The firm failed to promptly liquidate his $3 million brokerage account, the client's lawyer argued during the hearing.

The compensation loss is the biggest for a major U.S. bank chief since the 2008 financial crisis.

Plus, Merrill Lynch grabs UBS planners who managed $750 million in client assets.

The wirehouse's newest recruits operate from two offices on both coasts.

CtW Investment Group joins U.S. lawmakers and other labor activists demanding senior-level accountability after the bank opened accounts without customers’ authorization.

Three advisers opened a new office for the independent firm, which is affiliated with Raymond James.

Wells has long touted cross-selling as the reason behind its success. But revelations of a cutthroat sales culture and phony accounts have undermined its credibility.

Pressure from lawmakers is intensifying on the bank. The SEC was also asked to investigate, and the SBA was asked for information about its own enforcement actions.

Carrie Tolstedt, formerly in charge of the community banking unit, and the wirehouse's board were named in the litigation.

The recruits left rival firms such as UBS and J.P. Morgan to join existing practices at the independent broker-dealer.

Bad behavior on the part of humans could open opportunities for artificial intelligence to act as risk management checks in financial firms.

The Massachusetts senator and other politicians blast John Stumpf’s handling of the cross-selling scandal.

Wells Fargo Chief Executive John Stumpf arguably faces the challenge of his career on Tuesday as he appears before the Senate Banking Committee to answer criticisms that he and other top bank executives should have detected and stopped millions of phony accounts from being opened.

Lobbyists who’ve been bashing away at Washington’s latest effort to regulate Wall Street pay may find the lender just grabbed the hammer from their hands.

John Stump, once seen as the All-American Main Street banker, is now battling to restore the bank's reputation.

The bank’s president Tim Sloan has been meeting with members of Congress and their staffs in Washington, said people with knowledge of the discussions.

One of the recruits began his career in the late 1980s.

Plus, Wells Fargo hires a $700M team from J.P. Morgan Private Bank and helps a $587M Morgan Stanley team go independent.

The lender eliminated production goals in effort to reassure regulators, lawmakers and customers after employees opened more than 2 million accounts without clients’ approval.

The bank can adapt to adjustments needed to deal with claims it opened 2 million customer accounts without authorization, according to CFO John Shrewsberry.