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The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo.
Nov 14, 2018 · Introduction. Scott Reckard, contract reporter for Los Angeles Times ( LA Times ), came up with a damning story that appeared in the newspaper four days before the Christmas of 2013—a report that appeared to surprise many, including John Stumpf, the then Chairman and CEO of Wells Fargo.
Feb 6, 2019 · The Wells Fargo cross-selling scandal highlights the challenge of a high-performing executive whose behavior ultimately does not align with company values. How much autonomy should high-performing executives be afforded?
Introduction: What was the Wells Fargo Scandal? According to Davidson (2016), the Wells Fargo scandal arose as a result of the intense pressure upon Wells Fargo employees (or, as Wells Fargo calls them, team members) to meet
Wells Fargo was the darling of the banking industry, with some of the highest returns on equity in the sector and a soaring stock price. Top management touted the company’s lead in “cross-selling”: the sale of additional products to existing customers.
Oct 19, 2022 · Key Points. The U.S. government has determined that Wells Fargo executives created conditions that produced mass-scale fraudulent activity in the 2010s. The bank’s growth is capped just under...
In September, Wells Fargo had agreed to a $185 million settlement with the Consumer Financial Protection Bureau (CFPB) and two other regulatory bodies, admitting it had opened unauthorized accounts for millions of its consumers.
