Column: Customers still seem wary of doing business with Wells Fargo — with good reason
8 years ago

Column: Customers still seem wary of doing business with Wells Fargo — with good reason

LA Times  

Wells Fargo & Co. continues to provide a counter-example to the adage that there’s no such thing as bad publicity. Potential customers may feel they have good reasons to steer clear of Wells Fargo: Its commitment to do everything it can to rectify the fraud — “to make things right and restore trust,” as its publicity material says — is still highly questionable. No, but their anguish is covered by Sloan’s assurance that “we’re researching how our customers’ credit scores may have been impacted as the result of potentially unauthorized credit cards.” If one pays attention to actions and not words, however, Wells Fargo is still failing to make things right for its customers. “Wells Fargo admitted in sworn testimony that it broke the law, and that it stole customers’ money,” the customers say in their lawsuit. Typically, they’re buried in the lengthy documents you sign when you enroll with a cable company, go to a doctor or hospital, or take a new job, and almost always they favor the bigger party — Wells Fargo, for example, will be party to perhaps hundreds or thousands of arbitration hearings per year, while the average customer may face one in a lifetime.

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History of this topic

Wells Fargo's fraud shame: Leaked audio transcript claims to show shocking moment bank employee gave away customer's $100,000 life savings to cruel crooks after just TEN-MINUTE phone call
1 year ago

Wells Fargo's fraud shame: Leaked audio transcript claims to show shocking moment bank employee gave away customer's $100,000 life savings to cruel crooks after just TEN-MINUTE phone call

Daily Mail  

Lawsuit alleges an employee authorized the transfer in less than 10 minutes Leaked audio transcripts claim to reveal the moment a Wells Fargo employee allowed fraudsters to steal $100,000 of their customer's money in less than ten minutes. Victim Alice Fries, 59, was contacted by criminals posing as the bank's fraud department who tricked her into handing over her personal …

US eases restrictions on Wells Fargo after years of strict oversight following scandal
1 year, 1 month ago

US eases restrictions on Wells Fargo after years of strict oversight following scandal

Hindustan Times  

NEW YORK — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The Office of the Comptroller of the Currency, the regulator of big national banks like Wells Fargo, on Thursday terminated a consent order that had been in place since September 2016. …

Wells Fargo sued for ignoring fraud red flag and allowing $30K scam
1 year, 1 month ago

Wells Fargo sued for ignoring fraud red flag and allowing $30K scam

Daily Mail  

A Wells Fargo customer who was conned out of more than $30,000 by scammers has hit the bank with a bombshell lawsuit that claims its anti-fraud security checks are not fit for purpose. Astonishingly, the lawsuit also claims the scammers called from that number AGAIN just three months later to impersonate a different Wells Fargo customer and were once again …

Wells Fargo hit by bombshell lawsuit claiming its own system flagged scam but STILL gave customer's life savings to crooks - just weeks after a grandmother lost $150K
1 year, 1 month ago

Wells Fargo hit by bombshell lawsuit claiming its own system flagged scam but STILL gave customer's life savings to crooks - just weeks after a grandmother lost $150K

Daily Mail  

Court papers allege the bank's system flagged calls were from a phone number that did not belong to Thomas Murrer - but still allowed fraudulent transactions A Wells Fargo customer who was conned out of more than $30,000 by scammers has hit the bank with a bombshell lawsuit that claims its anti-fraud security checks are not fit for purpose. Wells …

Why DIDN'T Wells Fargo step in? Grandmother conned into sending $150k to cruel scammers who impersonated the bank's fraud team just days before Christmas
1 year, 2 months ago

Why DIDN'T Wells Fargo step in? Grandmother conned into sending $150k to cruel scammers who impersonated the bank's fraud team just days before Christmas

Daily Mail  

Have YOU been the victim of a scam? Please email: money@dailymaill.com Anderson has been a customer of the bank for 52 years has now received a refund Judith Anderson, 74, was tricked by scammers claiming to be from Wells Fargo's fraud department A grandmother has revealed how she lost $150,000 to cruel scammers impersonating Wells Fargo just days before Christmas. …

Ex-Wells Fargo exec to plead guilty for role in bank scandal
2 years ago

Ex-Wells Fargo exec to plead guilty for role in bank scandal

Associated Press  

LOS ANGELES — A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed to plead guilty to criminal charges likely to send her prison for her role in the scandal. The agreement filed Wednesday in a Los Angeles federal court calls for the former Wells Fargo executive, Carrie Tolstedt, to …

Column: Wells Fargo got slammed with a $3.7-billion penalty. So why doesn’t it sound sorry?
2 years, 3 months ago

Column: Wells Fargo got slammed with a $3.7-billion penalty. So why doesn’t it sound sorry?

