This scandal is being examined at House and Senate hearings. 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 Vinc...
The CEO of Wells Fargo will reportedly step down as CEO and chairman of the board of the major U.S. bank, a move that comes in the wake of a major scandal over the creation of fake accounts on behalf of thousands of customers.
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 independent directors are punishing two top executives after the bank’s scandal over sales practices. Chairman and CEO John Stumpf is forfeiting $41 million dollars in stock awards and will forgo his salary during the investigation. Former executive Carrie Tolstedt, who oversa...
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 ...
Wells Fargo CEO John Stumpf might not survive the account creation scandal now that it has blown up into a Congressional affair, says Jim Cramer. Jim Cramer Sep 30, 2016 11:34 AM EDTStart Conversation Wells Fargo (WFC) CEO John Stumpf might not survive the account creation scandal now...
When the Wells Fargo unauthorized account scandal was at its height in late 2016, companies began to distance themselves from the bank and what seemed to be rampant fraud. Prudential announced in December of 2016 that all sales through Wells Fargo would be suspended. They said they wanted to ...
Sept. 20, 2016 9:38 AM PT Share Bogus accounts centered in the Los Angeles area By James F. Peltz Los Angeles City Atty. Mike Feuer (Glenn Koenig / Los Angeles Times) Much of the fraudulent account activity at the heart of the Wells Fargo sales scandal was centered ...
John Stumpf swears an oath before the U.S. Senate Banking Committee on Capitol Hill in Washington D.C., the United States, Sept 20, 2016. U.S. lawmakers grilled Wells Fargo's chairman and chief executive officer (CEO) John Stumpf on Tuesday over the bank's fake account scandal as he ...
when Mr Sloan’s predecessor, John Stumpf,was put through the wringer. With his right hand heavily bandaged — horseplay with his grandchildren, was the explanation — Mr Stumpf was lambasted for his failure to stop the huge fake-account scandal that escalated on his watch. He resigned a cou...