· The Wells Fargo scandal was far different. Instead of a select few doing bad things, the unethical behavior was widespread at the bank, with thousands of employees engaged in.
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· Most Americans were shocked when they learned that thousands of Wells Fargo employees had opened millions of fake accounts. Nearly a dozen current and former employees at large and regional banks such as Bank of America (BAC), Citizens Bank, PNC (PNC), SunTrust (STI), and Fifth Third (FITB) tell CNNMoney that a sales obsession pervades their banks. They say they too are under immense pressure to get.
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Wells Fargo also confirmed that it had fired over 5,300 employees over the past few years related to shady sales practices. CEO John Stumpf claimed that the scandal was the result of a few bad apples who did not honor the company’s values and that there were no incentives to commit unethical behavior.
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SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC) announced today that it has received a report containing the findings of an investigation conducted by its Board’s independent directors into the Company’s retail banking sales practices. The Board’s independent directors engaged the law firm of Shearman & Sterling LLP in September 2016 to assist in the investigation.
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A number of fraudulent practices over the past few years have placed the bank in hot water with federal, state, and tribal authorities. Massive scandal involving the opening of hundreds of thousands of fraudulent bank accounts and unauthorized insurance charges have made Wells Fargo a frequent whipping post and poster child for the need for stricter banking controls.