wells fargo banking fraud
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Elizabeth Warren Tears Into Wells Fargo CEO During Senate Banking Committee Hearing
“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.” So began Democratic Sen.…
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Wells Fargo CEO Blames Low-Level Employees for Bank’s Recent Troubles
Wells Fargo is embroiled in a multimillion-dollar banking-fraud scandal stemming from its aggressive cross-selling tactics, and CEO John Stumpf blames low-level bank employees for the trouble. According to the Consumer Financial Protection Bureau, Wells Fargo has sought to distinguish itself as a leader in cross-selling banking products to existing customers. That, coupled with the bank’s own…