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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]
The person she was speaking to on the phone was not a Wells Fargo rep, as she discovered when she went into the bank to confirm that she'd been talking to a legitimate customer service staff member.
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials. ... 24/7 Help. For premium support please call: ...
Her sister even dialed the number while she was on the phone, to confirm it was Wells Fargo’s customer service line. ... Wells Fargo, four months after the scam occurred, that the bank refunded ...
Wells Fargo account fraud scandal. Add languages. ... Wells Fargo cross-selling scandal; ... Contact Wikipedia; Code of Conduct;
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, Chase and Bank of America were sued by the Consumer Financial Protection Bureau over alleged widespread fraud on the Zelle app, used by millions.
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.