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In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia. [7] Stumpf became CEO of Wells Fargo in June 2007 and ...
The most recent round of cuts brings to 302 the publicly announced number of workers cut since April 2023 from Wells Fargo’s Des Moines metro employment rolls — and 1,418 workers cut since ...
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.
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 scandals: The complete timeline Skip to ...
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]
The scandal also toppled former Chief Executive John Stumpf, who in 2020 paid a $17.5 million civil fine and accepted a lifetime industry ban, and led the Federal Reserve in 2018 to cap Wells ...
The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit. [154] In December 2022, the bank agreed to a settlement with the CFPB of $3.7 billion over abuses tied to the fake account scandal as well as mortgages and auto loans.
WASHINGTON (Reuters) -U.S. Senator Elizabeth Warren on Tuesday called on the Federal Reserve to break apart Wells Fargo & Co, arguing the latest fine against the bank shows it to be an ...