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.
Just when it looked as if things could not get worse for Wells Fargo, the bank took another beating Thursday when it agreed to pay $24 million for improperly repossessing cars it financed for members of the U.S. military, the Los Angeles Times reports.
“Mr. Stumpf, the Wells Fargo Vision and Values statement [pdf], which you frequently cite, says, quote, ‘We believe in values lived, not phrases memorized. If you want to find out how strong a company’s ethics are, don’t listen to what its people say; watch what they do.’ So, let’s do that.”