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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
And it was nearly three years after Wells Fargo began cleaning house in its retail operations, firing 1,000 employees a year who, if the bank is to be believed (ha ha), were furthering the fraud ...
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 & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.
(Reuters) -Wells Fargo said the U.S. Office of the Comptroller of the Currency has terminated a 2016 punishment for the bank’s sales practices, the bank said, after it spent years trying to ...
Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a bank examination.
NEW YORK (Reuters) -A federal judge on Thursday rejected Wells Fargo & Co's bid to dismiss a lawsuit claiming it defrauded shareholders about its ability to rebound from five years of scandals ...
Wells Fargo, JP Morgan Chase and Bank of America are being sued by the embattled Consumer Financial Protection Bureau over alleged unchecked fraud on the Zelle payment app — setting up a legal ...