Tag Archives: WellsFargo

Does Wells Fargo Owe Its Employees More Than an Apology?

Out of a 164-year history, Wells Fargo is neck deep in the biggest scandal the bank has ever faced. Illegal bank accounts and credit card accounts were opened, thousands of employees were fired, and the threat of class action lawsuits are looming. Is there anything Wells Fargo can do to atone for this incredible breach of trust? The new CEO seems to be open to ideas. Are Wells Fargo Employees Going to Get More Than an Apology? The Wells Fargo ghost account scandal involves approximately 2 million bank and credit card accounts that were opened without customer approval. This dishonest action, which borders upon fraud, shocked the public and started calls for retribution. So far, around 5,300 employees have been fired for their part in the scandal, but many of these employees are low level workers. Many executives and managers escaped retribution, and the public and congress weren’t satisfied. After…
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How Long Has the Wells Fargo Scandal Been Brewing?

It seems like the kingdom is crumbling at Wells Fargo. The largest bank in the U.S. is mired in a contentious scandal that involves the company’s employee defrauding millions of customers. There has been nothing like this before, and some 5,300 Wells Fargo employees have been fire for it in the past two years. But was 2014 really the first time Wells Fargo had heard about its ghost account problem? When Did the Wells Fargo Scandal Really Start? John Stumpf became the president of Wells Fargo in 2005. In 2007, he became the bank’s chief executive, and in 2010, he became Wells Fargo’s chairman of the board. He seemed to be at the heart of the bank’s success. So when authorities caught wind of the 2 million banking customers that had been defrauded by this company, they immediately turned to Stumpf. Robert Stumpf was dragged into a congressional hearing, and…
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