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...
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,...
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.
While scandal in the banking sector is no surprise, particularly since the global financial crisis of 2008, many were surprised to find Wells Fargo at the center of one. After all, the bank is considered one of the more conservative of the major banks, and with its headquarters in...
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 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 that led to fraud. But customers and industry watchdogs are now on alert. FEATURED VIDEO The Man Behind ...
lifted until at least 2025, according to Reuters.19The order limiting Wells Fargo to a maximum of $1.9 trillion in assets was imposed by the Federal Reserve in 2016. It will stay in place until regulators deem that the bank has corrected the problems that led to the fake accounts scandal....
That scandal led to the departure of the chief executive John Stumpf, a boardroom shake-up and the imposition this month of unprecedentedsanctions by the Federal Reserve, which barred the bank from increasing its asset pool until governance improvements are made. ...
The New York Times was first with the story on the unnecessary auto insurance, after obtaining an internal report by consulting firm Oliver Wyman. The report revealed that National General was getting commissions on the insurance it sold to Wells Fargo’s borrowers. The ba...
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. © 2016 CBS Interactive Inc. All Rights Reserved....