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Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a $10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all ...
Federal investigators accused the bank, Des Moines' largest private employer, of overcharging employees for company stock Wells Fargo to pay $145 million in settlement over employee retirement ...
A 401 (k) match allows an employee to receive 'free' money from their employer for contributing to their retirement plan. The amount of the match can differ, and the employer contribution may be a ...
The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
C. Allen Parker (born February 17, 1955) is an American business executive and attorney. [1] [2] He was the senior executive vice president and general counsel of Wells Fargo, and also served as its interim CEO and president. [3] Prior to joining Wells Fargo, Parker was a partner at New York law firm Cravath, Swaine & Moore LLP, and served as ...
Wells Fargo, in its proxy, urged investors to vote against the proposal. According to the board, New York submitted the same proposal to the company last year and a majority of investors supported it.
In 2019, Principal purchased Wells Fargo's institutional retirement and trust business (including 401k, pension, executive deferred compensation, employee stock ownership plans and asset advice business) for $1.2 billion. The deal was financed with cash and senior debt financing.
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