Wells Fargo has been a bank that is in the news a bit recently so I thought I would summarise some of the stories that surround the money of Wells Fargo Bank!
Firstly, as reported by NewsChief.com, Wells Fargo was robbed in the town of Winter Haven on September 6th. This was the town’s first bank robbery of the year and an undisclosed amount of money was taken from the bank with the suspect escaping on foot.
In money news of a slightly larger scale, a class action together with other lawsuits were taken out against Wells Fargo Bank over it’s securities lending program. This is not the first lawsuit of its kind and this heralds from Minnesota as reported by TwinCities.com.
In a positive report that may indicate a change in the money climate, gaebler.com reports that Wells Fargo is the first bank to lend $1bn to SMBs. These loans have just been given out in 2011 to small and medium businesses that have an average revenue of under $20m and fewer than 500 employees.
Also in another turnaround in the troubling financial world that we live in, Wells Fargo is reported by Bloomberg.com to be reaching out to employees that it got rid of in April in a cost cutting exercise, and hoping that it can get them back. The reason is that the low interest rates have sparked an upturn in loan applications and so the banks are struggling to cope.
All in all Wells Fargo bank seems to be still on the right track, even through the money problems that have been seen in the last few years.