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July 07, 2015 2:11 PM ET

Banks

Company Overview of Wells Fargo Bank, National Association

Company Overview

Wells Fargo Bank, National Association provides personal and commercial banking services. It offers deposits and loan products. Wells Fargo Bank, National Association was formerly known as Wells Fargo Bank American Trust Company and changed its name to Wells Fargo Bank, National Association in January 1962. The company was founded in 1852 and is based in Sioux Falls, South Dakota. Wells Fargo Bank, National Association operates as a subsidiary of Wells Fargo & Company.

101 North Phillips Avenue

One Wachovia Center

Sioux Falls, SD 57104

United States

Founded in 1852

Phone:

605-575-6900

Fax:

605-575-4815

Key Executives for Wells Fargo Bank, National Association

Chief Financial Officer and Executive Vice President
Age: 54
President of Northern/Central California Community Banking
Market President of The Fredericksburg
Regional President of South Florida
President of Rocky Mountain Region
Compensation as of Fiscal Year 2015.

Wells Fargo Bank, National Association Key Developments

Missouri Jury Receives $77 Million to Woman in Lawsuit Claiming Wells Fargo Bank Mismanaged Family Trusts

A Missouri jury has awarded a woman $77 million in damages in a lawsuit alleging Wells Fargo Bank mismanaged her family trusts, costing her tens of millions of dollars. Morriss sued Wells Fargo in early 2012, alleging the bank breached its fiduciary duty by failing to fully disclose financial transactions in two family trusts that lost millions of dollars. Morriss was a beneficiary and co-trustee on both trusts with her son, venture capitalist B. Douglas Morris. That man, who is serving five years in federal prison for tax evasion, had helped raise through his Clayton-based venture and other companies tens of millions of dollars in private equity and venture capital funds until the companies he led filed for bankruptcy in January 2012, listing more than $35 million in debts. Barbara Morriss, the widow of a former Boatmen's Trust Co. chairman, has contended that she first learned her accounts were drained in late 2011, when her credit card was declined at Neiman Marcus. Her lawsuit alleged that funds in both trusts were wrongfully pledged as collateral for risky business ventures - something she became aware of after the U.S. Securities and Exchange Commission accused her son of defrauding investors in January 2012.

The City of Los Angeles Sues Wells Fargo Bank

The city of Los Angeles is suing Wells Fargo Bank, alleging that employees driven by strict sales pressure opened unauthorized accounts for customers that charged them fees and damaged their credit. The civil complaint was filed under a law that allows attorneys representing large California cities to seek relief for unfair business practices for customers statewide. Wells Fargo has blamed the problems on a few rogue employees who have been disciplined or fired and said it would defend itself. ‘Wells Fargo's culture is focused on the best interests of its customers and creating a supportive, caring and ethical environment for team members,’ the San Francisco-based bank said in a statement. But the city's investigation found only token efforts to prevent wrongdoing, the newspaper said. The lawsuit seeks a court order ending the practices the city alleges, along with penalties of up to $2,500 for every violation and restitution for affected customers. The newspaper didn't say how many violations were alleged. If the suit prevails in Los Angeles County Superior Court, it would apply to all county residents and possibly some customers farther away, City Attorney Mike Feuer said. The bank had a culture of high-pressure sales that pushed employees toward ‘fraudulent conduct,’ Feuer said. Employees misused customers' confidential information and often failed to close unauthorized accounts despite complaints, the suit said. Some employees raided customer accounts for money to open more accounts, according to court papers. ‘The result is that Wells Fargo has generated a virtual fee-generating machine, through which its customers are harmed, its employees take the blame, and Wells Fargo reaps the profit,’ the lawsuit claims. Feuer planned to discuss the allegations at a Tuesday press conference at Los Angeles City Hall.

Wells Fargo Bank, National Association Presents at 14th Annual Capital Link Closed-End Funds and Global ETFs Forum, Apr-23-2015 12:00 PM

Wells Fargo Bank, National Association Presents at 14th Annual Capital Link Closed-End Funds and Global ETFs Forum, Apr-23-2015 12:00 PM. Venue: The Metropolitan Club, One East 60th St., New York, NY 10022-1054, United States. Speakers: Steve Nelli, Managing Director of Credit.

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