Wells Fargo finds 1.4 million more fake accounts than originally discoveredDan Freed
Wells Fargo's fake accounts have been around a long time. Almost a dozen Wells Fargo (WFC) workers told CNNMoney that the shocking tactic -- where employees opened unauthorized accounts to meet unrealistic sales goals -- has been around much longer than the bank has acknowledged. "These pra...
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's fake-accounts scandal, on top of a long list of other problems, has hurt its stock price, caused legal expenses to soar and tarnished its reputation. The bank has been hit with a series of penalties, including unprecedented sanctions from the Federal Reserve that prevent it fro...
Wells Fargo recently announced it would pay 142 million dollars to settle a class-action lawsuit over its practice of creating fake accounts and credit cards. The bank employs 273,000 people and currently operates about 90 different businesses. The plan to spin off some businesses is part of an...
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 (WFC) has long touted its commitment to customers, with CEO John Stumpf noting a few years ago that it wants people to “see us as trusted financial advisers.” But that reputation could be in jeopardy given the bank’s recent financial penalties for abusive business practices. ...
1:12 Wells Fargo agrees to pay $3 billion, admits that employees falsified records Employees opened millions of fake bank accounts in people’s names, without their knowledge, in an effort to meet unrealistic sales goals.The U.S. Department of Justice and Wells Fargo have agreed to a $3 ...
Wells Fargo's fake-accounts scandal, on top of a long list of other problems, has hurt its stock price, caused legal expenses to soar andtarnished its reputation. The bank has been hit with aseries of penalties, includingunprecedented sanctions from the Federal Reservethat prevent it from grow...
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 ...