In the wake of its consumer abuses, including the creation of millions of unauthorized accounts, Wells Fargo is desperately attempting to clean up its image and instate a series of protocols to avoid such issues in the future.1 Recently, the Federal Reserve (“Fed”) ordered the San Francisco-based bank to cap its growth and improve its…
Tag: Wells Fargo
Wells Fargo’s Punishment: A New Approach to Corporate Governance or Just a Mirage?
Wells Fargo Co., one of the largest banks in the United States, has been punished by multiple government actors for its allegedly deceptive banking practices dating back to 2011.1 From 2011 to 2015, the bank’s employees opened roughly 1.5 million new bank accounts and applied for 565,000 credit card accounts that may not have been…