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'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...
Last year, Wells Fargo said itto settle investigations by the Securities and Exchange Commission and the Justice Department into the fake-accounts scandal. In April, the banktopped analyst earnings expectationsfor its latest quarter. Wells Fargo, the fourth-largest U.S. lender, reported earnings of...
Wells Fargo CFO: There’s a lot to like about this past quarter As the bank continues to rebuild its image,Wells FargoCFO John Shrewsberry insisted Friday that the institution has taken aggressive steps and has held its leaders accountable for the fake accounts scandal. ...
Wells Fargo has paid a hefty price for its fake account scandal. While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m…
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 ...