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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 & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.
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Zelle, which is run by Early Warning Services, a financial technology company owned by seven banks, including Wells Fargo, said in a statement that it has driven down fraud and scam rates through ...
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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.
For almost two years, Wells Fargo has been under near-constant fire. Now, Now, former advisors in the wealth management area of the Private Bank, which caters to high-net-worth investors, have ...
Wells Fargo has agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. Wells ...