Wells Fargo's fake-accounts scandal, on top of a long list of other problems, has hurt its stock price, caused legal expenses to soar and tarnished its reputation. The bank has been hit with a series of penalties, including unprecedented sanctions from the Federal Reserve that prevent it fro...
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Wells Fargo (WFC) has long touted its commitment to customers, with CEO John Stumpf noting a few years ago that it wants people to “see us as trusted financial advisers.” But that reputation could be in jeopardy given the bank’s recent financial penalties for abusive business practices. ...
This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope, and for its blatant disregard of customer's private information," Michael Granston, deputy assistant attorney general for the DOJ's civil division, said in a stateme...
(CNN Money) -- Wells Fargo isn't the only bank where heavy sales pressure led employees to open fake accounts. A federal review triggered by theWells Fargo scandalfound that "weaknesses" at other banks led employees to open accounts without proof of customer consent — just like Wells Fargo...
Stumpf has told the company's Board of Directors that he is retiring from the company and the Board, and his departure is effective immediately, the bank said in the statement released on Wednesday. "He believes new leadership at this time is appropriate to guide Wells Fargo through its curre...
A federal judge who dismissed an earlier version of a shareholder lawsuit said the bank must face legal action over sham hiring practices intended to address diversity concerns. BY REUTERS JUL 30, 2024 Wells Fargo bank branch in New York City.. Illustration: Inc; Photo: Getty ImagesA U.S. ...
Wells Fargo's troubles with its fake-account scandal have earned the bank a credit downgrade from ratings agency DBRS. The move is in reaction to the growing costs the third-largest U.S. bank by assets faces regarding the scandal. Wells Fargo's shares are down more than 3 percent in 2017...
Like Wells Fargo, Fifth Third allegedly violated its customers' trust. Fake accounts can have a large impact on consumers.
Not living our core values results in grave consequences. Common to the collapse of Enron and Arthur Andersen, Diesel-gate of Volkswagen, the fraud of Wells Fargo Bank and most recently United Airlines incident, shows a prevailing pattern of c...