Wells Fargo faces possible $1 billion fine for fraud

❝ Wells Fargo & Co. confirmed industry and analyst speculation Friday that its two federal regulators want the bank to pay up to $1 billion in civil penalties to resolve multilayered customer-account issues…

The bank said those issues include “our compliance risk management program and our past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions…”

❝ At $1 billion, it is likely to be among the largest fines in financial services history and already being considered at a historic level by analysts…

Never steal anything small. You’d probably get jail time.

3 thoughts on “Wells Fargo faces possible $1 billion fine for fraud

  1. Bank run says:

    “Fed-up Wells Fargo customers could pull billions from bank – report” (Morgage Professional America 10/10/18) https://www.mpamag.com/news/fedup-wells-fargo-customers-could-pull-billions-from-bank–report-113498.aspx According to a report by consulting firm cg42, 30% of Wells Fargo’s customers are at risk of bailing on the scandal-plagued bank. The report projected that Wells Fargo could lose $93 billion in deposits over the next year – about 7% of the bank’s total deposits, according to a CNN report.

  2. Giddy-up! says:

    New Wells Fargo CEO Gets a 40% Raise to $23 Million https://www.youtube.com/watch?v=RHcc1k9pUG8 Wells Fargo named Charles Scharf, chairman and CEO of Bank of New York Mellon, as its new chief executive officer and president on Friday, effective Oct. 21.
    The bank struggled for months to find a candidate willing to take the top position since CEO Tim Sloan abruptly resigned in March after 31 years at the fourth-largest U.S. bank. Sloan was supposed to clean up the mess that had claimed his predecessor, John Stumpf, but failed to satisfy regulators’ demands to overhaul the sprawling institution.
    Stumpf announced his retirement in October 2016 after trying to deal with a scandal in which employees had created millions of fake bank accounts to meet sales quotas, severely damaging Wells Fargo’s reputation and spurring scrutiny from regulators and Congress. Last year, the Federal Reserve capped the bank’s asset growth after Wells Fargo discovered more problems with customer dealings.

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