Wells Fargo Raises Reserves After Saying SEC Is Probing Its Sales Practice Disclosures (CNBC)
Wells Fargo on Thursday said in a filing that it is raising its reserves and added the Securities and Exchange Commission to the list of federal and state agencies that are investigating its sales practice disclosures. Wells Fargo said the high end of reasonably possible litigation losses is above reserves at $1.7 billion as of Sept. 30, 2016. The bank previously saw only $1 billion in possible litigation losses above reserves.
In interviews, more than a dozen past and current Wells Fargo employees -- many of them senior managers -- chronicled how a generation of executives thrived in its ambitious sales culture, winning accolades and promotions, while being held aloft as examples to colleagues. All the while, people under them were opening legions of unwanted accounts for customers. As Wells Fargo grew, some stars fanned out from Southern California, described by colleagues and in congressional testimony as a focal point of the rampant misconduct, spreading a culture that lionized boosting sales.
It looks as though the probability of a Trump victory remains underpriced on markets, and could easily swing wildly in the next few days. University of Iowa research shows that we should expect this in any case. It is a property of betting on a binary outcome; as the event approaches, there is less time for a bet to pay off. That means volatility will rise. If anyone betting on Clinton has doubts now, they only have a few days to sell, and doing so will depress the price further. Big swings in prediction markets in the last few days of a campaign are the norm.
Since most Israelis prefer knowing their food is prepared according to Jewish custom, hotels, restaurants and manufacturers have little choice but to go along with the arrangement - adjusting their kitchens, modifying ingredients, and paying a fee to get a must-have kosher certificate. But new data shows the system is weighing on the economy, draining productivity, pushing up prices and allowing large cash balances to accumulate off the books, angering tax authorities.
Kentucky plans to pull more than half of its investments in hedge funds in the coming three years, a significant retreat for a state that had embraced Wall Street money managers following the last financial crisis. The deeply indebted Kentucky Retirement Systems, or KRS, expects to withdraw at least $800 million out of $1.5 billion committed to hedge funds, David Eager, interim executive director, said Wednesday after a meeting of the committee that oversees investments for the state’s pension and insurance funds.
It was a good day in court Wednesday for Lynn Tilton, as the investor successfully parried with a Securities and Exchange Commission lawyer bent on showing she was less than honest with her clients.
The Chicago Cubs are World Series champions after a wait of 108 years, and one very tense extra inning. Here’s how the final out of tonight’s Game 7 sounded on TV and radio around the globe, starting up top with Chicago’s flagship radio broadcaster WSCR.
Credit Suisse boosted profits significantly more than expected in the third quarter as Switzerland’s second largest bank pushed ahead with cost cutting and expansion in Asia. Tidjane Thiam, chief executive, said the results “confirm the positive trends that were visible in our second quarter results.”
For months, President Recep Tayyip Erdogan has been leaning on Turkey’s banks to give the economy a boost with easier credit. In August, he warned that failure to comply could amount to “treason.’’ Two weeks ago, Prime Minister Binali Yildirim joined the push, telling lenders, “You either do this on your own or we make you do it.’’ The message now seems to have gotten through. Monday, two of the country’s biggest banks announced they were cutting lending rates. The next day, Yildirim summoned top executives from the industry for a meeting to discuss what more they could do.
A Michigan dog who spent weeks on death row has returned home after DNA tests cleared him in the death of Vlad, a dog next door. Jeb, a Belgian Malinois, was released to his owner Wednesday. Kenneth Job was emotional, saying his dog looks "awful skinny but he's alive."