Wells Fargo Sales Scam: What Does It Say about the Banking System?
No matter what government regulators propose, corruption continues to plague the banking system. Today’s headline news of a record settlement against Wells Fargo shows how much good the Dodd-Frank Wall Street Reform and Consumer Protection Act has done for the average bank consumer. Signed into law in 2010, Dodd-Frank was supposed to prevent the recurrence of events that caused the 2008 financial crisis. The Wells Fargo sales scam, in which sales people manipulated customer accounts without their knowledge, is not another financial meltdown. But it certainly undermines confidence in the....
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A major factor which played a part in the Wells Fargo scam was poor and non-transparent data management. Could implementation of the Blockchain have helped in preventing the occurrence of such fraudulent activities? Bank too big to manage. The unethical behaviour by Wells Fargo has generated a lot of reaction from both the legal and the financial institutions in recent weeks. Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts without their customers knowing it. The illegal accounts earned the bank unwarranted fees and allowed Wells Fargo employees....
Wells Fargo is the next major banking and financial services provider to join the mix of offering crypto assets. The news comes after last week’s report that Swiss-based institution UBS Group AG was looking to make a similar move. Wells Fargo’s Change In Perspective Just a few years ago, Wells Fargo was banning credit card […]
"Rules of Engagement" are the exact words that Wells Fargo used, I can't make this stuff up guys... Even if I wanted to. As reported first in an FT article by Stephen Foley and Camilla Hall, Wells Fargo's anti-money laundering chief Jim Reynolds has launched a group to investigate how exactly Wells Fargo, and major financial institutions by extension and inclusion, might offer banking arrangements safely to Bitcoin-related services. Wells Fargo's chief executive John Stumpf further elaborated stating that it was Wells Fargo's standard bank practice to look into any financial innovations,....
The Los Angeles City Attorney and Consumer Financial Protection Bureau fined Wells Fargo US$185 million for creating fake bank accounts to meet their sales targets. The incident presented a convincing case for Bitcoin and its ability to grant users complete control over their money. Wells Fargo, officially the world’s largest bank at US$254 billion market cap, recently released more than 5,000 employees for creating fake bank accounts to increase the company’s sales. To satisfy their sales goals, employees created a staggering 2 million fake bank accounts and then moved customer’s money....
Wells Fargo will soon offer “a professionally managed solution” for cryptocurrency to clients. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” said the president of Wells Fargo Investment Institute. Wells Fargo Getting Into Crypto Darrell Cronk, the president of Wells Fargo Investment Institute, a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, revealed his team’s crypto plans to the Insider in an interview published....