HSBC Holdings Plc and Wells Fargo & Co. agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates.
HSBC Holdings Plc and Wells Fargo & Co. agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates.
San Francisco-based bank Wells Fargo reports second-quarter insurance income dropped 7 percent over the previous year, but rose 5 percent on a quarter-to-quarter basis.
Wells Fargo overtook Citigroup Inc. in 2012 to lead all banks in insurance brokerage fee income, according to a recent report, but overall insurance brokerage fee income for banks dropped 20 percent for the year.