Wells Fargo to end product sale goals after bonus scam


Wells Fargo Chief Executive John Stumpf has been called to testify before a Senate Banking Committee hearing on September 20 to answer questions about the cross-selling scandal that resulted in a $185 million fine and $5 million in restitution for his bank.

The U.S. Attorney's Offices in Manhattan and San Francisco are investigating Wells Fargo, the person said, following a settlement announced on September 8 over claims that some customers were pushed into fee-generating accounts they never requested.

Torrie Matous, spokeswoman for the committee's chairman, Richard Shelby, a Republican from Alabama, said staff had "been arranging briefings and collecting information from both Wells Fargo and the regulators" to prepare for a September 20 hearing.

Credit rating agency Moody's Investors Service also commented, saying the "embarrassing episode" would have a negative impact on Wells Fargo's outstanding debt.

In its settlement with the CFPB - in which it didn't admit or deny any wrongdoing - the bank revealed that 5,300 employees have been fired, and that customers paid more than $2.6 million in bogus fees.

The scandal has amounted to the biggest criticism of Stumpf since he became Wells Fargo's CEO in 2007. Although the bank has eliminated sales goals for retail staff, Stumpf said "cross-selling" products from various businesses to customers is still important to growing its business. The bank encouraged "pervasive inappropriate practices" and managers didn't provide oversight of employees, Moody's said.

Following criticisms that USA authorities had failed to hold bankers to account in the aftermath of the financial crisis, the Justice Department last September issued a policy requiring all civil and criminal cases begin and end with a focus on individual accountability.

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Taggart said. "When you give up a half of nearly a thousand yards of offense, very disappointed in our defense. In rushing, Jacques Patrick had 79 yards in seven attempts while Dalvin Cook added 54 yards in 16 attempts.

As for whether or not Buffett will pull out of Wells Fargo, a company he ardently supported over the years, Schiffer thinks the wealthy venture capitalist is in it for the long haul.

Wells Fargo shares, down 13.3 percent on the year, fell 3 percent to $47.10 in mid-morning trading.

(FILES) This file photo taken on May 22, 2009 shows the sign for a Wells Fargo bank in Woodbury, Minnesota.

"Twice when I was dealing with WF I had over $7500.00 stolen from my account", said Sharon of Halethorpe, Md., in a recent ConsumerAffairs review.

Fortune first reported Monday that Tolstedt would leave the company with a large payout despite having been in charge of the division.

Anthony Try, a former Wells Fargo employee explained what the workers were doing. In fact, a lawsuit filed by Los Angeles against Wells Fargo in May 2015 says that the bank was consumed by this goal.