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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]
Three former Wells Fargo executives must pay $18.5 million for their role in the bank’s widespread fake sales accounts scandal that came to light nearly a decade ago. Based in San Francisco ...
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.
Wells Fargo & Co's account scandal is not limited to its consumer banking sector, U.S. Senator David Vitter told the bank's chief executive in a letter.
The Wells Fargo cross-selling scandal involved fraudulent and unethical activities rather than just a mere "controversy." The use of the term "controversy" white washes the seriousness of the issue.The scandal was well-documented, and there is clear case of fraud.
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Wells Fargo & Co has agreed to pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts ...