Wells Fargo
American multinational banking and financial services company
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| February 28 2025 | The Wells Fargo History Museum in San Francisco held its final day of operation, marking the end of the museum's long-standing presence at the company's corporate headquarters. |
| December 2024 | Wells Fargo announced plans to sell its decades-long San Francisco headquarters building, signaling a potential shift away from San Francisco and California. |
| December 2024 | Wells Fargo announced plans to relocate its corporate headquarters from 420 Montgomery St. to 333 Market St., which would result in the closure of the Wells Fargo History Museum. |
| September 23 2024 | Wells Fargo launched a $1.6 billion delayed-draw term loan to support Tempur Sealy International's acquisition of Mattress Firm Group. |
| 2023 | Prison sentencing occurs for Wells Fargo employees involved in money laundering and illegally funneling cash to Mexico through fictitious accounts. |
| 2023 | The Office of the Comptroller of the Currency made comments suggesting potential breakup of large banks unable to comply with regulations, with implications for Wells Fargo. |
| December 2023 | Darlene Goins was appointed as president of the Wells Fargo Foundation and Head of Philanthropy and Community Impact, bringing experience from FICO and previous leadership of the Banking Inclusion Initiative. |
| September 2023 | The cross-selling scandal continued to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives. |
| August 2023 | NBC News reported new allegations of unauthorized account creation without customers' knowledge, continuing the pattern of misconduct first exposed in the earlier cross-selling scandal. |
| May 2023 | Wells Fargo agreed to pay $1 billion to settle a shareholder class-action lawsuit related to the account scandal. |
| April 2023 | Wells Fargo formed a 10-year partnership with TD Jakes Group, committing approximately $1 billion to create inclusive communities, with the first project focusing on mixed-income housing and retail facilities near Atlanta. |
| March 2023 | Wells Fargo acknowledges a technical glitch that incorrectly misstated customer account balances, in some cases marking customers as having negative bank balances. |
| February 2023 | Wells Fargo agreed to pay $300 million in a settlement with shareholders related to auto insurance disclosures. |
| 2022 | The Consumer Financial Protection Bureau mandated Wells Fargo provide $160 million in compensation to customers harmed by its account freezing practices from 2011 to 2016. |
| December 2022 | The bank settled with the CFPB for $3.7 billion, including $1.7 billion in civil penalties and $2 billion for customers affected by account and loan abuses. |
| December 2022 | U.S. government levies a $3.7 billion fine on Wells Fargo for loan-management violations. |
| April 2022 | Wells Fargo Foundation pledged $210 million toward racial equity in homeownership, including $60 million in WORTH grants and $150 million to reduce mortgage rates and refinancing costs for minority homeowners. |
| March 2 2022 | Wells Fargo announced a $1 million donation to the American Red Cross to support Ukrainian refugees fleeing the Russian invasion. |
| September 2021 | Wells Fargo incurred fines from the United States Justice Department for fraudulent behavior in foreign-exchange currency trading. |
| January 2021 | Charles Scharf announced a comprehensive plan to address the bank's problems, which was received skeptically by industry analysts. |
| 2020 | Wells Fargo announces it is winding down its business relationship with the National Rifle Association (NRA), discontinuing line of credit and mortgage loan commitments. |
| 2020 | CEO Charlie Scharf announced commitments to reduce reliance on external consultants, aiming to cut spending on external counsel that had reached up to $758 million per quarter. |
| 2020 | Wells Fargo closed eleven of its twelve history museums across multiple United States cities, significantly reducing its museum network. |
| 2020 | Wells Fargo announced it would permanently close all of its museums except the San Francisco location, citing strategic realignment and consolidation of the museum program. |
| December 2020 | Wells Fargo sold its student loan business to private equity firms Apollo and Blackstone as part of a strategic reevaluation of its business lines under CEO Charlie Scharf. |
| November 2020 | The SEC filed civil charges against former senior executives John Stumpf and Tolstead, accusing them of misrepresenting key performance metrics to investors. |
