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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's compliance issues came under the spotlight after a scandal over its sales practices erupted in 2016. Regulators mandated additional oversight of the lender in the wake of the turmoil.
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
When I think about John Stumpf, the now-disgraced former chairman and CEO of Wells Fargo (NYSE: WFC), I'm reminded of those stories you see on TV about the guy-next-door who had been living a ...
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.
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Wells Fargo – controversy over fake accounts scandal. Wells Fargo account fraud scandal; Western civilization; White Americans – non-racist white identity. White Anglo-Saxon Protestant — on talk page there are claims of non-neutrality. Wiretapping; Paul Wolfowitz; Womyn – alternative spelling of women. Xinjiang . Xinjiang re-education camps
The billionaire investor recently made his first public comment on Wells Fargo's bogus account scandal -- and he didn't mince words.