As Wells Fargo’s new chief executive officer, Tim Sloan, tries to contain the scandal, Los Angeles authorities, former employees and community activists are raising an uncomfortable question: Did bank employees single out Latinos, particularly those without Social Security numbers or a strong command of English, as they opened legions of unauthorized accounts?
Wells Fargo & Co. has launched a campaign to regain customers’ trust after revelations that, in order to meet aggressive sales quotas, bank employees created as many as 2 million accounts in customers’ names without their knowledge or consent.
LOS ANGELES – Bank workers and consumer advocates along with elected officials announced today that the city of Los Angeles will further prohibit the unscrupulous practices of the U.S.’s largest banks.
Already the subject of federal investigations and congressional inquiries, Wells Fargo & Co. is now facing criticism from a growing number of state and local officials who want more answers from bank executives or hope to enact sanctions of their own.
Warren’s verbal assault on Stumpf generated considerable publicity. But this issue wouldn’t have surfaced in the first place without the hard work of grassroots community and labor organizations - especially the Committee for Better Banks — that first brought the scandal to the attention of the media, elected officials, and regulators.
Wells Fargo’s independent directors are punishing two top executives after the bank’s scandal over sales practices. Chairman and CEO John Stumpf is forfeiting $41 million dollars in stock awards and will forgo his salary [...]
The message to the dozens of Wells Fargo workers gathered for a two-day ethics workshop in San Diego in mid-2014 was loud and clear: Do not create fake bank accounts in the name of unsuspecting clients.
For Oscar Garza, career success was measured one account at a time. The Chase personal banker said he had a month to persuade customers to open 40 checking or savings accounts and 15 credit cards. Meeting that goal would mean an extra $800, but failure could lead to his termination.