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  1. Wells Fargo cross-selling scandal - Wikipedia

    • 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. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Finan… See more

    Background

    Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. … See more

    Initial impact of the fraud, legal action, and press coverage

    The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales, and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016. John … See more

    Later government investigations and fines

    John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, … See more

     
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  2. Cross-selling scandal

    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.
    en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal
    en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal
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    Oct 19, 2022 · Wells Fargo's reputation is in tatters following reports of mass-scale fraud. Regulators have fined the bank repeatedly and capped its growth.

  10. Ex-Wells Fargo exec to plead guilty for role in bank …

    Mar 16, 2023 · A former Wells Fargo Bank executive accused of overseeing a ruse that created millions of bogus customer accounts has agreed Wednesday, March 15, 2023, to plead guilty to criminal charges likely to send her to prison …

  11. Wells Fargo to pay $3bn for fake-accounts scandal

    Feb 21, 2020 · Wells Fargo has agreed to pay $3bn in criminal and civil penalties for fraudulently opening millions of customer accounts in a scandal that federal authorities said reflected a “complete failure...

  12. Wells Fargo to pay $3 billion over fake account …

    Feb 21, 2020 · Wells Fargo, the nation's fourth-largest bank, agreed Friday to pay a $3 billion fine to settle a civil lawsuit and resolve a criminal prosecution filed by the Justice Department over its fake...

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