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
(CNN Money) -- Wells Fargo isn't the only bank where heavy sales pressure led employees to open fake accounts. A federal review triggered by theWells Fargo scandalfound that "weaknesses" at other banks led employees to open accounts without proof of customer consent — just like Wells Fargo...
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...
Billionaire investor Warren Buffett told CNBC on Monday that Wells Fargo's reputation has been hurt by the fake account sales scandal. "[But] the fundamental earnings power of the bank over a period of years has not been hurt in any material way," Buffett said on "Squawk Box," two days...
The Wells Fargo scandal had started in January of 2009 to September of 2016 and more fake accounts are still being made by Wells Fargo. There was so many employees involved in this scandal, therefore making it really bad for the company Wells Fargo. One of the reasons why the employees ...
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 has paid a hefty price forits fake account scandal. While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m in compensation from executives it blamed for the fraud, and agreed to pay $110m to settle a class action lawsuit over its openi...