wells fargo Archive

Wells Fargo CEO John Stumpf resigns

First he was flayed by Senator Elizabeth Warren, then Congress had a go, then everyone got to gnaw on the fact that he’d done some seriously criminal stuff, then it emerged that he’d been a party to the bank’s frauds since at least 2008, then we learned that his $200B bonus would be subsidized by taxpayers, then we learned that he walked through one …

Wells Fargo whistleblower: once I complained, they started denying me bathroom breaks

Yesterday, I predicted that a lot of Wells Fargo whistleblowers were going to come forward, given how terribly treated its employees. The kind of pettiness in Nathan Todd Davis’s testimony guarantees there’s more to come. Nathan Todd Davis said at a California State Assembly hearing on the Wells Fargo (WFC) fake account scandal that he filed 50 ethics complaints …

Whistleblower docs: Wells Fargo was opening fake accounts in 2005

Dennis Hambek was a Wells Fargo branch manager. In 2005, he found Wells Fargo employees creating fake accounts in their customers’ names (in order to meeting the company’s punishing sales quotas and avoid being blackballed across the industry). He sent a certified letter about the practice in 2006 to Carrie Tolstedt — the bank exec who oversaw the fraud and retired weeks ahead of …

Wells Fargo whistleblower describes bank's culture of blackballing threats and coerced corruption

On the latest Planet Money podcast (MP3), a former San Francisco Wells Fargo banker describes the bullying and coercion she faced from senior management while working at the bank’s head office, and how the bank forced her out when she blew the whistle on fraud and then blacklisted her with other banks, forcing her out of the sector altogether. “Ashley” was 30 when …

Wells Fargo illegally repossessed 413 service members' cars

Besides stealing money from customers by creating fake accounts and then charging them fees, Wells Fargo is in trouble for repossessing 413 cars owned by US military service members. The bank did so without a court order, which violates federal law. From CNN: The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army …

Wells Fargo started demanding fraud of its employees in 1998; Illinois cuts Wells off from state business

Wells Fargo made a habit of firing employees who didn’t make unrealistic sales targets, turning a blind eye to the fraud they had to commit in order to keep their jobs (and firing the whistleblowers who reported the fraud). The bank says that this business only dates back to 2011, or possibly 2009, despite the bank officers who started blowing the whistle in …

Watch Wells Fargo CEO John Stumpf get raked over the coals by Congress

Here’s two hours of Democratic and Republican congresspeople not taking any weaselly bullshit from disgraced Wells Fargo CEO John Stumpf. In September 2016, Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The Consumer Financial Protection Bureau issued $100 million in fines, the …

How many Wells Fargo employees were fired for NOT committing fraud?

When Wells Fargo fired 5,300 employees for opening 2,000,000 accounts in its customers name (stealing their cash and trashing their credit scores in the process), it wanted us all to know that it had cleaned house, because this was just 5,300 people who, without any help from senior management, all happened to coincidentally engage in the same fraud. Today, we know …

Whistleblowing Wells Fargo loan officer describes years of fraudulent, criminal culture in the bank

Beth Jacobson was a Wells Fargo loan officer who blew the whistle on the bank’s predatory, racist loan-fraud in the runup to the 2008 financial crisis, which tanked the world’s economy and nearly wiped out Wells Fargo (they were rescued with a $36B taxpayer-funded bailout). Eight years later, Wells Fargo has fired 5,300 employees for participating in a scam that involved opening 2,000,000 …

Advice for people defrauded by Wells Fargo

If one of the 2,000,000 fraudulent accounts Wells Fargo opened was in your name, the US government has some advice for you. Customers of Wells Fargo or any other bank or credit union should always closely monitor their accounts to make sure they don’t see unauthorized products or account activity. If you suspect that you had an unauthorized account opened, you should …