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- The Wells Fargo cross-selling scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018. The creation of these fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives as recently as November 2022. Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling. The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank. (en)
- 富国银行账户欺诈丑闻是指富国银行集团在未經客户同意的情况下创建数百万储蓄和支票账户從而引发的争议。2016年底，包括消費者金融保護局在内的多个监管机构对富國集團处以总计1.85 亿美元的罚款。截至2018年底，富國集團還面临额外的民事和刑事诉讼。 富国银行的客户在得知自己需要繳納額外费用并收到並非出於自願的借记卡以及信用卡和信用额度后才开始注意到富國集團未經自己同意就私自幫自己開設賬戶。一開始大家以為這只是富国银行分行员工和经理的個別行為。後來人們發現原來是富國集團上级管理层要求下面員工私自幫客戶開設賬戶。 (zh)
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- 富国银行账户欺诈丑闻是指富国银行集团在未經客户同意的情况下创建数百万储蓄和支票账户從而引发的争议。2016年底，包括消費者金融保護局在内的多个监管机构对富國集團处以总计1.85 亿美元的罚款。截至2018年底，富國集團還面临额外的民事和刑事诉讼。 富国银行的客户在得知自己需要繳納額外费用并收到並非出於自願的借记卡以及信用卡和信用额度后才开始注意到富國集團未經自己同意就私自幫自己開設賬戶。一開始大家以為這只是富国银行分行员工和经理的個別行為。後來人們發現原來是富國集團上级管理层要求下面員工私自幫客戶開設賬戶。 (zh)
- The Wells Fargo cross-selling scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018. The creation of these fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives as recently as November 2022. (en)
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- Wells Fargo cross-selling scandal (en)
- 富国银行账户欺诈丑闻 (zh)
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