MGT 16 Lecture Notes - Lecture 1: Excused, Ss Californian, Consumer Financial Protection Bureau
Document Summary
Did not return millions of dollars that he profited from the scam. Did not fire anyone from senior management. Cross selling attracts customers to open accounts. Wanted to pump up wells fargo stock by having customers open many accounts (as many as eight) Cross selling became something that wasn"t about fulfilling customer needs. The wells fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of wells fargo clients without their consent. Various regulatory bodies, including the consumer financial protection bureau (cfpb), fined the company a combined million as a result of the illegal activity, and the company faces additional civil and criminal suits. Wells fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit.
