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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]
(Reuters) -The U.S. Consumer Financial Protection Bureau said on Friday it filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo for failing to protect consumers from alleged ...
Farage in 2018. In June 2023, the private bank Coutts closed the account held by the British politician and broadcaster Nigel Farage, triggering controversy. NatWest, the owner of Coutts, initially claimed that he failed to meet the Coutts eligibility criteria of holding £1,000,000 or more in his account, following the expiry of his mortgage.
In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal. [ 5 ] [ 6 ] [ 7 ] Because Libor is used in US derivatives markets , an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a ...
A federal grand jury in Des Moines indicted 18 people with bank fraud and money laundering charges. Part of a nationwide scheme, defendants from Arizona, Iowa, Illinois and Indiana allegedly drew ...
In addition to being the second bank to fail in 2024, the failure of The First National Bank of Lindsay marks the seventh time a federally-insured bank has failed going back to 2021.
Most banks minimize interest rate risk in their held-to-maturity portfolios by buying shorter-term bonds. [32] The bank did hedge against interest rate risk on its available-for-sale portfolio by building up a portfolio of $15.2 billion of interest rate swaps by the end of 2021. [32]
The Consumer Financial Protection Bureau said more than $870 million in Zelle-related fraud losses hit consumers at three big banks. $870M in Zelle fraud losses spark lawsuit against platform, 3 ...