Wells Fargo | featured news

Stand down, Zuccotti protesters, the banks have heard your calls for reform and are yielding to your demands. The majority of the country has been enveloped in financial turmoil, and one of the big banks is finally taking steps to institute change: Wells Fargo is creating a boutique bank for the super rich.

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

Wells Fargo & Co and the Department of Justice are negotiating to settle allegations that the bank illegally targeted African-Americans for expensive subprime loans, according to a source familiar with the matter.

Moody's Investors Service said it may downgrade the debt ratings of Bank of America Corp, Citigroup Inc and Wells Fargo & Co, citing concerns about waning political willingness to offer support for the largest U.S. banks.

Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or e-mail address.

The nation's largest retail bank said first-quarter earnings rose to $3.8 billion from $2.6 billion in the period a year earlier.

Wells Fargo is no longer making their debit card rewards program available to new customers.

Wells Fargo & Co. says its fourth-quarter profit shot up, as it was able to lower the amount of reserves set aside to cover souring loans.

In a ruling that may affect foreclosures nationwide, the Massachusetts high court has voided the seizure of two homes by Wells Fargo & Company and US Bancorp after the banks failed to show that they held the mortgages at the time of the foreclosures.