| October 2020 | Wells Fargo began pursuing a sale of its asset management business, seeking to sell the entire division in a single transaction. |
| August 2020 | Wells Fargo agreed to pay $7.8 million in back wages for discriminating against 34,193 African Americans in hiring across multiple job positions, and committed to providing jobs to 580 of the affected applicants. |
| August 28 2020 | Wells Fargo agreed to pay a $350,000 fine and $10 million in restitution to customers after being accused by the Financial Industry Regulatory Authority of failing to adequately supervise two registered representatives who recommended high-risk energy securities investments in 2014 and 2015. |
| June 2020 | John Shrewsberry, who had been CFO since 2014, announced his retirement from Wells Fargo. |
| March 9 2020 | Former Wells Fargo Chairwoman Elizabeth 'Betsy' Duke and James Quigley resigned three days before House Committee on Financial Services hearings on the fraud scandal. |
| February 2020 | The Department of Justice and the Securities and Exchange Commission reached a settlement with Wells Fargo to address criminal and civil violations. |
| 2019 | Management professor William Tayler and doctoral student Michael Harris published an academic analysis of the Wells Fargo cross-selling scandal, examining it as an example of the surrogation phenomenon. |
| 2019 | Maxine Waters, chair of the House Financial Services Committee, announced an intention to further investigate the bank and had previously called for the government to dismantle Wells Fargo. |
| August 2019 | Wells Fargo settled the lawsuit with the Navajo Nation for $6.5 million, resolving the claims of discriminatory banking practices targeting elderly tribal members. |
| June 10 2019 | Wells Fargo agreed to pay $385 million to settle a lawsuit alleging the bank scammed auto-loan customers into purchasing unnecessary insurance from National General Insurance. |
| March 2019 | Charles Scharf was appointed as the new CEO of Wells Fargo, with the expectation of rehabilitating the bank's reputation with regulators. |
| March 2019 | Tim Sloan resigned as CEO of Wells Fargo under pressure related to the cross-selling scandal, marking a significant leadership change in the wake of the controversy. |
| January 2019 | Wells Fargo announced another image overhaul with a new marketing campaign called 'This is Wells Fargo', continuing efforts to rebrand and restore the company's reputation following the cross-selling scandal. |
| January 2019 | Employees at Wells Fargo reported that workplace goals remained unrealistically high, suggesting ongoing pressure from management following the cross-selling scandal. |
| December 2018 | Wells Fargo agreed to a $575 million 50-state Attorneys General settlement for unauthorized account openings and improper fee charges, bringing its total settlement costs to nearly $3 billion after previously paying $2.3 billion in other settlements and consent orders. |
| October 2018 | Senator Elizabeth Warren urged the Fed Chairman to restrict Wells Fargo's growth until CEO Tim Sloan was replaced. |
| June 2018 | Approximately a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss gender inequality, highlighting the minimal presence of women in senior roles within the company. The meeting, known as 'the meeting of 12', involved the majority of regional managing directors, with only 12 out of 45 being women. |
| May 2018 | Wells Fargo discovered that its business banking group had improperly altered documents about business clients during 2017 and early 2018. |
| May 6 2018 | Wells Fargo launched an integrated marketing campaign called 'Re-Established' to rebuild trust with customers, addressing the cross-selling scandal by emphasizing the bank's historical origins and commitment to change. |
| April 2018 | The United States Department of Labor initiated an investigation into Wells Fargo's practices of potentially steering customers towards more expensive retirement accounts and retirement funds managed by the bank itself. |
| April 2018 | New allegations emerged against Wells Fargo regarding signing unwitting customers up for unnecessary auto insurance policies, potentially leading to a $1 billion fine. |
| February 2 2018 | Federal Reserve bars Wells Fargo from growing its nearly $2 trillion asset base due to internal problems stemming from the account fraud scandal. |
| 2017 | Wells Fargo began improperly altering documents about business clients, which would later be discovered in 2018. |
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