LA Times  

Then-Wells Fargo Chief Executive John Stumpf testifying before Congress in 2016 about the bank’s opening of millions of improper customer accounts. “Put simply, Wells Fargo is a corporate recidivist that puts one-third of American households at risk of harm,” CFPB Director Rohit Chopra said, calling the giant bank “one of the most problematic repeat offenders” in its jurisdiction. The bank …

Wells Fargo to pay $3.7B over consumer law violations
2 years, 3 months ago

Wells Fargo to pay $3.7B over consumer law violations

Associated Press  

WASHINGTON — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts. “Put simply: Wells Fargo is a corporate recidivist that puts one out of three Americans at risk for …

Wells Fargo can’t seem to escape its troubled past
4 years, 2 months ago

Wells Fargo can’t seem to escape its troubled past

CNN  

New York CNN Business — Wells Fargo is still being haunted by its history of ripping off customers. More than four years after the Wells Fargo fake-accounts scandal erupted, the bank reported Friday another $321 million of quarterly losses tied to customer refunds. That brings Wells Fargo ’s 2020 total for what it calls customer “remediation” to a staggering $2.2 …

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings'
5 years ago

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings'

NPR  

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings' Enlarge this image toggle caption Alex Brandon/AP Alex Brandon/AP Updated 4:45 p.m. Enlarge this image toggle caption Alex Brandon/AP Alex Brandon/AP Scharf's appearance on Capitol Hill comes a day after Wells Fargo announced the resignations of two board members, including the now-former chairwoman Elizabeth Duke. "He is …

Wells Fargo to pay $3B to resolve probes into fake accounts
5 years, 1 month ago

Wells Fargo to pay $3B to resolve probes into fake accounts

Associated Press  

LOS ANGELES — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Bank employees were berated for not making bloated quotas, leading sometimes to mental health breakdowns, and ultimately resulting in many employees gaming Wells …

Wells Fargo Paying $3 Billion To Settle U.S. Case Over Fraudulent Customer Accounts
5 years, 1 month ago

Wells Fargo Paying $3 Billion To Settle U.S. Case Over Fraudulent Customer Accounts

NPR  

Wells Fargo Paying $3 Billion To Settle U.S. Case Over Fraudulent Customer Accounts Enlarge this image toggle caption Christopher Dilts/Bloomberg via Getty Images Christopher Dilts/Bloomberg via Getty Images Wells Fargo has agreed to pay $3 billion to settle charges that the bank engaged in fraudulent sales practices for more than a decade. Sponsor Message The $3 billion penalty is appropriate, …

Wells Fargo Lawyers: Our CEO Is Full Of 'Corporate Puffery'
6 years ago

Wells Fargo Lawyers: Our CEO Is Full Of 'Corporate Puffery'

Huff Post  

Wells Fargo CEO Timothy Sloan testified before the House Financial Services Committee on March 12. Sloan’s vows to “restore trust,” according to court filings from the bank’s own lawyers, are mere “corporate puffery” that “no reasonable investor” could rely on. In 2012, Wells Fargo paid $175 million to settle allegations from the Justice Department that it had engaged in “systemic …

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical
6 years ago

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical

NPR  

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical Enlarge this image toggle caption Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images Wells Fargo has undergone a radical transformation since it was mired in scandals that resulted in billions of dollars in penalties and fines, the bank's CEO, Tim Sloan, told lawmakers Tuesday. "Wells Fargo's ongoing lawlessness and failure to …

Wells Fargo reaches $240-million settlement in accounts-scandal lawsuits
6 years, 1 month ago

Wells Fargo reaches $240-million settlement in accounts-scandal lawsuits

LA Times  

Wells Fargo & Co. will receive $240 million from insurers that will settle several lawsuits by shareholders in connection with the unauthorized-accounts scandal that rocked the San Francisco financial institution. The payments will be made on behalf of 20 bank officials, including Timothy Sloan, the current chief executive, John Stumpf, the former CEO who resigned because of the controversy, and …

