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.
Wells Fargo in February also agreed to pay $3 billion to the Department of Justice and the Securities and Exchange Commission over the 2016 scandal. In a January settlement, the OCC banned Wells Fargo’s former CEO, John Stumpf, from the banking industry and fined him $17.5 million. The ...
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 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....
Aside from the Great Recession and the bank failures of last year, few issues in the recent banking era have been more scandalous than Wells Fargo's (NYSE: WFC) infamous phony-accounts scandal.
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.
This is the same bank that’s been embroiled in scandal after scandal, from creating millions of fake accounts to defrauding their own clients. If you're considering banking with them, run in the opposite direction. Wells Fargo doesn’t just mismanage money; they exploit trust. Stay far, ...
John Stumpf, CEO of Wells Fargo, waits to testify before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., on Sept. 20, 2016. The operating ploy that led Wells Fargo employees to open up millions of unauthorized bank and credit card accounts to meet...
has mostly followed that advice. At any given moment, at least one big US bank has to be in the doghouse with the regulators, according to finance lore. Wells got into it in 2016 with its horrifying fake accounts scandal. Since then, none of Wells’ peers have messed up badly enough to...