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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]
Wells Fargo released data on Thursday showing that new account openings have dropped in the wake of the scandal.
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.
U.S. banking giant Wells Fargo confessed to creating millions of fake accounts from 2002 to 2016. Now, new troubles have come to light.
Wells Fargo's board of directors will release its investigation into the bank's fraudulent accounts scandal, pinning blame on two former executives.
A complete list of Wells Fargo's bad headlines and woes since the fake account scandal broke in September 2016.
Last December, Wells Fargo agreed to $3.7 billion in fines and restitution in a settlement with regulators to resolve issues related to auto lending, mortgages and consumer deposit accounts.