Column: Even a $1-billion fine won’t fix what’s broken at Wells Fargo
6 years, 11 months ago

Column: Even a $1-billion fine won’t fix what’s broken at Wells Fargo

LA Times  

The $1-billion fine levied Friday by federal regulators on Wells Fargo and Co. for its string of customer-abuse scandals certainly sounds like a big number. — Wells Fargo CEO Timothy Sloan Investigations launched after the disclosures led to the departure of then-Chairman John Stumpf, to a flotilla of lawsuits and to disclosures of other misdeeds against consumers. Wells Fargo’s CEO …

It’s been a year since the Wells Fargo scandal broke — and new problems are still surfacing
7 years, 6 months ago

It’s been a year since the Wells Fargo scandal broke — and new problems are still surfacing

LA Times  

One year ago today, Wells Fargo & Co. made the stunning admission in a settlement with regulators that it created perhaps 2 million accounts for customers without their permission. The report, produced for a risk-management committee that monitors Wells Fargo’s community bank — the business unit at the center of the accounts scandal — identifies several so-far undisclosed issues, all …

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation
7 years, 6 months ago

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation

LA Times  

Far be it from me to see metaphors where none exist, but Wells Fargo’s good name was literally blown away when Hurricane Harvey roared into the Texas city of Corpus Christi last week. “Wells Fargo is the poster child for why consumers need a strong Consumer Financial Protection Bureau,” said Emily Rusch, executive director of the California Public Interest Research …

Wells Fargo wants court to toss overdraft lawsuits and let it use arbitration
7 years, 7 months ago

Wells Fargo wants court to toss overdraft lawsuits and let it use arbitration

LA Times  

Class-action lawsuits have accused Wells Fargo of changing the order of debit card transactions to unfairly increase the number of transactions eligible for overdraft penalties. A group of Wells Fargo & Co. customers who say they were victims of unfair overdraft practices want their claims heard in court, but the bank wants the disputes handled through arbitration. Class-action lawsuits filed …

Wells Fargo charged customers for unneeded auto insurance — then repossessed their cars
7 years, 8 months ago

Wells Fargo charged customers for unneeded auto insurance — then repossessed their cars

LA Times  

Wells Fargo & Co. charged hundreds of thousands of auto-loan borrowers for insurance they did not ask for or need, in some cases causing those customers’ cars to be repossessed — the latest in a long list of bad practices for which the bank is trying to atone. “Upon our discovery, we acted swiftly to discontinue the program and immediately …

Could Wells Fargo’s scandal boost mortgage discrimination lawsuits? L.A., other cities hope so
7 years, 10 months ago

Could Wells Fargo’s scandal boost mortgage discrimination lawsuits? L.A., other cities hope so

LA Times  

A foreclosed home on East 48th Street in Los Angeles is highlighted during a 2013 tour by the Alliance of Californians for Community Empowerment and other organizations. “We don’t think the sales practices argument they want to introduce in the Oakland case and Philadelphia and, I assume, to others, is relevant.” In the Philadelphia and Oakland cases, attorneys point to …

U.S. bank regulator was suspicious about Wells Fargo’s sales practices but did little about it
7 years, 11 months ago

U.S. bank regulator was suspicious about Wells Fargo’s sales practices but did little about it

LA Times  

The Office of the Comptroller of the Currency has released a report detailing how the federal regulator missed opportunities years ago to rein in unethical sales practices at Well Fargo. “In the 2000s, I don’t recall them saying, ‘Hey, we blew it.’ But here they are admitting this huge failure of supervision.” Comptroller of the Currency Thomas Curry said during …

Accounts scandal, wary customers take toll on Wells Fargo earnings
7 years, 11 months ago

Accounts scandal, wary customers take toll on Wells Fargo earnings

LA Times  

Wells Fargo & Co. reported first-quarter earnings Thursday that show the scandal over unauthorized customer accounts is eating into its bottom line. The San Francisco bank said its net income totaled $5.5 billion, showing no growth from last year’s first quarter — though the results topped the modest expectations of Wall Street. Wells Fargo Chief Executive Timothy Sloan acknowledged to …

Wells Fargo Claws Back $75 Million More From 2 Executives Over Fake Accounts
7 years, 11 months ago

