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...
U.S. banking regulators settled charges with two former top audit executives at Wells Fargo for their oversight failures during the bank’s fake accounts scandal of the 2010s, cutting the millions in fines the two men were facing by more than 90 percent. The Office of the Comptroller of th...
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 ...
NEW YORK — Wells Fargo has received preliminary approval to pay out $142 million to customers affected by the bank’s sales practices scandal. Article content A federal judge gave preliminary approval Saturday to the deal that would settle claims over fraudulent accounts going back to 2002. Artic...
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...
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...
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 ...