At Wells Fargo, apparently, the solution in recent years was aggressive “cross selling” of their existing customers – that is, urging them to open credit-card accounts to go with their checking accounts, and so on, in order to produce more fees.
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“Wells Fargo is pleased to sponsor this landmark facility for The Standard Bank of South Africa, which will utilize proceeds to finance renewable energy projects in low income, IDA-eligible countries in Africa, where such infrastructure is key to promoting environmentally sustainable development”.
Stumpf also spoke about how he hopes the company can move forward, on top of paying 5 million to customers affected by the economic travesty.
The bank announced that it would be ending its controversial employee sales goals program that was at the center of the allegations effective January 1, 2017.
Did he learn about the fraud before reading about it in the Los Angeles Times?
The same day, Stumpf appeared on CNBC, where he rebuffed suggestions that he resign.
“When quotas weren’t met, employees faced threats of termination, mandated hours of unpaid overtime, harassment and other forms of retaliation”, the letter said. Federal prosecutors have also launched a criminal investigation into the matter, a source previously told Reuters.
The new comes days after a video of Warren tearing into Stumpf at a Senate Banking Committee hearing rocketed around the Internet.
“Yesterday, we learned that Wells Fargo perpetrated widespread, illegal conduct, including secretly opening an estimated 1.5 million deposit and credit card accounts for unsuspecting consumers”.
Because what Wells Fargo did to its customers was truly repulsive, and people responsible should take their medicine.
Officials from the campaign of Republican presidential nominee Donald Trump did not immediately reply to requests for comment on the Wells Fargo matter.
In what is both a delicious bit of irony and an indication of the seriousness of the situation Wells Fargo is facing, none other than JPMorgan is dinging Wells Fargo over the fake account scandal that landed the bank’s CEO on the Senate hot seat this week.
Republicans chided the embattled CEO as well, with Sen.
The senators are calling into question whether the bank violated the Fair Labor Standards Act.
“At Wells Fargo, our team members are our greatest asset”, company spokesperson Jennifer Dunn.
“I don’t remember that one”, Stumpf replied.
DOL spokesman Jason Surbey acknowledged that the agency had received the letter, and said: “While we can not discuss details of potential law enforcement decision-making, we do take the concerns raised in the letter very seriously”.
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Asked whether he considered firing Tolstedt, Stumpf said Wells Fargo’s chief operating officer told her earlier in the summer that the bank wanted to go in a “different direction”.
