AI is responsible for productivity gains at some of the nation’s largest banks, leaders said at the Goldman Sachs 2025 U.S. Financial Services Conference this week. Executives from Bank of America, Citi, JPMorgan and Wells Fargo quantified AI efficiency gains, from coding to operator savings. Bank of America: AI-driven Erica is equivalent to 11K FTEs The $2.5 trillion bank’s AI-driven consumer business assistant, Erica, had 1.4 billion digital connections with customers in […]
Wells Fargo & Co. Chief Executive Officer Charlie Scharf said artificial intelligence poses a significant opportunity to improve efficiencies and has the potential to influence companies’ headcount decisions. The San Francisco-based lender has rolled out generative-AI tools to its engineers, making it 30% to 35% more efficient for them to write code, Scharf said at […]
Wells Fargo expects its 2025 gross expense savings to reach $2.4 billion by the end of the year, bringing its total savings from 2021 to 2025 to $15 billion. These savings allowed the $2 trillion bank to largely increase its spend, effectively creating a better and stronger bank over time, Chief Executive Charlie Scharf said […]
Financial institutions are gearing up to cater to the next generation of wealth clients as the “Great Wealth Transfer” happens in real time. An estimated $124 trillion is projected to be passed to younger family members and charities by 2048, according to a report from asset management firm Cerulli Associates. When this transfer occurs, 81% […]
Financial institutions are gearing up to cater to the next generation of wealth clients as the “Great Wealth Transfer” happens in real time. An estimated $124 trillion is projected to be passed to younger family members and charities by 2048, according to a report from asset management firm Cerulli Associates. When this transfer occurs, 81% […]
It’s not always a bad thing when the spouse keeps tabs on the other’s spending, because for David McCarty, his wife’s vigilance might’ve saved them a fortune.
“She just happened to look at the savings account, which should have no activity,” McCarty explained. “She said, ‘Dave, have you been transferring money using Zelle to Tampa, Florida?’”
The answer was an emphatic “no”, but the McCartys’ account showed four transfers over several days totaling more than $1,500. When McCarty called Wells Fargo to alert them to the fraud, they found another red flag: the scammer changed the phone number and email address attached to the account.
“We talked to customer service and they wouldn’t talk to us without us telling them what our email was, and they said it was wrong,” he recalled. “Finally, we talked long enough and we gave them our social security number and they agreed to talk with us, and that’s when we were able to shut things down.”
Filing the claim then proved to be an even more aggravating experience: according to McCarty, Wells Fargo denied the claim six times.
“They kept coming back and telling me (I) authorized it or authorized someone else, and we said, ‘There’s no way. We don’t know anyone in Tampa.’ I wasn’t given the trust of being a longtime customer and I was being accused of fraud myself.”
The experience, while frustrating, also proved revealing in that it showed the difference in consumer protections for bank accounts versus credit cards.
“We’ve had fraud on our credit card, and they call us and we get the money reimbursed,” McCarty noted. “Here, Wells Fargo didn’t catch this. I want people to be aware that you’re not protected for your checking and savings accounts.”
Indeed, credit cards often provide zero liability for fraudulent transactions, as well as notifications for unusual activity. Banks, however, generally require the customer to manually set up those alerts. Protectons are also stronger for credit cards because transactions are more directly linked with the card issuer’s payouts, whereas bank accounts are the sole responsibility of the account holder.
After more appeals, McCarty did eventually get his money back, and a spokesperson for Wells Fargo told WCCO News McCarty’s experience “does not reflect” the standard of service the bank wishes to provide.
“We are pleased to have resolved this matter for our customer. At the same time, we sincerely apologize for the inconvenience and worry they experienced during the time it took to complete the resolution process,” the spokesman wrorte. “This does not reflect the level of service we aim to deliver. We remain committed to protecting our customers and stopping criminals from engaging in fraudulent activities. We continue to invest in customer education, employee training and advanced technology to help detect and prevent fraud and scams.”
Wells Fargo also shared its online security center for customers to become more familiar with potential scams and ways to avoid them. Wells Fargo also posts a Security Brochure with other information to help account holders.
Jonah Kaplan is an award-winning journalist who has built a strong reputation for his balanced reporting, thoughtful interviews, and deeply researched coverage of high-impact issues affecting the community. His work appears on all of WCCO’s newscasts and is often featured on CBS News’ programs and platforms, including the CBS Evening News, CBS Mornings and CBS 24/7.
Restricting shareholder proposals undermines the checks and balances that protect markets, innovation and social responsibility. Unsplash+
Illegal child marriages. Coerced sterilization. Debt bondage. Until recently, shareholders had the right to raise such human rights concerns through formal proposals to corporate boards, a right protected by the Securities and Exchange Commission (SEC) for nearly a century. Recent regulatory and interpretive changes, however, are creating new challenges for this fundamental avenue for accountability.
