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After Wells Fargo was mired in a 2013 scandal over employees who opened millions of fake banking accounts, the bank created a new centralized unit to review customer complaints and employees ...
Three former Wells Fargo executives must pay $18.5 million for their role in the bank’s widespread fake sales accounts scandal that came to light nearly a decade ago. Based in San Francisco ...
Shares of Wells Fargo are up more than 8% since regulators lifted the 8-year restrictions on the bank in February and rose to $52.47 Friday. Show comments Advertisement
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]
The scandal severely tarnished the reputation of San Francisco-based Wells Fargo, which eight years ago was considered one of the best run banks in the country by investors and analysts.
In Wells Fargo’s case, managerial mistrust would be understandable, given the bank’s history. Since 2016, Wells has spent billions of dollars settling civil and criminal charges related to a ...
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.