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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]
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.
The OCC's 2016 consent order sought changes in the way Wells Fargo offered and sold products and services to consumers, and required the lender to take additional actions to protect its customers ...
For almost two years, Wells Fargo has been under near-constant fire. Now, Now, former advisors in the wealth management area of the Private Bank, which caters to high-net-worth investors, have ...
Wells Fargo account fraud scandal. Add languages. ... Wells Fargo cross-selling scandal; ... protection levels are automatically sensed, ...
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[1] [2] Since its establishment, the CFPB has actively gone after banks and other financial service providers that have been determined to be "bad actors", such as when it fined Wells Fargo $100 million due to the Wells Fargo cross-selling scandal. [1] The CFPB had been seen as a bane by the Republican Party and as a sign of government overreach.
Zelle, which is run by Early Warning Services, a financial technology company owned by seven banks, including Wells Fargo, said in a statement that it has driven down fraud and scam rates through ...