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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.
Wells Fargo CEO Tim Sloan is stepping down. Here is a list of all the scandals that occurred at the bank in the past few years. List of Wells Fargo scandals in the Tim Sloan era [Video]
A bank spokesperson declined to offer more details about the firings, saying only that “Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior.” I have ...
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.
Wells Fargo (NYSE:WFC) is still paying for the sins of its past.Source: Ken Wolter / Shutterstock.com Many people, and I include myself in that, thought the past ended when Charles Scharf was ...
In September 2009 Wells Fargo announced Kovacevich would step down as chairman and a director at the end of 2009 and retire from the company in early 2010 after 23 years with Norwest and Wells Fargo. [9] As of October, 2020, it was reported that he still had an office and personal assistant at Wells Fargo. [10]
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 ...