Wells Fargo Fraud Scandal In September of 2016, it was revealed that there was alleged misconduct at one of the largest and safest banking institutions in the United States. Wells Fargo Bank was ranked among the nation’s safest financial institutions according to an analysis done by Global Finan...
NEW YORK (AP) — 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 also acknowledged that roughly half a million...
Unfortunately, as CNN’s Matt Eganhas detailed, the apparent motivations for the Wells Fargo scandal aren’t unique to Wells Fargo. “Banks are under enormous margin pressure,” chief of the Office of Comptroller of the Currency, Thomas Curry, told a Senate panel. ...
For additional information about the Wells Fargo scandal, see CRS Legal Sidebar WSLG1671, Wells Fargo's Selling Campaign鈥擡nforcement Actions, Civil Penalties, and Possible Criminal Charges, by M. Maureen Murphy.Murphy, Edward VincentHoskins, Sean M...
Wells Fargo (WFC) chief financial officer said efforts by states to penalize its business over an unauthorized-accounts scandal would not affect third-quarter earnings “much,” the Wall Street Journal reported, citing a recording of an internal call. John Shrewsberry was recorded as saying the ...
Wells Fargo Officials Enter $240 Million Settlement Over Bogus Accounts More Reuters FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren By Jonathan Stempel and Dena Aubin (Reuters...
Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem it has fixed problems from a fake accounts scandal. The bank has nine open consent orders from regulators mandating additional oversight of its practices. Rivals JPMorgan Chase and Bank ...
behind JP Morgan Chase in 2016 because of a scandal which involved an opening of fake accounts which were over 2 million (Reuters, 2016). These accounts were opened by the employees of Wells without the consent of their customers. In 2015 it is whenWells Fargosurpassed Citigroup Inc. and ...
California's treasurer suspended some of its business with Wells Fargo following the bank's fake account scandal. The move could cost the company billions of dollars. John Blackstone reports.
Wells Fargo scandal explained 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 ...