Wells Fargo & Company has announced that its team members pledged $75,000 to North Dakota nonprofit organizations and schools through its annual Community Support and United Way Campaign, a 20 percent increase over pledges made by team members in 2008. These donations are in addition to the $50,000 gift Wells Fargo made to the United Way of Cass-Clay and the American Red Cross earlier this year to support disaster relief and recovery following the historic flooding of the Red River in Fargo-Moorhead. This was also the company’s most “green” campaign to date with nearly 100 percent of all pledges made online and the elimination of nearly all print marketing materials.
The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers’ home equity lines of credit.
The suit, which was filed in Illinois, claims Wells Fargo failed to accurately assess the value of customers’ houses before deciding to cut the size of their credit lines. San Francisco-based Wells Fargo is being accused of using unreliable computer models that wrongly valued home prices too low to justify cutting the size of customers’ loans.
Wells Fargo & Company has announced that Fortune magazine rated the company 14th on its annual list of “World’s Most Admired Companies” and is the survey’s highest-ranking financial services company. The list and related stories appear in the March 16 issue and at www.fortune.com.
Bailed-out bank Wells Fargo says it’s reconsidering whether to hold a corporate junket to Las Vegas amid criticism from Capitol Hill.
February 04, 2009
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