Already facing unfair dismissal actions and having paid one fine, Wells Fargo has been further sanctioned by the US Commodity Futures Trading Commission (CFTC) over its actions during the USD/CAD trade to hedge Tim Hortons’ purchase of Burger King. Having paid the US National Futures Association $2.5 million in August, Wells Fargo has now been […]
Tag: Wells Fargo
Following a recent podcast someone asked me why I thought the FCA’s recognition of the FX Global Code in the UK was so important, as I had stated. I won’t bore you with the full answer – it seems pretty clear to me that if a regulator is going to be guided by the Code’s […]
The US National Futures Association (NFA) has announced that Wells Fargo has agreed to pay $2.5 million to settle charges against it relating to an FX transaction that is still the subject of legal actions elsewhere. The bank neither admitted nor denied the charges in the Complaint, although as part of the settlement it acknowledges […]
This week’s podcast begins with Galen Stops, editor of Profit & Loss, giving his perspective on the attempts by US politicians to grill a Facebook representative regarding the planned launch of its new cryptocurrency, libra. Stops highlights the good, the bad and the ugly from the Senate and House hearings, but when Colin Lambert, managing […]
I have often thought that the FX trader dismissals, indeed the entire chatroom related scandal in FX, would make a great case study for business management schools. Over the years I have argued there have been weak, misguided, vindictive, panicky and ill-informed decisions made at management level across a range of organisations that has resulted […]
OpenFin has raised $17 million in its Series C funding round, which was led by Wells Fargo. OpenFin is a financial operating system whose technology has been adopted by over 1,500 major banks across 60 countries. Interoperability serves as the base of the system’s technology, allowing them to share information, intent, and context with third […]
Wells Fargo has issued a statement in which it “strongly disputes” the characterisation of its foreign exchange pricing as being unfair and unfavourable to its customers, as alleged in a story published by The Wall Street Journal on November 28.
“We informed The Wall Street Journal that their story had fundamental inaccuracies before they published,” says Wells Fargo Wholesale Banking head Perry Pelos. “We provided pricing data and other information that revealed inaccuracies in the story or that were counter to its negative portrayal of our FX business. Our points and views were either absent in the finished story or not taken seriously by the paper.”
Four senior foreign exchange employees have reportedly left Wells Fargo following an internal investigation into an unspecified matter, according to reports.
According to a report by the Wall Street Journal the four were fired by the bank, however this cannot be confirmed independently.
An additional report in the Financial Times named the four as Simon Fowles, global head of foreign exchange trading, Bob Gotelli, head of foreign exchange sales, Jed Guenther, FX sales manager, and Michael Schaufler, chief spot dealer.
Sandra Francisco has joined Wells Fargo as a director, according to market sources.
Francisco joins from Deutsche Bank, where she was a director, focused on prime brokerage sales, FX hedge fund sales and derivatives clearing.
Prior to joining Deutsche in 2008, she worked for over seven years as a vice president at Goldman Sachs, focused on credit sales and prime brokerage sales. Both her Deutsche and Goldman roles were based in New York.
Wells Fargo is disbanding its International Group, which includes foreign exchange, and switching the components into areas of its Wholesale Banking Group.
As part of the changes, the bank’s foreign exchange business will now report to Jon Weiss, head of Wells Fargo Securities.
In addition, Wells Fargo’s Financial Institutions Group will be combined with the Financial Institutions business in Wells Fargo Corporate Banking to form a single Financial Institutions business. The combined business will report directly to Perry Pelos, senior executive vice president and head of Wholesale Banking.