Nat Versus the Volcano: Can an AI Investor Solve an Ancient Mystery from the Ashes of Vesuvius?Read more

Briefing
Finance

Wells Fargo Overcharged on Fees, Agrees to $35 Million Penalty, SEC Says

By
Nate Becker
· · Source: The Information

The SEC said Wells Fargo had agreed to pay a $35 million penalty to settle charges that the giant consumer bank had overcharged nearly 11,000 investment advisory accounts by a total of more than $26.8 million in advisory fees. The SEC also said Wells Fargo had “paid affected accountholders approximately $40 million, including interest, to reimburse them for the overcharging.” Some Wells...

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Briefing markets google
SpaceX, Klaviyo, LLMs: Highlight Stories From This Week
By Akash Pasricha · Sept. 22, 2023 4:01 PM PDT
Photo via Shutterstock
This week we were treated to not one but two big tech IPOs! Plus, two tech juggernauts—Amazon and Microsoft—held big, flashy product launch events. Through it all, The Information’s newsroom pumped out a string of scoops, analyses and meaty newsletters.
Latest Briefs
 
Apple Adds New Option to Switch From Google Search in Safari Browser
By Jon Victor · Sept. 22, 2023
Unity Technologies Issues Apology, Revises New Business Model
By Akash Pasricha · Sept. 22, 2023
Biden Administration Wants to Know Cloud Providers’ AI Customers
By Anissa Gardizy · Sept. 22, 2023
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
OpenAI's Greg Brockman (left) and Google's Demis Hassabis (right). Photos by Getty.
AI Agenda google ai
OpenAI Hustles to Beat Google to Launch ‘Multimodal’ LLM
By Jon Victor
As fall approaches, Google and OpenAI are locked in a good ol’ fashioned software race, aiming to launch the next generation of large-language models: multimodal.
From left, a Google TPU, Broadcom CEO Hock Tan and Google Cloud chief Thomas Kurian. Photos via Getty, Google and YouTube.
Exclusive google semiconductors
To Reduce AI Costs, Google Wants to Ditch Broadcom as Its TPU Server Chip Supplier
By Wayne Ma, Anissa Gardizy and Jon Victor
Google executives have extensively discussed dropping Broadcom as a supplier of artificial intelligence chips as early as 2027, according to a person with direct knowledge of the effort.
Art by Clark Miller.
space Twitter
The Trouble With Walter: In His Elon Musk Tome, the Writer Shows Us the Perils of Access Journalism
By Adam Lashinsky
Walter Isaacson is the exotic bird of American letters, a charming and convivial bon vivant and raconteur, the life of many a dinner party, a studious biographer and a generous mentor.
Flexport founder Ryan Petersen. Photos via Getty and Flexport.
e-commerce
Can Ryan Petersen Fix Flexport?
By Ann Gehan and Theo Wayt
Ryan Petersen was getting antsy. This March, Petersen had handed over the CEO job at Flexport—the logistics company he’d founded a decade earlier, which had ballooned to an $8 billion valuation in 2022—to veteran Amazon executive Dave Clark.
Photos via Eiso Kant (left) and YouTube/VMWare Tanzu (right)
AI Agenda startups ai
How GitHub Copilot’s Co-Creator Raised $126 Million to Compete with His Former Employer
By Stephanie Palazzolo
Recent interest in artificial intelligence has focused on large-language models that aim to do everything from writing Shakespearean poetry to solving math riddles.
Art by Mike Sullivan.
The Flexicon culture
A Is for Adaptogens, B Is for Body Sculpting: A Trending-in-Silicon Valley Health Glossary
By Annie Goldsmith
Last month, The Information Weekend conducted our first-ever Brain-Body Investment Survey , asking subscribers about their exercise, wellness and beauty practices.