Search results
Results from the WOW.Com Content Network
The scandal severely tarnished the reputation of San Francisco-based Wells Fargo, which eight years ago was considered one of the best run banks in the country by investors and analysts.
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'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 share price fell 10.2% over two days in June 2022, wiping out more than $17 billion of market value, after the New York Times reported the Justice Department probe.
Wells Fargo began laying off workers in the wake of a fake accounts scandal in 2016, when regulators accused employees of opening accounts without customers' consent or knowledge to meet corporate ...
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.
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 ...
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...