Former Employees File Class Action Against Wells Fargo

Former Employees File Class Action Against Wells Fargo

Two former Wells Fargo & Co employees are requesting $2.6 billion or more for workers who tried to meet the sales quota ethically but were later forced to resign and fired. The lawsuit includes current employee and emphasises on those who followed the rules and were penalised for not meeting sales quotas.

“Two former Wells Fargo & Co employees are requesting $2.6 billion or more for workers who tried to meet the sales quota ethically but were later demoted, forced to resign and fired.”

~Reuters

The former employees have accused Wells Fargo managers often pressured them to meet 10 accounts per day targets and required progress reports daily and scolded workers who fell short of their targets.

Related Reports: Reuters, The Guardian 

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded WellsFargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo

 


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Warren Buffett Loses $1.4 Billion on Wells Fargo Scandal

Warren Buffett Loses $1.4 Billion on Wells Fargo Scandal

Warren Buffett had $1.4 billion wiped out from his fortune after it was revealed that Wells Fargo employees had opened more than 2 million accounts without clients approval. Berkshire Hathaway, which is the biggest shareholder in Wells Fargo, dropped 2% therefore causing Warren Buffett fortune to drop by $1.4 billion.

“Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday.”

~Bloomberg

Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday. The billionaires lost $37.3 billion onTuesday as stocks and bonds both slumped, and oil prices sank.

Related Reports: Bloomberg, Daily Mail

 

About Berkshire Hathaway

Berkshire Hathaway is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company wholly owns GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamond, Flight Safety International and NetJets and also owns 26% of the Kraft Heinz Company, an disclosed percentage of Mars, Incorporated and significant minority holdings in American Express, The Coca Cola Company, Wells Fargo, IBM and Restaurant Brands International.

Visit: Berkshire Hathaway

 


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Wells Fargo Fined US$185 Million Over Account Openings

Wells Fargo Fined US$185 Million Over Account Openings

Wells Fargo & Co was fined $185 million for illegal sales practices that included opening as many as two million deposit and credit card account without any customers knowledge. Employees issued debit cards without customers’ knowledge and assigned personal identification numbers without telling them. They  transferred funds from authorised customer accounts to temporarily funds one without customer permission. Some allegedly created fake email address to enrol unknowing consumers or people who don’t exist in online banking to hit sales goals.

“Wells Fargo & Co was fined $185 million for illegal sales practices that included opening as many as two million deposit and credit card account without any customers knowledge.”

~Wall Street Journal

As such, Wells Fargo said it terminated approximately 5300 employees and managers over a five year period for their involvement with the unauthorised accounts.

Related Reports: Wall Street Journal, Forbes

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo


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Saudi Arabia Held $52.4 Billion of US Stocks as of June 2015

Saudi Arabia Held $52.4 Billion of US Stocks as of June 2015 

Saudi Arabia held $52.4 billion of US stocks as of June 2015., the US government said breaking out the kingdom’s assets. This figure marked a decline from about $78 billion in June 2014 and was the first annual drop since 2009. In addition to $109 billion of Treasuries, Saudi Arabia also held $10 billion of long term asset backed securities in June 2015.

“In addition to $109 billion of Treasuries, Saudi Arabia also held $10 billion of long term asset backed securities in June 2015.”

~ Bloomberg

The Treasury indicated $184 billion of Saudi holdings of U.S. securities as of June 2015, down from $194 billion in June 2014, the report said. Foreigners held a total of about $6.7 trillion of U.S. equities, with Cayman Islands the largest listed holder at $884 billion, according to the Treasury

Related Reports: Bloomberg, Forbes

 

About US Treasury

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government.

Visit: US Treasury


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Panama Papers Reveal New Zealand as Being Pivotal for the World’s Rich

Panama Papers Reveal New Zealand as Being Pivotal for the World’s Rich

Wealthy Latin Americans are using tax free New Zealand shelf companies and trust to channel funds around the world, according to a report based on the leaks of the Panama Papers. Mossack Fonseca ramped up its interest in using New Zealand by actively promoting it as a good place to do business due to its tax free status, high levels of confidentiality and legal security.

“Mossack Fonseca ramped up its interest in using New Zealand by actively promoting it as a good place to do business due to its tax free status, high levels of confidentiality and legal security“

~ Reuters

The New Zealand government said last month it would begin a review of its foreign trust laws after the Panama Papers highlighted vulnerabilities in its legal framework that made it a possible link in international tax avoidance structures because its foreign trusts are not subject to tax.

Related Reports: Reuters, ABC News

 

About Mossak Fonseca

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal and trust services.  With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. Our service and research-oriented professionals specialize in trust services, wealth management, international business structures, and commercial law, among other areas.

Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. We offer research, advice and services for the following jurisdictions: Belize, The Netherlands, Costa Rica, United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).

Visit: Mossack Fonseca


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Goldman Sachs Moves into Retail Banking

Goldman Sachs Moves into Retail Banking

The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.

“We are committed to providing our new online deposit customers the high level of service they have come to expect”

-Esta Stecher, Chief Executive Officer of GS Bank

Goldman Sachs is starting to take online deposits as low as $1 for savings accounts. The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year Certificate of Deposit

Related Reports: Goldman Sachs, CNBC, Business Finance News

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs


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Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling Tycoon Sheldon Adelson Contemplates Selling Casino Resort Retail Assets

Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns Singapore’s landmark Marina Bay Sands, said he’s considering selling the casino resort’s retail assets after a government-imposed moratorium expires next year. The company has spoken with potential buyers, Chairman Adelson said in a conference call after Las Vegas-based Sands announced first quarter results Wednesday.

“Las Vegas Sands always have thoughts of monetising anything except its core casino assets.”

~ Mr Sheldon Adelson

The world’s largest casino operator missed analysts estimates as profit shrank amid a sharp decline in gambling at Sands China Ltd. The Hong Kong-listed company’s shares fell 4.9 percent to HK$29.05 by the close of trading Thursday, the lowest level in more than a month, even as Adelson bet Macau would see improvement from mass-market gamblers and tourists. In Singapore, casino revenue at Marina Bay Sands plunged 28 percent to $453.1 million in the first quarter, while mall revenue decreased 2 percent to $39 million, according to the parent company’s statement.  Hotel room revenue slipped 0.8 percent to $88.9 million, even as occupancy rose 3.1 percentage points to 97.9 percent.

Related Reports: Bloomberg, DealStreet Asia

About Las Vegas Sands Corp

In the 1990s, Las Vegas Sands TM (NYSE: LVS) created and introduced to the world an entirely new kind of travel destination: the Integrated Resort.  As one of the leading global developers of destination properties, unlike the other hotels on the Las Vegas Strip, we offer an array of high-end amenities and integrated them under one roof to provide the ultimate guest experience.  From sumptuous suites to plush meeting rooms, celebrity status night clubs, intimate lounges, headliner and resident shows, upscale gaming, ultra-relaxing spa services, a wide range of retail shops and award-winning cuisine, we created a self-sustained world of entertainment at each of our exquisite properties in Las Vegas, Bethlehem, Singapore and Macau.

Visit: Las Vegas Sands


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Wine Mogul Says Fidelity Has Cheated Him Out of Millions

Wine Mogul Says Fidelity Has Cheated him Out of Millions

Peter Deutsch is seeking as much as $400 million to $500 million in damages from Fidelity in arbitration before the Financial Industry Regulatory Authority. This amount is what he claims he could have earned if Fidelity had not prevented him from reaching his goal of a 66 percent stake in a company that he had already poured tens of millions of dollars into. Fidelity is contesting the claims and says it prevented Mr. Deutsch from trading as they were concerned that he was trying to illegally manipulate China Medical shares, according to documents entered into court and people familiar with the company’s views.

“Seeking as much as $400 million to $500 million in damages from Fidelity in arbitration before the Financial Industry Regulatory Authority”

~ Bloomberg

Among the things Deutsch learnt, according to papers he filed in the U.S. District Court for the Southern District of New York: While he was trying to gain control of China Medical, he alleges Fidelity  was secretly buying the stock so aggressively that it drove up the price of China Medical’s shares at a time when they were supposed to be helping him build his stake.

Related Reports: Bloomberg, Financial Advisor Magazine, Investment News

About Peter Deutsch

Deutsch Family Wine & Spirits was founded in 1981 by Chairman, Bill Deutsch, to market quality wine and spirits produced by prestigious families from major wine and spirits regions of the world. The business that initially began with two employees importing a few family producers from France over three decades ago has grown to include a prestigious roster of internationally renowned, award-winning brands serviced by over 170 employees.

Bill’s son Peter Deutsch is CEO. The two generations of the Deutsch family work side by side in their continuous quest to build strong brands and relationships throughout the wine and spirits industry.

Visit: Deutsch Family Wine & Spirits

 

About Fidelity

Fidelity is a privately held company founded by Edward C. Johnson II in 1946, which is owned by employees and the Johnson family. Fidelity Management & Research Company, the US investment management division of Fidelity Investments, acts as the investment adviser to Fidelity’s family of mutual funds. FMR Co has three fund divisions: Equity (head quartered in Boston, Massachusetts), High-Income (Boston) and Fixed-Income (Merrimack, New Hampshire).  As of 31 December 2014, Fidelity Investments’ assets under management stood at $2.03 trillion.

Visit: Fidelity


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