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The news sent Wells Fargo's stock up sharply Thursday as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to rebuild its reputation ...
The conduct management intake department at Wells Fargo was created in the wake of the scandal that erupted in 2016 when The Times reported bank employees had opened millions of fake deposit and ...
Wells Fargo & Co has agreed to pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts ...
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's latest scandal could be of concern to investors after the Federal Reserve capped the bank's ability to grow amid inadequate risk controls. Wells Fargo dominated headlines when the ...
Wells Fargo & Co beat Wall Street profit expectations on Wednesday as it reduced bad loan provisions and reined-in costs, signalling the bank may finally be emerging from a sales practices scandal ...
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The bank has paid over $5 billion in fines and has been placed under an unprecedented asset cap by the Fed for selling potentially millions of fake accounts to customers, among other issues, in a ...