Wells Fargo announced that it will pay more than $180 million dollars in fines for its bogus accounts scandal. The bank has since announced it’s getting rid of retail banking sales by the end of the year.
A U.S. bank regulator announced Monday it had fined three former executives at Wells Fargo Bank for their roles in the company's sales practices scandal.
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 for years. Some 5,300 lower-level employees were fired. ...
Wells Fargo is also facing lawsuits from former employees, shareholders, and customers. The bank has said it is changing its sales practices, and recently removed the sales goal incentives that led to fraud. But customers and industry watchdogs are now on alert. FEATURED VIDEO The Man Behind ...
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...
It's been a very difficult nearly two years for Wells Fargo. A wave of controversy, kicked off by the fake-accounts scandal, have hurt Wells Fargo's reputation, raised its legal expenses and drawn the ire of regulators. Wells Fargo has said it doesn't expect to escape the Fed's unpre...
Wells Fargo is nearing a settlement with the U.S. Securities and Exchange Commission and the Justice Department over previously disclosed probes into its sales practices, the New York Times reported on Thursday.
Byline: Kevin Wack The initial price tag barely made a dent in its quarterly profits. In...Wack, Kevin
Wells Fargosaid on Wednesday that Chairman and CEOJohn Stumpfwill retire effective immediately in the wake of a sales scandal at the bank. The company's board of directors elected President and Chief Operating OfficerTim Sloanto succeed him as CEO, while Lead Director Stephen Sanger will serve ...
Wells Fargomissed out on the upbeat start to the year enjoyed by rivalsJPMorgan ChaseandCitigroup, highlighting how the bogus customer account crisis is weighing on the US bank’s financial performance. Disruption caused by thesales scandaland fees for lawyers and other professionals dealing with th...