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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
Wells Fargo paid $3 billion in 2020 to settle federal criminal and civil probes into its sales practices, admitting it pressured employees over 15 years to sell more products, known as cross-selling.
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.
Since 2016, Wells has spent billions of dollars settling civil and criminal charges related to a multiyear scheme that led to more than 2 million fake accounts being opened without customers ...
The fake sales scandal was the first of a number of activities by Wells Fargo that fell under federal scrutiny. And a former top executive is facing prison time.
The Clearing House, Financial Services Roundtable, Chevron. John Gerard Stumpf (born September 15, 1953) [2] is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June ...
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives. [121] CEO Maurice R. "Hank" Greenberg was forced to step down and fought fraud charges until 2017, when the 91-year-old reached a $9.9 million settlement.