spreading coronavirus, consumers in the United States and overseas are showing increasing signs of cutting back on spending in what amounts to a severe threat to economic growth. Consumer confidence has declined in most advanced economies in the past month,...

FILE - In this April 10, 2019 file photo, Bank of New York Mellon chairman and CEO Charles Scharf, left, testifies before the House Financial Services Committee during a hearing on Capitol Hill in Washington.  Scharf, the third chief executive of Wells Fargo in four years, appeared in front of Congress on Tuesday, March 10, 2020. He said that there's much the bank needs to do to fix its cultural problems, and isn't expecting it to be done until 2021.   (AP Photo/Patrick Semansky, File)

New Wells Fargo CEO: Issues will not resolve until 2021

Mar. 10, 2020 12:53 PM EDT

NEW YORK (AP) — The third chief executive of Wells Fargo in four years appeared in front of Congress on Tuesday, saying that there's much the bank needs to do to fix its cultural problems, and isn't expecting it to be done until 2021. Charles Scharf took over the troubled bank late last year. He replaced...

In this March 8, 2020, photo released by Xinhua News Agency, a staff member walks down a corridor of an empty makeshift hospital in Wuhan, central China's Hubei Province. The makeshift hospital converted from a sports venue was officially closed on Sunday after its last batch of cured COVID-19 patients were discharged. (Xiao Yijiu/Xinhua via AP)

10 Things to Know for Today

Mar. 10, 2020 6:22 AM EDT

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. XI VISITS VIRUS' EPICENTER AS RECESSION FEARS GRIP WORLD China’s president visits Wuhan, the center of the global virus outbreak, as Italy begins a nationwide travel ban and people worldwide brace for...

Gov't says Fifth Third opened fake accounts like Wells Fargo

Mar. 10, 2020 3:27 AM EDT

NEW YORK (AP) — The Consumer Financial Protection Bureau has filed a lawsuit against Fifth Third Bank, alleging the bank's employees opened fake accounts for customers in order to meet aggressive sales targets. The federal regulator alleged Monday that the bank knew its employees were opening fake...