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The news sent Wells Fargo's stock up sharply Thursday as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to rebuild its reputation ...
Similarly, Wells Fargo was fined $3.7 billion by the CFPB in December 2022, in part for imposing “surprise overdraft fees.” The agency maintained the bank charged the fees to some customers ...
June 14, 2024 at 1:49 PM. ... In Wells Fargo’s case, managerial mistrust would be understandable, given the bank’s history. ... For more CNN news and newsletters create an account at CNN.com.
Wells shares surged nearly 43% in 2024, handily outperforming the S&P 500 index and a benchmark for large-cap banks. However, putting the regulatory woes behind would provide another major lift.
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.
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 ...
(Reuters) -Wells Fargo & Co was accused in a lawsuit filed on Tuesday of mismanaging its employee health insurance plan and forcing tens of thousands of U.S. employees to overpay for prescription ...
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