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 isn't the only bank where heavy sales pressure led employees to open fake accounts. A federal review triggered by the Wells Fargo scandal found that "weaknesses" at other banks led employees to open accounts without proof of customer consent — just like Wells Fargo did — accordin...
Why Wells Fargo customers can’t sue over bogus accounts ByJames Rufus Koren Over the years, many Wells Fargo customers have tried to sue the bank over fake accounts, but their cases have run into an increasingly familiar roadblock: arbitration clauses. ...
Three former executives in Wells Fargo’s community bank group have agreed to penalties with the Office of the Comptroller of the Currency (OCC) for their roles in the bank’s 2016 fake accounts scandal, the regulator announced Monday. Matthew Raphaelson, the group’s former finance officer, ...
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. ...
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...
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...
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