The sugar cane industry, for example, has become emblematic of harmful supply chain practices, involving some of the most visible and widely reported examples of concerning business practices. Companies including Pepsi, Coca-Cola and Mondelez have faced investigations into alleged labor abuses, including debt bondage. At Pepsi’s 2025 annual meeting, shareholders sought to submit a proposal requesting a report on the company’s efforts to address human rights violations in its supply chain. The company excluded the proposal, citing SEC staff’s revised interpretation of Rule 14a-8, outlined in Staff Legal Bulletin 14M (SLB14M).
SLB14M provides guidance on the application of Rule 14a-8, which allows eligible shareholders to submit proposals for inclusion in a company’s proxy statement. The bulletin also specifies circumstances under which companies may exclude these proposals. Citing that revised interpretation, Pepsi argued that the reported abuses occurred in franchise operations (which are “expected” to follow a code of conduct), not in Pepsi’s direct supply chain, and that the franchise sales were not “significantly related” to Pepsi’s business. Essentially, Pepsi claimed that the source of the ingredients sold under its brand did not materially affect its own business because the company itself did not purchase them. The SEC agreed with Pepsi, preventing shareholders from voting on the proposal.
Pepsi did not dispute reports that its products sold in India were allegedly made with sugar obtained through a supply chain linked to debt bondage and coerced hysterectomies. Instead, the company contended that these issues were unlikely to materially impact its operations. According to the SEC’s interpretation, shareholders may only make proposals with significant financial implications for the company itself, no matter the broader social or environmental consequences.
While SEC rules often shift with administrations, this case reflects a larger trend: a narrowing of shareholder voice. Several recent developments illustrate the pattern:
Collectively, these developments constrain shareholders’ capacity to influence corporate behavior towards more sustainable or ethical practices. Critics of shareholder engagement argue that investors should focus solely on financial returns, treating social and environmental considerations as irrelevant. This is a false dichotomy on two levels. First, environmental and human rights issues often carry real financial risks. Second, systemic harm—from environmental degradation to inequality—affects the broader economy and threatens the diversified portfolios and returns of investors.
The economic opportunity in sustainable business practices
The sugar supply chain demonstrates both the risks and opportunities for companies and investors. Brands derive tremendous value from reputation. The perception that Pepsi products are linked to labor abuses can erode consumer trust and is a significant concern for the company. Addressing these issues presents an opportunity to safeguard brand equity and strengthen customer loyalty. For shareholders, engagement extends beyond a single company’s prospects. Human rights and sustainability issues influence global economic conditions, which in turn impact the returns of diversified investors. By encouraging companies to adopt responsible practices, shareholders can help stabilize markets, support GDP growth and mitigate systemic risk.
The path forward: strengthening market-based solutions
Notably, this regulatory shift is occurring under a Republican-controlled administration and Congress, which has historically advocated for private property rights. Policymakers should ensure that proposal mechanisms remain consistent with free-market principles, enabling investors to allocate capital efficiently and hold companies accountable. If financial market rules are being revised, it should not be forgotten that the strength of our economy is based on a free capital market, which allows investors to fund a broad array of enterprises that create authentic value over the long term.
Limiting shareholder voice affects far more than greenhouse gas emissions and DEI. It alters the balance of power in capital markets, shifting decision-making from investors to executives and politicians. Investors are losing the power to push back when corporate executives risk the future of the company or the economy to boost profits. And this doesn’t just harm investors. This means our markets will become less effective allocators of capital, as decisions are made by unrestrained executives driven by short-term incentives or politicians swayed by political maneuvering, rather than by a commitment to the integrity of capital markets.
The innovation opportunity
Recent SEC actions show the practical consequences. In March, SEC staff allowed Wells Fargo to exclude a proposal on workers’ rights and collective bargaining, a proposal that observers note likely would have been allowed a few months prior. Limiting shareholder engagement reduces opportunities for market-driven innovation in workforce development, climate solutions and sustainable growth strategies. Climate issues illustrate the stakes vividly. Analysts project that unchecked greenhouse gas emissions could reduce global GDP by 50 percent between 2070 and 2090. Economic modeling suggests that decisive global climate action could lead to a $43 trillion gain in net present value to the global economy by 2070. Investor engagement can accelerate the transition to cleaner energy and sustainable business models, creating economic opportunities while mitigating systemic risks. Ignoring investors’ voices on these matters rejects the role that capital has played in creating the economic engine of the U.S. economy.
Workers depending on 401(k) plans, such as those in the American Airlines plan, could face real financial consequences if investor oversight is curtailed. Estimates suggest that the current trajectory of emissions could depress the entire equities market by up to 40 percent. The fossil fuel industry’s shortsightedness and the current administration’s policies are exacerbating the environmental crisis and creating economic and retirement instabilities.
