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, 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...
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...
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 ...
It's been a very difficult nearly two years for Wells Fargo. A wave of controversy, kicked off by the fake-accounts scandal, have hurt Wells Fargo's reputation, raised its legal expenses and drawn the ire of regulators. Wells Fargo has said it doesn't expect to escape the Fed's unpre...
As the bank continues to rebuild its image, Wells Fargo CFO John Shrewsberry insisted Friday that the institution has taken aggressive steps and has held its leaders accountable for the fake accounts scandal. Shrewsberry's remarks came the same day the bank reported earnings that disappointed Wall ...
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.
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...
Last year, Wells Fargo said itto settle investigations by the Securities and Exchange Commission and the Justice Department into the fake-accounts scandal. In April, the banktopped analyst earnings expectationsfor its latest quarter. Wells Fargo, the fourth-largest U.S. lender, reported earnings of...