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Socio-Cultural Impact of scadal on Wells Fargo - Coggle Diagram
Socio-Cultural Impact of scadal on Wells Fargo
Morally contentious practices
5,300 employees were fired for wrong doings
Regulators contested that Wells Fargo's actions were illeagl
Wells Fargo employees opened unauthorised accounts in customer's names.
Internal practices of the bank reflected larger cultural flaws at the company
Wells Fargo employees open as many as 1.5 million bank accounts and 500,000 ceditit cards without authorisation from customers
Employees used fraudulent activities to meet sales targets
Fines due to misconduct/breaking laws
Wells Fargo Fined a combined $185 million by CFPB, LA City Attorney and OCC
Wells Fargo's crimnal activity lead to a fine of $3 billion in 2020
SEC charged former CEO of Wells Fargo, John Stumpf, for misleading investors
John Stumpf to pay a fine of $17 million dollars and faced with lifetime ban from banking sector
Wells Fargo to pay $3 million for consumer ill-treatment
Wells Fargo to set up $500 million investor fund because of the banks failure to notify investors of banks poor performance
Investigations and actions taken against the company because of scandal
Jessie Guitron filed a lawsuit against company because of fraudulent practices
FBI and New York Federal Prosecutors probed Wells Fargo because of potential criminal activity
Federal reserve scolded Wells Fargo and placed growth restrictions on the company as a result of the scandal
Public image of Wells Fargo
Wells Fargo was known for a culture of high levels of cross selling
Charles Scharft under scrutiny in aftermath of Wells Fargo's scandal
Wells Fargo's image as untrustworthy would have been further impacted by media coverage