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...
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...
Fake Accounts Scandal at Wells Fargo: What are the Lessons?Ragothaman, SrinivasanCustis, TylerChristianson, MelissaJournal of Forensic & Investigative Accounting
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...
Wells Fargo CFO: There’s a lot to like about this past quarter 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...
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...
The owner also takes blame for the people who created the fake accounts and also takes the responsibility for the actions of those people. Timothy J. Sloan took Stumpf’s place as the CEO. The scandal for the Wells Fargo fake accounts is still ongoing today. The company plans to close ...
Newly instatedWells FargoCEO Charles Scharf on Tuesday blamed the company's alleged consumer abuses, including a fake-account scandal, on a "broken" culture and acknowledged the bank needs to do more to address its shortcomings. While testifying before the House Financial S...
Wells Fargo, the bank that lost two CEOs while dealing with the fallout from a fake-accounts scandal, has appointed former Visa chief Charles Scharf as its top executive. Scharf, who landed a job under Jamie Dimon –now the CEO of JPMorgan Chase – by sending him a resume through family...