Exclusive: Wells Fargo-Favored Mortgage Master Blend Raises $130 Million

Blend has raised $130 million in new venture capital funding. The cash injection likely puts the San Francisco-based fintech startup within striking distance of “unicorn” status, meaning a private valuation of $1 billion or more. The terms of the deal, including the latest valuation, were not disclosed. A source close to the deal who was […]

Did (Now-Retired) Wells Fargo CEO Tim Sloan Get A Raw Deal? Or Did He Get Off Too Easy?

Depending who you ask, ex-Wells Fargo CEO Tim Sloan was either fair game to be fired–or unfairly faced a firing squad. Sloan, who took over at the scandal-plagued bank from John Stumpf three years ago, announced last Thursday that he was retiring as Wells Fargo CEO and president, effective immediately. It was the culmination of […]

Under Fire, Wells Fargo CEO Tim Sloan Steps Down

In times of crisis, companies often push a lawyer into the limelight. Troubled banking giant Wells Fargo looks to be doing the same over two years after a fake accounts scandal derailed the company’s good guy image. On Thursday, CEO Tim Sloan announced his retirement, making way for interim CEO and President C. Allen Parker–the […]

Wells Fargo and Mastercard CEOs Still Skeptical About Blockchain’s Impact

Two financial executives aren’t so sure that blockchain can live up to its lofty expectations. Speaking to CNBC at the Fintech Ideas Festival on Wednesday, Wells Fargo CEO Tim Sloan said that “blockchain has been way oversold.” Mastercard CEO Ajaypal Banga said that his company has more blockchain patents than all but two other companies. […]

Wells Fargo CEO Got a 5% Pay Raise to $18.4 Million in Spite of Scandals

In spite of the scandals upon scandals that Wells Fargo dealt with last year–and continues to deal with–the bank submitted a security filing Wednesday which revealed that CEO Tim Sloan received a 5% pay raise between 2017 and 2018, totaling to an $18.4 million salary. Sloan’s compensation, which Reuters reports included a $2 million bonus […]

Big Banks J.P. Morgan, Wells Fargo, and Bank of America Are Pulling Out of Lower-Income Neighborhoods

Big banks have been closing branches in lower-income areas and shifting more of their attention to wealthier ones, based on a new report from Bloomberg. Overall, there’s been a trend among the biggest banks–specifically J.P. Morgan Chase, Wells Fargo, and Bank of America–to reducing their branch networks. Relying on ATMs and online banking is less […]