Articles by Imani Moise

Brake Complaints Cause Lyft to Replace 3,000 Electric Bikes in 3 Cities

Lyft Inc. is removing several thousand electric bikes from service in its bike-share program in New York, Washington and San Francisco because of a braking problem, the ride-hailing company said on Sunday. “We recently received a small number of reports …

Meeting Between Regulators, Employees Helped Set Stage for Wells Fargo CEO Exit

The day after former Wells Fargo & Co. Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees. At the meeting on March 13, which has not been …

Wells Fargo CEO Grilled at Congressional Hearing Probing Customer Abuse Scandal

Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the …

Wells Fargo to Pay States $575 Million in Sales Abuse Claims

Wells Fargo & Co. will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and committed other customer abuses, according to a statement by the Iowa attorney general’s office. Two years ago, Wells …

Fed Chair Says Wells Fargo Must Address Risk Management Before Any Growth

Wells Fargo & Co. must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve. In February, the Fed …

Wells Fargo Seeks to Limit Payout for Faulty Auto Insurance Plan

Wells Fargo & Co. is fighting to shut some customers out of a sweeping plan to compensate around 600,000 drivers it pushed into car insurance they did not need, according to court documents and a source familiar with the effort. …

Merrill Lynch Reverses Broker Fiduciary Rule Policy

Bank of America Corp.’s wealth management arm Merrill Lynch is reintroducing brokerage capabilities to its retirement accounts, reversing a policy put in place to comply with Obama-era regulation. In response to requests from customers, the company expects to add a …