Wells Fargo Claws Back $75 Million More From 2 Executives Over Fake Accounts

NPR  

Wells Fargo Claws Back $75 Million More From 2 Executives Over Fake Accounts Enlarge this image toggle caption Mark Wilson/Getty Images Mark Wilson/Getty Images Two executives who were publicly excoriated over Wells Fargo's opening of millions of bogus accounts must give back millions more dollars in pay, the bank's board announced Monday. Stumpf "was too slow" to see problems in …

Wells Fargo executives may have had to pay back $75 million, but its retail employees were fired for the bank's unethical policies
7 years, 11 months ago

Wells Fargo executives may have had to pay back $75 million, but its retail employees were fired for the bank's unethical policies

Salon  

Wells Fargo used to have one of the best reputations of any major financial institution. It was That reputation came crashing down in a massive, years-long consumer fraud scandal that culminated in late 2016 when the Consumer Financial Protection Bureau hit Wells Fargo with the biggest fine ever imposed by the agency. Wells Fargo fired more than 5,000 retail banking …

Wells Fargo orders 2 former top executives to pay back $75 million after scathing report on accounts scandal
7 years, 11 months ago

Wells Fargo orders 2 former top executives to pay back $75 million after scathing report on accounts scandal

LA Times  

The bank has said that as many as 2.1 million checking, savings and other accounts were created without customer authorization. Stumpf and Tolstedt are gone, but the other, systemic problems detailed in the report will take longer to correct and signal Wells Fargo is in for a potentially lengthy internal rebuilding process, according to a Monday research note by analysts …

Column: Here’s why Wells Fargo forces its customers into arbitration: It wins most of the time
7 years, 11 months ago

Column: Here’s why Wells Fargo forces its customers into arbitration: It wins most of the time

LA Times  

The insistence by Wells Fargo that the victims of its bogus account-opening scandal seek redress via arbitration, rather than in court, remains the best indication that the bank’s promise to “make things right” for those customers is fake. Those figures reflect the “improbable chance that consumers will be compensated wholly or at all” in arbitration, says Matthew Waldron of UC’s …

Feds order Wells Fargo to rehire whistle-blower and pay him $5.4 million
7 years, 11 months ago

Feds order Wells Fargo to rehire whistle-blower and pay him $5.4 million

LA Times  

Officials say Wells Fargo must pay him $5.4 million in back pay, damages and legal fees. Wells Fargo & Co. has been ordered to rehire a former Los Angeles-area bank manager who federal officials say was fired because he reported potential fraud to his superiors and to a bank ethics hotline — a claim the bank denies even as it …

Column: No surprise: Wells Fargo is leveraging its arbitration clause to win an advantageous scandal settlement
8 years ago

Column: No surprise: Wells Fargo is leveraging its arbitration clause to win an advantageous scandal settlement

LA Times  

Former Wells Fargo CEO John Stumpf prepares to testify about the bank’s scandal before the Senate Banking Committee in October. Followers of the Wells Fargo scandal, in which bank employees opened as many as 2 million checking, savings and credit card accounts behind customers’ backs in order to meet their own quotas, may have been surprised by the recent announcement …

Wells Fargo’s $110-million settlement is still not enough, lawyers say
8 years ago

Wells Fargo’s $110-million settlement is still not enough, lawyers say

LA Times  

Wells Fargo & Co. said Tuesday it would pay $110 million to settle a raft of consumer lawsuits over the bank’s unauthorized accounts scandal, but lawyers behind some of those cases are hoping to kill the deal and push for a bigger payout. Though the settlement was negotiated by one law firm representing a handful of clients who sued the …

Column:: Customers still seem wary of doing business with Wells Fargo — with good reason
8 years ago

Column:: Customers still seem wary of doing business with Wells Fargo — with good reason

LA Times  

Los Angeles Times Wells Fargo & Co. continues to provide a counter-example to the adage that there’s no such thing as bad publicity. Potential customers may feel they have good reasons to steer clear of Wells Fargo: Its commitment to do everything it can to rectify the fraud — “to make things right and restore trust,” as its publicity material …

Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal
8 years ago

Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal

LA Times  

Groups of Wells Fargo investors are calling on the bank to prepare a detailed report about what led to its sales-practices scandal. A San Francisco banking advocacy group, several religious organizations and a Rhode Island pension fund want Wells Fargo to provide a broader accounting of what led to widespread fraud in the bank’s sales practices. The groups, all Wells …

