The fallout from the Wells Fargo fake account fiasco continues to pile up, with state officials in both California and Illinois announcing they would stop doing business with the bank for the time-being. [More]
fraudulent accounts
Wells Fargo CEO John Stumpf To Forfeit $41M, Forgo Salary To Answer For Scandal
By 9.28.16 — Updated: 9.30.16
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]
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]
