![]() ![]() ![]() Some Wells Fargo bankers impersonated their customers and used false email addresses like according to a 2015 lawsuit filed by the city of Los Angeles.īut even then there were signs Wells Fargo wasn't alone. ![]() It quickly emerged that wildly unrealistic sales goals and unrelenting pressure from management led employees to open accounts for customers who didn't want or need them. ![]() Wells Fargo ( WFC) sent shockwaves through the industry in September 2016 when it admitted to firing 5,300 workers for opening millions of fake accounts. Related: Wells Fargo is selling all its branches in 3 Midwestern states The OCC declined to comment beyond its statement. "It's certainly troubling that this appears to be more widespread than one bank," said John Sedunov, a finance professor at Villanova.Ī PwC consultant briefed on the findings told the American Banker that the review led the OCC to issue 252 alerts to banks about matters that required attention as well as five industry-wide problems to be fixed. However, the OCC said the review did not uncover "systemic issues with bank employees opening accounts without the customer's consent."īanks that were found to have problems "have already taken - or are in the process of" taking corrective actions such as closing accounts, refunding customers and fixing credit bureau information, the OCC said. ![]()
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