Wells Fargo has long been one of the most prominent financial institutions in all of the United States of America. However, Wells Fargo certainly hasn’t been excluded from its fair share of scandals in recent years.
Best known as the Wells Fargo account fraud scandal, executives urged employees to create millions of savings and checking accounts alike without the consent of people that actually owned those accounts. Doing so would be able to boost the statistics that Wells Fargo used to draw in more customers.
The Consumer Financial Protection Bureau (CFPB) handed down combined fees and fines to the tune of $185 million for the fraudulent, shady happenings. Still, evidence shows that Wells Fargo hasn’t ceased all of its shady activity, as just earlier this month, an undisclosed number of customers were forced to buy into auto insurance policies that they didn’t want, need or both.
Reports indicate that Wells Fargo could be forced to fork over roughly $1 billion for the most recent violation.
Outside of these account and auto insurance scandals, Wells Fargo has also faced criticism after continuing to do business with the NRA – the National Rifle Association – following backlash from countless companies that pledged not to do any more business with the NRA due to the current state of gun violence in America.
Today, Tuesday, April 24, 2018, several groups of activists will be marching in Des Moines, Iowa, the city in which Wells Fargo puts on a shareholder meeting for its biggest and brightest shareholders.
John Chiang, the Treasurer of the state of California, recently put on a press conference in which he publicly asked Wells Fargo’s chief executive officer Tim Sloan and member of the board of directors John Baker to both step down from their respective positions.
Chiang has made clear that, in order to cease, or at least mitigate, all shady activity that goes on within the bank.
Shortly after the aforementioned news conference, Chiang himself went across the street to give a letter to current CEO Sloan, though security members of Wells Fargo’s team took the envelope outside of the front door, immediately after which the pair of security guards chatted with the hopeful Governor of the Golden State.
Although the roots of scandals involving Wells Fargo only surfaced in 2016, the bank is said to have engaged in illegal, ethical and immoral behaviors.