Hillary Clinton vows to protect Wells Fargo customers
Sep 27 2016 by Johnny Bowman
Wells Fargo & Co chief executive officer John Stumpf resigned from the Federal Reserve's Federal Advisory Council as United States lawmakers stepped up pressure after revelations that the bank's employees had opened two million allegedly bogus client accounts.
In addition to the $100 million fine, the agency ordered Wells Fargo to pay $50 million to the county and city of Los Angeles, $35 million to the Comptroller of the Currency and up to $2.5 million in refunds for customers subjected to fees. One New Jersey man said he called the ethics hotline and was sacked eight days later for tardiness.
Workers faced "threats of termination", unpaid overtime and "harassment" over the sales quotas, the senators said in their letter.
She filed a whistleblower suit but was later fired anyway because Wells claimed she didn't meet her sales goals, according to Merkley. The average Wells Fargo household had on average more than six products with the bank, a metric Wells top executives would highlight every quarter with investors.
Officials from the campaign of Republican presidential nominee Donald Trump did not immediately reply to requests for comment on the Wells Fargo matter.
Asked specifically about Warren's performance in the hearing, Baker deferred. Today, the New Jersey man's house is on the verge of being foreclosed on and he's working part-time, at Shop-Rite.
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"This is a big deal", said Tester, a Montana Democrat. A banker in California said she developed a tic in her eye.
The CEO said on Tuesday he is "deeply sorry" for conduct that "failed to fulfill our responsibilities to our customers, our team members and the American public".
Though Buffett has also said "lose money for the firm and I will be very understanding". The ABA added that "banks work hard to make sure customers receive products that they want and value".
So, in spite of all the investigations, auditing, assessments, internal and external reporting how could Wells Fargo have allowed this problem to grow?
Some employees did raise concerns about the aggressive sales practices.
Regarding Wednesday's editorial on the Wells Fargo bank scam ("Wells Fargo deceit fuels cynicism"), I hope that something is being done to address the victims of the Wells Fargo fraud. Instead, Warren commanded the time with a series of accusatory questions meant less to get answers and more to take Stumpf to task for his company's abuse of cross-selling tactics. She says she often got the same response whenever she said a customer didn't need another credit card.