Workers Say Wells Fargo Unfairly Scarred Their Careers
8 years, 5 months ago

Workers Say Wells Fargo Unfairly Scarred Their Careers

NPR  

Workers Say Wells Fargo Unfairly Scarred Their Careers Enlarge this image toggle caption Ariel Zambelich/NPR Ariel Zambelich/NPR Former Wells Fargo employees tell NPR that managers at the bank retaliated against them for calling the company's ethics line and pushing back against reckless sales practices. He says his co-workers in his branch were "falsifying signatures, pushing products on people that they …

Wells Fargo must do more than fire its CEO to mend its image, critics say
8 years, 5 months ago

Wells Fargo must do more than fire its CEO to mend its image, critics say

LA Times  

A red stagecoach, pulled by a team of six galloping horses and driven by a ruddy-faced man in a tan stetson, rumbles across a field of dry grass at the foot of a mountain range, all under a clear blue sky. The bank made another nod to its corporate heritage late Wednesday when it announced that Timothy Sloan, a longtime …

Federal agency that investigated Wells Fargo scandal dealt blow by court
8 years, 5 months ago

Federal agency that investigated Wells Fargo scandal dealt blow by court

LA Times  

A U.S. consumer watchdog agency that helped unravel the Wells Fargo & Co. scandal has an unconstitutional structure because it gives too much power to its director, a federal appeals court ruled Tuesday. The law creating the CFPB “carefully struck a balance between protecting the consumer bureau from politics and the industry’s political allies while insuring it was accountable and …

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal
8 years, 5 months ago

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal

LA Times  

Already the subject of federal investigations and congressional inquiries, Wells Fargo & Co. is now facing criticism from a growing number of state and local officials who want more answers from bank executives or hope to enact sanctions of their own. On Tuesday, a San Fernando Valley lawmaker plans to question a regional Wells Fargo executive about the bank’s sales …

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ
8 years, 5 months ago

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ

NPR  

Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQ Enlarge this image toggle caption Ariel Zambelich/NPR Ariel Zambelich/NPR Former employees of Wells Fargo tell NPR that a toxic high-pressure sales culture at the bank drove some workers to deceive customers and open unauthorized accounts — even in the bank's own headquarters building in San Francisco. "That's the whole …

Wells Fargo updates: A parade of lawmakers rip into CEO John Stumpf
8 years, 6 months ago

Wells Fargo updates: A parade of lawmakers rip into CEO John Stumpf

LA Times  

Wells Fargo CEO defends the bank’s practice of cross-selling In his opening statement before the House Financial Services Committee, Wells Fargo Chief Executive John Stumpf offered little new information about the bank’s response to the unfolding fake-accounts scandal and continued to say he plans to stay at the helm of the San Francisco institution. We will not stop until we …

Lawmakers spew vitriol at Wells Fargo CEO and ramp up demands for wider probe of banking industry
8 years, 6 months ago

Lawmakers spew vitriol at Wells Fargo CEO and ramp up demands for wider probe of banking industry

LA Times  

Lawmakers on Thursday intensified their calls for a wide-ranging probe into Wells Fargo & Co. — and into the practices of other banks — as political fallout from the San Francisco institution’s creation of unauthorized accounts continues to grow. Stumpf and the bank have been pummeled by lawmakers and hit with several civil lawsuits in the three weeks since Wells …

Republicans say there’s another villain in the Wells Fargo scandal
8 years, 6 months ago

Republicans say there’s another villain in the Wells Fargo scandal

LA Times  

Wells Fargo & Co. Chief Executive John Stumpf took the full brunt of congressional anger over the bank’s fake-accounts scandal at a Senate hearing last week and will face more outrage on Thursday before a House panel. Stutzman said that the CFPB began sending bank examiners to Wells Fargo for routine inspections “as early as 2011, 2012.” And although Wells …

Why L.A. City Atty. Mike Feuer knew the Wells Fargo scandal was going to blow up
8 years, 6 months ago

