Wells Fargo

Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers

</header> <strong>Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ …

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Wells Fargo Joins Elliptic’s Series B Investment Round

Wells Fargo Strategic Capital, the venture arm of the fourth-largest bank in the U.S., is contributing $5 million to Elliptic’s Series B funding round. According to a Feb. 13 press release, the investment will help the company build products for large financial institutions. The latest investment brings Elliptic’s Series B raise to more than $28 …

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Wells Fargo Invests $5M in Startup Connecting Crypto Exchanges and Banks

Banking giant Wells Fargo is backing blockchain forensics firm Elliptic. Announced Thursday, the fresh $5 million from Wells Fargo Strategic Capital (WFSC) brings Elliptic’s Series B up to a total of $28 million. The investment is partly geared toward a recently launched product that helps crypto exchanges win banking relationships, Elliptic said. The product, Elliptic …

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Mike Mayo of Wells Fargo Says ‘We Are Living in the Golden Decade of Banks and Technology’

Wells Fargo analyst Mike Mayo announced during a Dec. 30 CNBC news segment that “this is the golden decade of banks and technology.” Mayo explained that while the 1990’s had record bank consolidation (banking businesses merge with each other), systems were never integrated. He then explains that in the “aughts” decade – the 2000s – banks …

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Wells Fargo’s Stablecoin ‘Faster, Cheaper’ Than SWIFT, Says Exec

Banking giant Wells Fargo says its blockchain for internal cross-border money transfers is faster and more efficient than SWIFT, the global messaging system used by over 11,000 financial institutions. Unveiled this week, Wells Fargo Digital Cash uses R3’s Corda Enterprise software to handle internal book transfers, when funds move from a payer’s account to a …

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