Nearly a year after news broke that Wells Fargo employees—under the pressure of meeting the bank’s cross-selling sales quotas—created 2.1 million fake accounts under the names of current customers, the bank has uncovered 1.4 million more fake accounts. The bank’s problems are now worse than previously thought.
As Wells Fargo fights to come out from under a fake-account scandal that has forced its former CEO and chairman to retire, there is talk that branch closures may be in the near future.
Wells Fargo & Co. Chairman and CEO John Stumpf has informed the company’s board of directors that he will be stepping down from both positions effective immediately, the San Francisco-based bank said Wednesday. The bank’s board elected President and Chief Operating Officer Tim Sloan to replace Stumpf, the Charlotte…