Limiting shareholder voice threatens far more than individual investors. It weakens the very mechanisms that keep U.S. markets dynamic, resilient and capable of driving long-term growth. The muzzling of investors is part of a larger story: environmental data is being scrubbed from federal websites, critical scientific inquiry is being stalled and dissenters are being penalized. Historically, U.S. markets and democracy alike have relied on open debate and the free flow of information. Undermining shareholder oversight is part of a broader erosion of transparency that threatens both markets and the very norms that underpin a free society. Shareholder input is not a political preference but a market stabilizer, an innovation driver and a critical check on corporate governance. Preserving this function is essential to sustaining the economy, the integrity of capital markets and the broader social and environmental systems on which long-term prosperity depends.
Wells Fargo has two new offers for business checking accounts. New customers can get a bonus of $400, or $825, depending on the mount of money that you deposit. Let’s see how this Wells Fargo Business Checking bonus works, and who is eligible.
How to Earn This Bonus
Open a new Initiate Business Checking account
Make a deposit to your new business checking account by day 30 and maintain that minimum daily collected balance through day 60 after account opening.
Bonus is deposited into your new business checking account within 30 days after you have met all offer requirements.
Are You Eligible?
Here are the eligibility details for this bonus:
This offer is for new business checking customers only.
A business entity is not eligible for this offer if the business entity is a current owner of a Wells Fargo business checking account or has closed a Wells Fargo business checking account in the past 90 days.
A business entity is not eligible for this offer if the business entity has received a bonus for opening a Wells Fargo business checking account within the past 12 months.
Only the business entity is eligible for this offer.
Only a Wells Fargo Initiate Business Checking®, Navigate Business Checking® or Optimize Business Checking® account is eligible for this offer.
Offer is available nationwide.
Account Fees
The monthly service fee for the Initiate Business Checking account is $10. Avoid the monthly service fee with one of the following each fee period:
$500 minimum daily balance
$1,000 average ledger balance
There’s no early account closing fee.
Guru’s Wrap-Up
We have seen better bonuses from Wells Fargo in the past, but this is still a good offer. It is available nationwide and there’s no direct deposit requirement.
To get either the $400 or $825 bonus, you will need to deposit $2,500 or $25,000 respectively. You will also need to keep that balance in the account for just over 30 days. That gives you a good return, with the lower bonus being better percentage wise.
Bank bonuses are a great way to earn some extra income, often from the comfort of your home. You can take a look at my bank bonus results for 2022 where I made over $6,000. If this bonus is not for you, then you can check our full list of available bank bonuses. You can also access bonuses available in your state by visiting dannydealguru.com/tag/NY-bank-bonus/. Just replace NY with your state or with “nationwide”.
Wells Fargo’s Innovation Center in Menlo Park, Calif., is hosting meetings with partners and venture capital firms after opening in May. “We are using this space to uncover new ways to collaborate internally, with customers, and partners, using skills across areas like research, emerging technology, product, strategy and operations to create solutions for our clients,” […]
Wells Fargo trimmed its staff and total costs in the third quarter, with efficiency in mind. “We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control infrastructure appropriate for a bank of our size,” Chief Executive Charlie Scharf said during today’s Q3 […]
Wells Fargo looks across all of its business lines when making investment decisions and selecting technology vendors. For the $1.7 trillion bank, working with vendors is “about the direction of the firm, our customer-forward focus and then thinking about intention and modernizing our core infrastructure,” Jazz Samra, head of strategic partnerships and innovation initiatives, told […]
USA Today reports that Denise Prudhomme clocked in at Wells Fargo in Tempe at 7 a.m. on August 16, but never clocked out. On August 20, security found her at a third-floor desk and called the police.
A bank employee told KPNX that she discovered Prudhomme at her desk while walking around the building. She also mentioned that several people had noticed a foul odor but assumed it was a plumbing issue.
Per NBC News, the Maricopa County medical examiner has yet to determine Denise Prudhomme’s cause of death. Police noted that the preliminary investigation revealed no obvious signs of foul play.
Wells Fargo Reacts To Employee’s Passing
USA Today mentioned that a worker questioned why Wells Fargo didn’t formally address everyone after discovering Prudhomme’s death.
However, the financial service company explained that they had to speak with Prudhomme’s family first.
Additionally, the bank revealed that counselors are available to support employees.
In an exclusive statement to USA Today, Wells Fargo expressed deep sadness over the news and emphasized their commitment to workforce safety.
“We are deeply saddened by the loss of our colleague, Denise Prudhomme. Our thoughts are with her family and loved ones, and we are in contact to ensure they are well supported during this difficult time. We are committed to the safety and wellness of our workforce. Counselors are available to support any employees impacted by this event.”
