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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]
Wells Fargo's compliance issues came under the spotlight after a scandal over its sales practices erupted in 2016. Regulators mandated additional oversight of the lender in the wake of the turmoil.
A complete list of Wells Fargo's bad headlines and woes since the fake account scandal broke in September 2016.
(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 ...
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.
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
In 2016, Wells Fargo agreed to pay $1.2 billion to settle allegations that the company ... as a result of the scandal. In 2020, Wells Fargo sold $100 million in ...
The billionaire investor recently made his first public comment on Wells Fargo's bogus account scandal -- and he didn't mince words.