Since the scandal Wells Fargo has fired more than 5,300 employees and the bank's CEO, Tim Sloan has issued an apology "to everyone who was harmed by unacceptable sales practices that occurred in our retail bank." Clarified on Sept. 1, 2017: The headline has been clarified...
NEW YORK -Newly appointed Wells Fargo (WFC) Chief Executive Tim Sloan told employees Tuesday he’s “sorry for the pain” that the bank’s employees have suffered as a result of the company’s sales practices scandal.Sloan’s companywide speech, given Tuesday in Charlotte, North Carolina, is...
Stumpf, a 34-year veteran of the bank who took over as CEO in 2007, had previously gained acclaim for navigating Wells Fargo through the financial crisis and keeping it free of scandal. But he came under withering pressure over the alleged misconduct, believed to have gone on at the bank ...
Stumpf "was too slow to investigate or critically challenge sales practices in theCommunity Bank," the report said. "He also failed to appreciate the seriousness of the problem and the substantial reputational risk to Wells Fargo." The scandal erupted in September when regulators slapped the b...
A year later, it appears Congress remains united on at least one thing: its anger at Wells Fargo over a sales practices scandal. Article content Senators on both sides of the aisle expressed their continuing disappointment Tuesday as CEO Tim Sloan appeared before them, wondering whether one of ...
Shares of Wells Fargo & Co. fell 0.6% in premarket trade, after the banker reported October new account openings that fell sharply from a year ago in the wake of the sales-practices scandal. Consumer account openings fell 44% from a year ago, and 27% from September, while new cr...
Wells Fargo spokesman Peter Gilchrist declined to comment on Friday. The San Francisco-based bank has been beset by scandals over its sales practices since agreeing in September 2016 to pay $190 million to settle government claims that it created the customer accounts without permiss...
Buffett acknowledges Wells Fargo's 'cardinal sin' Wells Fargo can't wake up from the nightmare that began exactly two years ago. What sounded at first like a run-of-the-mill bank settlement — a $185 million payment to atone for "sales practices" — has morphed into a cascade of ...
The scope of Wells Fargo's fake accounts scandal grew significantly on Thursday, with the bank now saying that 3.5 million accounts were potentially opened without customers' permission between 2009 and 2016. CNN Newsource Wells Fargo a
The result, in Wells Fargo’s case, was behavior that led to the largest fine in the history of the Consumer Finance Protection Bureau. Additionally, Wells Fargo has agreed to change its sales practices. But while Wells Fargo is thus far the only institution known to have engaged ...