I guess in that case the other question is why Wells Fargo thought no one would notice sooner or later and connect the dots.
http://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/ The manager of the unit responsible for the fake accounts will retire this year with $124 million.
Wells Fargo CEO called to testify before Senate The Senate Banking Committee has asked Wells Fargo CEO John Stumpf to testify in a hearing set for Sept. 20 concerning the bank's opening of more than two million unauthorized customer accounts. Amid growing furor, the bank has stopped cross-selling its financial products. (Bloomberg)
Wells Fargo executives blame employees for scandal Wells Fargo CEO John Stumpf blamed his employees for the scandal in which thousands of the bank's staff opened unauthorized accounts for customers. Chief Financial Officer John Shrewsberry said the problem stemmed from employees "trying to meet minimum goals to hang onto their job." (Wall Street Journal)
He later said through a spokeswoman that when the bank falls short “I feel accountable and our leadership team feels accountable—and we want all our stakeholders to know that.” Yeah sure, just so long as as nobody tries to actually hold him accoutable. When that kind of talk starts its time to blame the filthy employees. I wish I had an account with these fuckers just so I could cancel it lol.
The director of the Consumer Financial Protection Bureau , Richard Cordray, commented on this matter: “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses. Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed. Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.” I read about this and I personally share some of your anger guys...
It's extremely unpleasant situation concerning a scandal with Wells Fargo. Many investors suffered losses.
Considering that the company has likely lost a ton of trust over this the losses will likely increase.
Watch the video of Warren raking Stumpf over the coals. Sadly, Stump is just sitting there drumming his fingers thinking about his next round of golf. He knows the money he paid to the other senators will make it right for him. OMG, I can't believe that I am cheering on this woman. If she had her way I would be out of business. But in this case she is saying the exact things I said in an earlier post on this thread! I was in shock when she started talking about him being held accountable lol. https://www.washingtonpost.com/news...arren-excoriates-wells-fargo-ceo-john-stumpf/