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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]
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.
Map of Wells Fargo branches in August 2015 Wells Fargo branch in Berkeley, California A former Wachovia branch converted to Wells Fargo in the fall of 2011 in Durham, North Carolina American Express Co. early receipts (1853, 1869) Stagecoach with Christmas gifts at a Wells Fargo Bank, San Francisco Wells Fargo & Co. Express building circa 1860, Stockton, California Mud wagon — Wells Fargo U ...
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.
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
A complete list of Wells Fargo's bad headlines and woes since the fake account scandal broke in September 2016.
In May 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction. [4] [5] In June 2007, Wells Fargo acquired CIT's construction unit. [6] In January 2008, Wells Fargo acquired United Bancorporation of Wyoming. [7] In August 2008, Wells Fargo acquired Century Bancshares of Texas. [8]
Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over ... Wells Fargo has faced regulatory sanctions since the 2016 scandal, when it was discovered the bank opened ...