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Similarly, Wells Fargo was fined $3.7 billion by the CFPB in December 2022, in part for imposing “surprise overdraft fees.” The agency maintained the bank charged the fees to some customers ...
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.
July 29, 2024 at 12:00 PM. By Jonathan Stempel (Reuters) - A U.S. judge ordered Wells Fargo to face a lawsuit alleging it defrauded shareholders by proclaiming its commitment to hiring diversity ...
June 14, 2024 at 1:49 PM. Stephanie Keith/Bloomberg/Getty Images/File. A version of this story appeared in CNN Business’ Nightcap newsletter. ... In Wells Fargo’s case, managerial mistrust ...
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 shares surged nearly 43% in 2024, handily outperforming the S&P 500 index and a benchmark for large-cap banks. However, putting the regulatory woes behind would provide another major lift.
In September 2016, Wells Fargo was fined $100 million by the Consumer Financial Protection Bureau, $50 million by the Office of the Comptroller of the Currency and $35 million by the city and county of Los Angeles, for opening two million checking and credit-card bank accounts without its customers' consent.
Wells Fargo, the fourth biggest U.S. bank by assets and a relatively small player on Wall Street, racked up the most fines on Tuesday, with $200 million in penalties.