Wells Fargo exec in accounts scandal deserves jail time, say prosecutors: ‘Corporate wrongdoers must be sent a clear message’ BYJoel Rosenblatt and Bloomberg September 2, 2023 at 11:49 PM GMT+8Wells Fargo paid $3 billion in penalties in 2020 over its widespread practice of opening checking...
WASHINGTON, July 17 (Xinhua) -- Wells Fargo is preparing to shed a number of its businesses as the U.S. bank tries to restore investor confidence in the wake of the fake account scandal, Financial Times reported on Sunday. "We get a little bit smaller, a little bit less complex and w...
WASHINGTON, Feb. 21 (Xinhua) -- Wells Fargo, one of the leading U.S. banks, has agreed to pay 3 billion U.S. dollars to settle criminal and civil investigations with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) over its fake accounts scandal,...
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...
For additional information about the Wells Fargo scandal, see CRS Legal Sidebar WSLG1671, Wells Fargo's Selling Campaign鈥擡nforcement Actions, Civil Penalties, and Possible Criminal Charges, by M. Maureen Murphy.Murphy, Edward VincentHoskins, Sean M...
Wells Fargo CFO John Shrewsberry said the bank has held top officials accountable. Sen. Elizabeth Warren has demanded that board members in office during the bank's cross-selling scandal be removed. watch now VIDEO08:04 Wells Fargo CFO: There’s a lot to like about this past quarter As the...
A new probe into Wells Fargo's sales practices reports that thousands of small businesses were impacted in the account fraud.
Administrative evil at Wells Fargo Consider the following headline: “That Wells Fargo account scandal was even worse than you can imagine” (Hiltzik, 2020). The scandal refers to sales employees at Wells Fargo Bank opening millions of unauthorized customer accounts and then charging fees to unsusp...
Wells Fargo announced that it will pay more than $180 million dollars in fines for its bogus accounts scandal. The bank has since announced it’s getting rid of retail banking sales by the end of the year.
Wells Fargo has paid a hefty price forits fake account scandal. While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m in compensation from executives it blamed for the fraud, and agreed to pay $110m to settle a class action lawsuit over its openi...