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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.
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?
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.
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
Nov 28, 2020 · In January 2020, Treasury Department officials issued a report on the Wells Fargo account scandal. It tore Wells Fargo’s executive suite to shreds.
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...
Sep 26, 2016 · If you need an example of how the financial system has failed the test of public trust, look no further than Wells Fargo. But it is vital to go deeper than the headline story about fraudulent cross-selling into systemic miscarriages of governance and shareholder oversight.
