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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]
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
(Reuters) -Wells Fargo said the U.S. Office of the Comptroller of the Currency has terminated a 2016 punishment for the bank’s sales practices, the bank said, after it spent years trying to ...
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 ...
Berkshire Hathaway kingpin Warren Buffett was keeping mum on the Wells Fargo & Co scandal -– until now.
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.
What happens if your bank opened up a fake account in your name – do you cancel the account or leave the fake account in your name?
And it was nearly three years after Wells Fargo began cleaning house in its retail operations, firing 1,000 employees a year who, if the bank is to be believed (ha ha), were furthering the fraud ...