Regulators revealed in September 2016 that Wells Fargo employees, under pressure to meet aggressive sales quotas, had opened millions of unauthorized bank and credit card accounts in customers' names without their consent over several years. The bank paid a then-record 185 million dollar initial fine, later followed by billions more in additional settlements and a Federal Reserve-imposed asset cap, and CEO John Stumpf resigned amid Congressional hearings and public outrage over the scheme.
Facts
Event TypeFinancial fraud scandal 1 Cross-Tradition Connections
Associated With
The 2016 revelation that Wells Fargo employees opened millions of unauthorized accounts to meet sales targets exposed failures in financial-services internal controls and incentive design.
Wells Fargo & Company is the bank whose branch employees opened millions of unauthorized accounts, revealed in this 2016 scandal.
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