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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]
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...
In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia. [7] Stumpf became CEO of Wells Fargo in June 2007 and ...
Wells Fargo's latest scandal could be of concern to investors after the Federal Reserve capped the bank's ability to grow amid inadequate risk controls. Wells Fargo dominated headlines when the ...
The Biden Administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The Office of the ...
The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit. [152] In December 2022, the bank agreed to a settlement with the CFPB of $3.7 billion over abuses tied to the fake account scandal as well as mortgages and auto loans.
Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales ...
A complete list of Wells Fargo's bad headlines and woes since the fake account scandal broke in September 2016.