The Federal Reserve on Friday slapped Wells Fargo with one of the harshest orders it has ever handed down, but the message it sent went far beyond a single institution.
President and CEOIndependent Community Bankers of America
As eye-catching as the scandals at Wells Fargo are, the most shocking thing is that federal regulators have taken no meaningful action against the bank’s executives.
A year ago, then-Wells Fargo CEO John Stumpf testified before two committees. It went so poorly Stumpf later resigned, and the bank is still struggling to repair the damage. Here's how Equifax CEO Richard Smith can avoid the same fate.
One year after it paid $190 million in fines and restitution for opening millions of unauthorized accounts, Wells Fargo remains mired in scandal. Why hasn't it been able to recover?
Senate Banking Committee Chairman Sen. Mike Crapo, R-Idaho, said he is considering holding another hearing on Wells Fargo following the bank's recent missteps.
The goal, according to Wells Fargo's head of community banking, is to focus on how customers are treated rather than how many products they buy as well as create a consistent approach to the megabank's sprawling branch network.
Even in the event of a landslide, throw-the-bums-out investor vote over director seats next week, expect business as usual in Wells’ boardroom for a long while.
The 110-page document offers plenty of new details about what went wrong at the megabank but may leave shareholders wanting a truly independent investigation.
Directors take back $75 million more from two former executives and release scathing report on bank's fake accounts scandal; UBS executive sees decade-long wait for transformation.
The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.
