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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 agreed to pay a total of $185 million in fines in 2016 after it was found to have opened more than 1.5 million checking and savings accounts, as well as 500,000 credit card accounts ...
FILE - A Wells Fargo sign stands in front of a branch of the bank in Bradenton, Fla., Tuesday, Feb. 22, 2022. Consumer banking giant Wells Fargo is being ordered to pay $3.7 billion in fines 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.
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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 ...
If you think you are owed and have not received notification yet, the group advises customers to call Wells Fargo at 844-484-5089, Monday through Friday, from 9:00 a.m. to 6:00 p.m. ET, or file a ...