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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.
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.
The scandal also toppled former Chief Executive John Stumpf, who in 2020 paid a $17.5 million civil fine and accepted a lifetime industry ban, and led the Federal Reserve in 2018 to cap Wells ...
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 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 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 ...
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 ...
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 ...