Since the scandal Wells Fargo has fired more than 5,300 employees and the bank's CEO, Tim Sloan has issued an apology "to everyone who was harmed by unacceptable sales practices that occurred in our retail bank.
Wells Fargo Bank is a direct descendant of the Wells Fargo stagecoach and freight-forwarding firm created in 1852 to serve the prospectors and suppliers of the California gold rush. Under its iron-willed current chairman, Carl E. Reichardt, Wells Fargo has become a highly profitable bank with ...
It paints the picture of a bank that has repeatedly abused its customers. The nightmare is hurting Wells Fargo's business, not just its reputation. Bottom-line growth has stalled, and the bank remains in the penalty box with regulators. "Wells Fargo is still trying to sweep up broken ...
Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was “illegal activity affecting over 16 million consumer accounts.” The Consumer Financial Protection Bureau said Wells Fargo “repea...
Most Americans have assumed their bank accounts are sacrosanct. But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud perhaps more than a million customers
The lawsuit names Wells Fargo & Company and Wells Fargo Bank, N.A., as defendants in the banking fraud lawsuit. Customers included in the settlement had certain Wells Fargo credit cards, lines of credit, checking, or savings accounts opened or applied for in their name without their permission...
Wells Fargo's lawyers stated in the letter that the bank is open to arranging with Williams' counsel "to release funds directly to the creditors to pay outstanding amounts that have been historically and regularly paid from the accounts in question, such as employee salaries, utilities and...