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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]
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
A bank spokesperson declined to offer more details about the firings, saying only that “Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior.” I have ...
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 ...
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 September 2009 Wells Fargo announced Kovacevich would step down as chairman and a director at the end of 2009 and retire from the company in early 2010 after 23 years with Norwest and Wells Fargo. [9] As of October, 2020, it was reported that he still had an office and personal assistant at Wells Fargo. [10]
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 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 ...