October 22, 2014 10:09 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: 53
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 2014.

Wells Fargo Bank, National Association Key Developments

Wells Fargo Bank NA Settles Same-Sex Harassment Suit

Wells Fargo Bank NA will pay $290,000 to four female bank tellers and furnish other relief to settle a sexual harassment lawsuit filed by the U.S. Equal Employment Opportunity Commission. The lawsuit accused that a female manager and another female bank teller at a Wells Fargo branch in Reno, Nev., regularly subjected the four women to graphic sexual comments, gestures and images. The harassment included inappropriate touching and a suggestion that the bank tellers wear sexually provocative clothing to attract customers and to advance in the workplace.

Wells Fargo Call Center to Eliminate 115 Workers

Wells Fargo Bank told 115 employees at its Roanoke County call center they will be terminated later in 2014, which will eliminate 6.4% of the facility's work force. The cuts are scheduled to take effect in mid-December. Affected employees who worked for the company for a qualifying period of time could get severance benefits. All departing workers will be offered employment assistance and a chance at other jobs in the company for which they qualify.

Wells Fargo Bank Settles Overtime Wages Lawsuits

Wells Fargo Bank agreed to pay $15 million in back overtime wages to nearly 4,500 current and former home mortgage consultants, including 50 to 100 in Houston, where the case was filed and eventually settled in federal court. The loan officers at Wells Fargo and its predecessor, Wachovia Corp., worked more than 50 hours a week taking applications for home loans but were incorrectly classified by the bank as exempt from overtime. The average recovery is about $3,400 per person. The seven ex-employees who came forward initially in 2011 will receive $15,000 to $20,000 each, according to the settlement agreement. Estimated the average annual salary for the home mortgage consultants was between $45,000 and $50,000. The settlement also includes $11.5 million in legal fees.

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