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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer ...
Wells Fargo cross-selling scandal. In 2016, the Wells Fargo cross-selling scandal led to the resignation of CEO John Stumpf and resulted in fines of $185 million by the Consumer Financial Protection Bureau. Wells Fargo horse carriage Wells Fargo History Museum Concord stagecoach in Wells Fargo History Museum, San Francisco, CA
Wells Fargo cross-selling scandal Main article: Wells Fargo cross-selling scandal In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent.
For almost two years, Wells Fargo has been under near-constant fire. Now, Now, former advisors in the wealth management area of the Private Bank, which caters to high-net-worth investors, have ...
Wells Fargo & Co will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, according to officials.
Since its establishment, the CFPB has actively gone after banks and other financial service providers that have been determined to be "bad actors", such as when it fined Wells Fargo $100 million due to the Wells Fargo cross-selling scandal. The CFPB had been seen as a bane by the Republican Party and as a sign of government overreach.
The Wells Fargo cross-selling scandal involved fraudulent and unethical activities rather than just a mere "controversy." The use of the term "controversy" white washes the seriousness of the issue.The scandal was well-documented, and there is clear case of fraud.
In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after the Wells Fargo cross-selling scandal. At the time, WFAM had $607 billion in assets under management as of September 30, 2020, and produced an annual revenue of $1 billion.