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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.
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 ...
(Reuters) -The former head of Wells Fargo's retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Carrie ...
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]
In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia. [7] Stumpf became CEO of Wells Fargo in June 2007 and ...
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A former Wells Fargo senior vice president has sued the bank, accusing it of retaliation after her complaints of sexual misconduct by a higher-ranking employee.