Social Media Reacts To Bank Employee
Instagram user @sixthegoddis wrote, “And this why you prioritize family, and never these jobs.”
Instagram user @authorjon wrote, “The boss, the Janitor, and security all got some explaining to do because how come y’all didn’t notice.”
While Instagram user @therealcurlyheadlucky wrote, “Nobody walked passed her for 4 days?”
Then Instagram user @authorjon wrote, “The boss, the Janitor, and security all got some explaining to do because how come y’all didn’t notice.”
Another Instagram user @jayehoncho wrote, “YOU ARE JUST A NUMBER don’t give your life to these companies do the bare minimum.”
Instagram user @allaboutalisha_13 wrote, “So she clocked in and NOBODY noticed she didn’t clock out?!”
Finally, Instagram user @shannonthescribe wrote, “They monitor everything, when you clock in, take your break, end your day… HOW nobody noticed?”
JLL Hotels & Hospitality group announced that it secured $620 million in acquisition financing for Hyatt Regency Orlando, a 1,641-key, AAA Four Diamond resort in Central Florida.
JLL represented affiliates of RIDA Development Corporation and an Ares Management Real Estate fund to secure the floating-rate, five-year loan through Wells Fargo, Bank of America and Deutsche Bank on behalf of borrowers.
This premier resort offers spacious guest rooms averaging 453 square feet and suites averaging 846 square feet. The accommodations feature marble-accented bathrooms, sleeper sofas, mini-fridges and 65-inch streaming TVs.
Guests can also enjoy in a variety of amenities, including six dining options, a 24-hour fitness center, tennis courts, a spa and an outdoor pool. Furthermore, the hotel features 315,000 square feet of meeting and event space along with its three direct connections to the Orange County Convention Center (“OCCC”), the second largest convention center in the United States.
Located at 9801 International Drive, the property also provides exceptional proximity to top Orlando demand generators, such as Walt Disney World and Universal Studios Florida and Universal Islands of Adventure. Both attractions are conveniently less than a 15-minute drive away. Additionally, Universal Orlando is constructing Epic Universe, its largest theme park in the United States spanning 750 acres, situated just minutes from the hotel. Epic Universe is set to open in 2025.
Hyatt Regency Orlando sold for $1.02 billion to joint venture, or about $622,000 per guest room.
The JLL Hotels & Hospitality team was led by Americas CEO Kevin Davis, Managing Director Mike Huth and Senior Director Barnett Wu.
“We are pleased to have worked together with RIDA, Ares, and Hyatt in this transaction,” said Davis. “We enjoyed working with the sponsors in their strategic vision for the future of the Orlando convention district and look forward to continuing to work with all the stakeholders in the future.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.
San Francisco-based Wells Fargo appointed Tracy Kerrins as head of consumer technology and leader of the bank’s new generative AI team, according to a July 30 release. Kerrins, who joined Wells Fargo in 2019, has been CIO for consumer technology and enterprise functions technology. “Our new generative AI team will work closely with our data […]
“The affected employees who do not relocate or secure other positions within the company will be eligible to receive paid severance benefits based on years of service and the opportunity to continue participating in the company’s health plans at active rates for a period of time,” Ashley Frazier, an executive in the bank’s Displacements Advisory Group wrote the state in a Worker Adjustment and Retraining Notification Act or WARN letter.
Frazier said more specific information on job titles involved, notice dates and number of displaced employees would follow once official written notices went out. The layoffs are being made at 5700 S. DTC Parkway, Building 15.
The cuts are expected to start next month and wrap up in the fourth quarter, the company said.
The Chief Operating Office works to ensure smooth operations within the bank’s core business lines such as consumer lending and commercial banking. It oversees client services, contact center operations and the movement of money within the bank, among other things.
The layoff follows one announced in June involving 80 workers at the bank’s internal audit unit at 1700 Broadway in downtown Denver.
Wells Fargo, based in San Francisco, reported having 226,000 employees at the end of last year, down about 12,000 from the prior year.
Since the start of the year, Wells Fargo has added new capabilities to its AI-driven virtual assistant, Fargo. Powered by Google Cloud, the digital assistant is now equipped with AI-driven insights to help bank clients better understand their spending habits and access actionable tips about their finances, according to the bank. “The latest Fargo updates […]
Truist is tapping Wells Fargo CIO of Consumer Technology Steve Hagerman to fill its chief information officer role. Hagerman was the “right person at the right time for our enterprise technology team,” a Truist spokesperson told Bank Automation News, noting that selecting a new CIO was a “thorough process.” The announcement, made today, follows […]
Financial institutions are investing in their mobile and digital experiences as consumers flock to online channels for self-service banking. “Consumers are really demanding more and more and expecting that the mobile banking experience at their fingertips is largely the gateway into the relationship now with the [financial institution],” Allison Cerra, chief marketing officer at Alkami […]
