wells fargo
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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 Rejects Baltimore Teacher’s ‘Black Lives Matter’ Debit Card
Like many others who bank at Wells Fargo, a Baltimore schoolteacher wanted to design her bank card with something she felt was important. But when that “thing” turned out to be Black Lives Matter, the bank balked. Rachel Nash, 29, sought to take her bank up on its offer to personalize her debit card and…
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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…
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Ill. the Latest State to Suspend Business With Wells Fargo
Illinois State Treasurer Michael Frerichs said Monday that his office will suspend investment activity with Wells Fargo in light of the bank’s ongoing fraud scandal and investigation, USA Today reports. “Wells Fargo is a big financial player in Illinois, and I hope to send the message that their unscrupulous practices are not welcomed and will not…
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Wells Fargo in Trouble Again, This Time for Illegal Car Repossessions
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. A Justice Department investigation revealed that from 2008 until the middle…
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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…