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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
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.
The lawsuit focuses on those who followed the rules and were penalized for not meeting sales quotas -- Find out how much they're seeking from the bank.
Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal.
And it was nearly three years after Wells Fargo began cleaning house in its retail operations, firing 1,000 employees a year who, if the bank is to be believed (ha ha), were furthering the fraud ...
After Wells Fargo was mired in a 2013 scandal over employees who opened millions of fake banking accounts, the bank created a new centralized unit to review customer complaints and employees ...
Stenz rued her decisions on Tiktok, indicating she suspected she wasn't talking to a legitimate employee of Wells Fargo. "I felt like it was sketchy the whole time, but since it came from a Wells ...
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.