Bankers gonna bank. According to the Clinton News Network, over 5000 Wells Fargo employees have been fired after being linked to the secret creation of unauthorized credit cards and fee-carrying accounts:
On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
Wells Fargo was also fined $185 million, but is otherwise permitted to continue their bankster ways. Shares of the company have so far been unaffected by the ruling. The bandits run free at WFC.
If you enjoy the content at iBankCoin, please follow us on Twitter
This bank needs to be chastised with sanctions. Wells Fargo needs some new horses to pull the aging stagecoach. Wells Fargo Company keeps breaking the law, how and when will the greed stop? Seriously, Wells Fargo stock should be nosediving. Wells Fargo just fires 5,300 over fraud, that’s a lot of bad people in one place.
Believe. WFHurtMe.com
Too many people have been hurt by Wells Fargo.
Two million fraudulent accounts were started. Customers get $5 million of the settlement or $2.50 per fraudulent account.
WFC earnings are around $20 billion per year. So a $200 million fine (round numbers) is 1% of annual earnings.
No criminal fraud prosecutions mentioned.
WTC’s website has a “Fraud Information Center” with advice on how to be on guard for fraud. They left out the part about watching your Wells Fargo financial advisor.
It was Wells Fargo Bank….not Wells Fargo Adviosrs
I was using ‘advisor’ in the generic sense but see how my choice of words was misleading.
Exactly
Wells Fargo also cheat consumer to sign the new account by saying the old account would be abolished soon, then ask for high balance to maintain the accounts! we are the victim for this fraud!
WFC sucks. They have a stone-age style trading desk with dinosaurs from 2008 running the books.
Bad morals and false idol of the banking community.
Uncle Cheeseburger is fucking Satan. This like most things in life is not complicated. Just think. What 1000 year old scumbag would want to run the world from fucking Nebraska. Wake up.
Been doing good work Raul. Truly man.