Following the revelation that Wells Fargo employees created more than two million unauthorized accounts in customers’ names to meet the bank’s high-pressure sales goals, the bank’s board has decided to claw back $41 million from CEO John Stumpf’s compensation package, and $19 million from Carrie Tolstedt, the former head of retail banking who failed to stop the chicanery. [More]
fake account fiasco
Wells Fargo CEO John Stumpf To Forfeit $41M, Forgo Salary To Answer For Scandal
By 9.28.16 — Updated: 9.30.16
Did Wells Fargo Target Seniors? Lawmakers Want To Find Out
By 9.27.16 — Updated: 9.30.16
We’ve said it countless times: those who attempt – and often succeed – at scamming senior citizens of their savings are among the worst of the worst. Now lawmakers want to know if the Wells Fargo employees who created millions of unauthorized accounts were preying upon vulnerable senior citizen customers. [More]
Former Wells Fargo Employees Sue Bank For $2.6B, Claiming Wrongful Termination
By 9.26.16 — Updated: 9.30.16
Days after lawmakers urged the Department of Labor to investigate Wells Fargo’s actions against employees after workers of the banking giant claimed they were fired and otherwise mistreated if they failed to meet strict sales quotas that ultimately resulted in the opening and closing of two million unauthorized consumer accounts, some former employees have come together to file a class action lawsuit against the company. [More]
Senators To Wells Fargo CEO: Don’t Strip Wronged Customers Of Their Day In Court
By 9.23.16 — Updated: 9.30.16
Now that Wells Fargo is in the hot seat for allegedly pushing its employees to meet sales goals and quotas by opening millions of bogus accounts in customers’ names, will the bank use the anti-consumer terms of its customer contracts to get out of the inevitable class action lawsuits? A coalition of U.S. senators have written the bank’s CEO asking him to please not strip customers’ of their day in court. [More]
Senators Ask For Investigation Into Possible Wage, Hour Violations By Wells Fargo
By 9.22.16 — Updated: 9.30.16
To say that Wells Fargo has been having a bad few weeks might be an understatement: from being ordered to pay $185 million for the opening and closing of two million unauthorized consumer accounts to being party to federal investigations and being grilled on Capitol Hill. But it doesn’t look like things are going to get any easier for the company, as lawmakers are now urging a probe into whether it violated labor laws. [More]
Wells Fargo Employee: I Was Fired For Reporting Unauthorized Accounts
By 9.21.16 — Updated: 9.30.16
Yesterday, Wells Fargo CEO John Stumpf boasted to a Senate panel about the company’s ethical backbone, pointing out that the bank had fired 5,300 employees for allegedly opening nearly two million unauthorized deposit accounts. However, one former Fargo staffer says he was given the boot because he tried to alert the bank to his co-workers’ bad behavior.
[More]
Wells Fargo CEO Stumpf Admits He Learned Of Fake Accounts In 2013
By 9.20.16 — Updated: 9.30.16
Wells Fargo CEO John Stumpf appeared before the Senate Banking Committee this morning to answer questions about, and apologize for, company policies that led employees to open millions of fake accounts in customers’ names.
4 Things Former Wells Fargo Workers Revealed About Pressure To Meet Sales Goals
By 9.19.16 — Updated: 9.30.16
On Tuesday morning, Wells Fargo CEO John Stumpf will face the Senate Banking Committee to answer questions about how the bank’s high-pressure sales goals led a number of employees to fraudulently open up millions of unauthorized accounts. In advance of that hearing, a group of former Wells employees shared their insider views on this scandal. [More]
Wells Fargo Customers Accuse Bank Of Fraud, Negligence After Employees Open Fake Accounts
By 9.19.16 — Updated: 9.30.16
Now that Wells Fargo has admitted bank employees opened up more than two million unauthorized accounts, it’s no surprise that customers who may have been hit with fees and charges because of these bogus accounts are firing back at the bank with a lawsuit, but they might never get their day in court. [More]
U.S. Bank CEO Warns Employees: Make Fun Of Wells Fargo And You’re Fired
By 9.16.16 — Updated: 9.30.16
It’s been a (deservedly) bad month for Wells Fargo, what with the bank being ordered to pay $185 million in penalties because employees opened millions of bogus accounts, not to mention the ongoing Justice Department investigation. It would seem like a prime time for the competition to pile on the misery and steal away customers, but the CEO of U.S. Bank is demanding his staff not give into that temptation. [More]
Feds Investigating Wells Fargo After Employees Open 2 Million Fake Accounts
By 9.15.16 — Updated: 9.30.16
Financial regulators recently ordered Wells Fargo to pay $185 million to resolve allegations that the bank’s sales quotas and incentives pushed employees to open millions of unauthorized accounts, but that my not be the end of Wells’ troubles, with the U.S. Department of Justice now looking into the matter. [More]
Wells Fargo Ditches Sales Goals After $185M Penalty
By 9.13.16 — Updated: 9.30.16
There’s nothing like being ordered to pay $185 million in refunds and penalties to get a big bank to change some of its business practices. After its employees allegedly created millions of bogus accounts in an effort to meet sales quotas and earn bonuses, Wells Fargo is putting an end to these controversial goals. [More]
Wells Fargo On The Hook For $185 Million For Opening Unauthorized Accounts
By 9.8.16 — Updated: 9.30.16
More than a year after the city of Los Angeles sued Wells Fargo for alleged customer account abuses, including pushing employees into opening unauthorized accounts to make sales quotas, the banking giant has been ordered to pay more than $185 million in refunds and penalties. [More]
Wells Fargo’s High-Pressure Sales Strategy Probed By Federal Regulators
By 11.30.15 — Updated: 9.30.16
Six months after the Los Angeles City Attorney filed a lawsuit accusing Wells Fargo of a slew of unfair practices — like encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees to meet sales expectations — two other regulatory agencies have opened investigations into the bank’s behavior. [More]
Class Action Suit Filed In California Over Wells Fargo’s Alleged Customer Account Abuses
By 5.14.15
A lawsuit filed earlier this month by the city of Los Angeles accuses Wells Fargo of pushing employees to engage in fraudulent conduct with regard to consumer accounts in order to meet the bank’s sales quotas. Now, one of those customers has filed his own lawsuit against the San Francisco-based bank alleging the same misconduct deceived and defrauded consumers across the country. [More]
Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct
By 5.5.15 — Updated: 9.30.16
The City of Los Angeles has filed a lawsuit against the largest bank based in the state, accusing Wells Fargo of a plethora of unfair practices including encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees. [More]
