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The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit. [154] In December 2022, the bank agreed to a settlement with the CFPB of $3.7 billion over abuses tied to the fake account scandal as well as mortgages and auto loans.
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]
In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia. [7] Stumpf became CEO of Wells Fargo in June 2007 and ...
Three former Wells Fargo executives must pay $18.5 million for their role in the bank’s widespread fake sales accounts scandal that came to light nearly a decade ago. Based in San Francisco ...
What follows, in turn, is a look at the principal owners of Wells Fargo's outstanding common stock. A broad overview As you can see in the following chart, the majority of Wells Fargo's 5.3 ...
(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 ...
Allspring Global Investments was originally the asset management unit of Wells Fargo known as Wells Fargo Asset Management (WFAM) that was established in 1995. [2]In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after the Wells Fargo cross-selling scandal.
The Biden Administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The Office of the ...