Wells Fargo needs to atone for unscrupulous banking practices

Wells Fargo also confirmed that it had fired over 5,300 employees over the past few years related to shady sales practices. CEO John Stumpf claimed that the scandal was the result of a few bad apples who did not honor the company’s values and that there were no incentives to commit unethical behavior.

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"Clients are looking for the lowest-level-risk investment which can insure safety of principal," said Ke Wenwei, a financial planner with Shanghai-based Industry and Commercial Bank of China.

Wells Fargo Advisors is a subsidiary of Wells Fargo & Company, one of America’s largest and strongest financial institutions, which has been in business since 1852. Wells Fargo Advisors is one of the nation’s premier financial services firms, serving and advising clients nationwide through more than 15,000 Financial Advisors.

"Wells Fargo has become the poster child for why consumers need a strong watchdog in Washington keeping an eye out for unscrupulous banking practices and other financial scams. today’ s billion dollar fine is an important development and a fitting penalty given the severity of Wells Fargo’s fraudulent and abusive practices."

NEW YORK–(BUSINESS WIRE)–The Independent Directors of the Board of Directors of Wells Fargo & Company (NYSE: wfc) today announced that they have launched an independent investigation into the Company’s retail banking sales practices and related matters.

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Wells Fargo also confirmed that it had fired over 5,300 employees over the past few years related to shady sales practices. CEO John Stumpf claimed that the scandal was the result of a few bad apples who did not honor the company’s values and that there were no incentives to commit unethical behavior.

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Wells Fargo Seeks to Atone, Hires Former New York Fed Exec to Manage Regulatory Matters. A number of fraudulent practices over the past few years have placed the. accounts and unauthorized insurance charges have made Wells Fargo a frequent whipping post and poster child for the need for.

And housing discrimination continues today: In 2011, Eric Holder’s Department of Justice fined Bank of America $335 million for predatory racist lending practices, and Wells Fargo $175 million.