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...
Wells Fargo & Co.’s former head of retail banking should spend a year in prison for impeding a probe of the bank’s practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of ...
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,...
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...
Taking a comprehensive view of the 2016 Wells Fargo "fake accounts" scandal, the authors detail the bank's legal, ethical, management, and social responsibility transgressions. Civil and criminal charges are explored鈥攕ome of which have been settled. Ethical and immoral aspects are examined in ...
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...
LOS ANGELES -- A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal. The agreement filed Wednesday in a Los Angeles federal co...
About 10,000 small businesses were affected by the account fraud, according to sources cited by Reuters. Wells Fargo is also facing lawsuits from former employees, shareholders, and customers. The bank has said it is changing its sales practices, and recently removed the sales goal incentives ...
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...
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.