Wells Fargo Bank, N.A.: The Fake Accounts Scandal

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Publication Date:
December 12, 2019

Financial Services


After building a solid customer base by cross-selling its financial service offerings, Wells Fargo was engulfed by a scandal over unauthorized accounts opened in customers’ names. Regulators discovered that hundreds of thousands of fake accounts had been opened by bank employees scrambling to meet sales quotas. Was it the work of rogue employees, or the result of an unethical corporate culture coupled with an unrelenting drive to “sell, sell, sell”?

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Wells Fargo Bank, N.A.: The Fake Accounts Scandal

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