Wells Fargo will pay a $65 million penalty to New York related to practices of cross-selling products, Attorney General Barbara Underwood said Monday.
“The misconduct at Wells Fargo was widespread across the bank and at every level of management — impacting both customers and investors who were misled,” Underwood said in a news release.
The bank failed to disclose to investors that the success of its cross-selling — that is, pitching additional financial products to existing clients — was built on “sales practice misconduct at the bank,” Underwood said.
Since Wells' problems began to surface a little over two years ago, it has disclosed that as many as 3.5 million accounts were opened without customers’ permission.
