Search results
Results from the WOW.Com Content Network
In 2016, Wells Fargo was found to have opened millions of unauthorized accounts for existing customers to meet sales goals. Those woes caused the ouster of John Stumpf, the chief executive of the ...
U.S. banking giant Wells Fargo confessed to creating millions of fake accounts from 2002 to 2016. Now, new troubles have come to light. Fraudulent bank accounts resurface at Wells Fargo
The CFPB fined Wells Fargo $100 million on September 8, 2016, for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.
Wells said on Thursday it will return $2.8 million to the additional customers who had consumer and small business accounts opened without permission. Wells Fargo finds more unauthorized accounts ...
She is the only top executive to face criminal charges over revelations starting in 2016 about Wells Fargo's sales culture, where employees opened millions of accounts and sold products that ...
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.
Wells Fargo was exposed for opening millions of unauthorized bank accounts in 2016. This was done by the firm's retail bankers, who were encouraged or coerced by some supervisors. [9] The CEO (John Stumpf) and other executives were dismissed. Regulators subjected the bank to fines and penalties, and customers reduced, suspended, or discontinued ...
July 21 (Reuters) - The U.S. Department of Labor on Friday ordered Wells Fargo & Co to pay $575,000 and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee ...