Items Tagged with 'fake accounts scandal'

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Monday Morning Cup of Coffee: Impact of GOP healthcare bill on finance market

Lawsuits continue to pile up at Wells Fargo
Billionaire Warren Buffet explained what GOP’s healthcare bill could mean for business owners, saying it could have an even greater impact on the economy than Trump’s proposed corporate tax cut. Also, D.C. is forfeiting millions of dollars for affordable housing because it can’t meet its deadlines, so there’s that. And speaking of losing millions of dollars, here’s the latest in the Wells Fargo fake accounts scandal.
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Wells Fargo increases fake account class action settlement to $142 million

$32 million addition covers accounts fraudulently opened as far back as 2002
Last month, Wells Fargo announced that it agreed to a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. The settlement covered anyone who had an account opened in their name without their consent stretching back to Jan. 1, 2009. But Wells Fargo announced Friday that it is expanding both the size of the settlement and the time period the settlement covers by an additional seven years.
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Former Wells Fargo exec claims bank fired her for refusing to scam customers

Lawsuit claims that bank’s executives pushed for fake accounts
A former executive at Wells Fargo claims in a lawsuit that the bank fired her because she refused to participate in a scam like the bank’s well-publicized fake account scandal, which led to a $185 million fine after more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to get sales bonuses.
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Wells Fargo claws back $75 million more from Stumpf, Tolstedt

Internal investigation blames "cultural, structural, leadership issues" for fake accounts scandal
Wells Fargo announced the results of an internal investigation into its recent fake accounts scandal, which found that cultural, structural and leadership issues were the root cause for its improper sales practices. Due to the investigation's conclusions, the company announced it will claw back even more from top executives, including former CEO John Stumpf, with the total now reaching more than $180 million.
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New Wells Fargo CEO pens open letter thanking customers for their loyalty

Sloan: We commit to you that we will make things right
It probably goes without saying that it’s been a rough few months for Wells Fargo. It all started with the shocking revelation of the fake account scandal at the bank, which involved more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses. And now the bank is working to repair its tarnished reputation.
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Wells Fargo reaches $110 million class action settlement over fake accounts

Settlement will cover anyone who had account falsely opened in their name
The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.
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Maxine Waters accuses Wells Fargo execs of dodging fake account inquiries

Says execs questioned by Republicans, but won't sit for Democrats
Wells Fargo executives are dodging additional Congressional inquiries into the bank’s massive fake accounts scandal, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., said last week in a letter sent to Wells Fargo CEO Timothy Sloan. Click the headline for more on Waters' accusation and what Wells Fargo says about it.
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Wells Fargo's fake account scandal didn't dent 2016 mortgage business

Here's a full breakdown
Wells Fargo spent much of the latter part of 2016 cleaning up the mess from its massive fake accounts scandal and trying to repair the damage to its reputation, but the bank’s mortgage business certainly didn’t suffer last year. Here's a full breakdown of Wells Fargo's 2016 mortgage business, including how many 3% down mortgages the bank originated.
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Two more execs out at Wells Fargo as fake account fallout continues

Los Angeles Times reports on departure of two California regional presidents
A few weeks ago, Wells Fargo announced that it fired four senior managers in the fallout from the fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles. And according to a new report from the Los Angeles Times, those four executives aren’t the only ones who recently left the megabank.
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