Close Topic Options

Wells Fargo - Page 3

Yes their image was tainted but the fact that they self disclosed this to the government does say something about their character one the NEW CEO found out about it. It was under the retired CEO that walked away with huge bonuses that this happened. Now retired ex CEO Stump is the one who brought this to light and he retired for it to help calm the outcry. He was a scapegoat. Now the newest CEO the second after the one who caused all of this is cutting bonuses as a way to help quiet it down more. It is sad that this took place over 4 years ago and the current CEOs had to pay the price while the once who did this walked away with the huge bonuses scott free.

Fargo Wells

Wells Fargo says a deeper dig into the bank's broken sales culture has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. The additional 1.4 million fake accounts were discovered by a previously announced analysis that went back to January 2009 and that reviewed the original May 2011 to mid-2015 period.

The bank also discovered a new problem: thousands of customers were also enrolled in online bill pay without their authorization. The review found 528,000 potentially unauthorized online bill pay enrollments.

Wells Fargo has blamed the scandal, which began last September, on unrealistic sales goals placed on employees. Ref. CNN.

Wells Fargo History & Civil Business Politics

I like the fact that Wells Fargo is self reporting this and taking steps to correct it. I do not hear any other banks coming forward with this. I am sure they are doing everything they can to cover up any possible faults. I would rather bank at a place that is willing to tell on itself instead of one that is willing to lie and try to cover stuff up.

Page 3 Fargo Wells

Yes, to also admit they set unrealistic goals upon their employees was another thing they admitted. Good on them. Now, what about the poor employees that were honorable and didn't meet their unrealistic goals because of that honor. Were they fired? Were they denied promotions? I hope they do right by them too.

Fargo Wells

Wells Fargo fined $1 billion for auto loan and mortgage abuses and required to reimburse borrowers. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announce a settlement with Wells Fargo for abuses such as charging unwitting customers for auto insurance and bogus mortgage fees. Ref. USAToday.

Wells Fargo

Wells Fargo to pay $3 billion settlement for violating antifraud rules, resolving fake account probes. Wells Fargo has agreed to pay $3 billion to settle claims related to its creation of millions of fake accounts to meet sales goals, including $500 million that will be returned to investors. Ref. USAToday.

Wells Fargo - Page 3

I've been with WF since I loved to Nebraska almost 9 years ago. I don't have any major complaints. I don't have anything but a checking account, though.