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Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales ...
Founded in 1852 and headquartered in San Francisco, Wells Fargo offers banking products, such as checking accounts, savings accounts, certificates of deposit (CDs), and loans to individuals, small ...
Allspring Global Investments was originally the asset management unit of Wells Fargo known as Wells Fargo Asset Management (WFAM) that was established in 1995. [2]In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after the Wells Fargo cross-selling scandal.
More than 40 consumers have reported mysterious accounts opened in their names at Wells Fargo. One man says someone opened an account in his name and deposited thousands of dollars.
Wells Fargo has international offices in London, Dublin, Paris, Dubai, Singapore, Tokyo, Shanghai, Beijing, and Toronto, among others. [19] Back-offices are in India and the Philippines with more than 20,000 staff. [20] Notably, Wells Fargo is the first major national U.S. bank to undergo a successful unionization drive. [21]
Wells Fargo has agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. The ...
A.G. Edwards, Inc. was an American financial services holding company; its principal wholly owned subsidiary was A.G. Edwards & Sons, Inc., which operated as a full-service securities broker-dealer in the United States and Europe.
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