Why L.A. City Atty. Mike Feuer knew the Wells Fargo scandal was going to blow up

LA Times  

After Wells Fargo & Co. Chief Executive and Chairman John Stumpf was grilled by members of the Senate Banking Committee last week, regulators took the stand to answer senators’ questions about their investigation into the bank’s sales practices. Mike Feuer, whose office last year filed a lawsuit against Wells Fargo prompted by a 2013 Los Angeles Times article about the …

Column: How Wells Fargo exploited a binding arbitration clause to deflect customers’ fraud allegations
8 years, 6 months ago

Column: How Wells Fargo exploited a binding arbitration clause to deflect customers’ fraud allegations

LA Times  

In the category of adding insult to injury — or perhaps piling one injury on top of another — Wells Fargo is an expert. — Utah attorney Steven Christensen, explaining why forced arbitration clauses like Wells Fargo’s are vulnerable When he appeared last week before the Senate Banking Committee last week, Wells Fargo Chief Executive John Stumpf was pressed on …

Ex-Wells Fargo Employees Sue, Allege They Were Punished For Not Breaking Law
8 years, 6 months ago

Ex-Wells Fargo Employees Sue, Allege They Were Punished For Not Breaking Law

NPR  

Ex-Wells Fargo Employees Sue, Allege They Were Punished For Not Breaking Law Enlarge this image toggle caption Saul Loeb/AFP/Getty Images Saul Loeb/AFP/Getty Images Former Wells Fargo employees who say they were fired for following the law have filed a class-action lawsuit seeking $2.6 billion in damages as the fallout continues over the creation of millions of secret, unauthorized bank accounts. …

Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing
8 years, 6 months ago

Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing

LA Times  

The trouble at Wells Fargo & Co. started small, with a few employees at branches opening bogus accounts as they tried to meet aggressive sales goals and keep their jobs. “You should give back the money you took while this scam was going on, and you should be criminally investigated by the Department of Justice and the Securities and Exchange …

Column: Thanks, Wells Fargo, for being such a bunch of weasels
8 years, 6 months ago

Column: Thanks, Wells Fargo, for being such a bunch of weasels

LA Times  

On behalf of all consumers, allow me to express gratitude for your living down to our sadly low expectations for bankers. “The scope of the misconduct at Wells Fargo is breathtaking and demonstrates why our new consumer watchdog, the Consumer Financial Protection Bureau, is essential,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division. Sen. Elizabeth Warren, for one, …

Wells Fargo seeks to shore up reputation in wake of scandal
8 years, 6 months ago

Wells Fargo seeks to shore up reputation in wake of scandal

Live Mint  

New York/Washington: Wells Fargo & Co. scrapped its product sales goals for retail bankers on Tuesday and may take further disciplinary action against its employees in the wake of a fake account scandal that has already led to $190 million in fines and the firing of 5,300 employees. Wells Fargo has been hit hard by allegations its staff opened more …

Wells Fargo settled over its bogus accounts, but it still faces a fight from customers and ex-employees
8 years, 6 months ago

Wells Fargo settled over its bogus accounts, but it still faces a fight from customers and ex-employees

LA Times  

Despite a blockbuster settlement announced Thursday, Wells Fargo isn’t done fighting allegations that its aggressive sales culture pushed employees to create accounts that customers never authorized. “But from an optics standpoint, it makes it sound like where there’s smoke there’s fire.” Michael P. Kade, a Los Angeles attorney representing nine former Wells Fargo employees in a case filed in 2014, …

The feds use their new muscle: Consumer protection agency fines Wells Fargo for massive fraud
8 years, 6 months ago

The feds use their new muscle: Consumer protection agency fines Wells Fargo for massive fraud

Salon  

For those who can drag their eyes away from the ongoing 2016 election shambles, the big news coming out of Washington this week was the fine the Consumer Financial Protection Bureau slapped on Wells Fargo for fraudulent banking practices. Per the agency's press release, Wells Fargo employees “opened roughly 1.5 million deposit accounts that may not have been authorized by …

Think Wells Fargo ripped you off? Here’s what to do
8 years, 6 months ago

Think Wells Fargo ripped you off? Here’s what to do

LA Times  

The $185 million that Wells Fargo agreed to pay Thursday to settle government allegations over its overbearing sales practices is one big figure. Wells Fargo to pay $185 million settlement for ‘outrageous’ sales culture » Wells Fargo already has sent refunds averaging $25 to about 100,000 customers nationwide who paid fees on accounts they never wanted, but that might not …

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