wells fargo banking scandal
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Wells Fargo Uncovers 1,400,000 More Fake Accounts in Growing Sales Scandal
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. CNN Money reports that the additional fake accounts…
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Wells Fargo Fraud Scandal Could Force Branch Closures
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. Over the last few years, the Wells Fargo network has held strong, with only 2 percent of its branches closing, compared…
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Wells Fargo CEO John Stumpf Retires, Effective Immediately
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 Observer reports. Stumpf’s retirement comes after…