One year after the San Francisco megabank paid $190 million in fines and restitution after it opened millions of unauthorized accounts, Wells remains mired in scandal. Why hasn't the firm been able to recover?
Senate Banking Committee Chairman Sen. Mike Crapo, R-Idaho, said he is considering holding another hearing on Wells Fargo following the bank's recent missteps.
Bank undercounted fake accounts and says it also opened more than 500,000 bill-pay accounts; CFPB director provides “no further insights” on his future.
The goal, according to Wells Fargo's head of community banking, is to focus on how customers are treated rather than how many products they buy as well as create a consistent approach to the megabank's sprawling branch network.
Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate.
Democrats on the House and Senate banking committees are urging Republicans to hold hearings with Wells Fargo's top executives over its phony-accounts and force-placed insurance scandals.
Wells Fargo's new car loans dropped by almost half in the second quarter, while its automotive portfolio fell to the lowest level in two years after the San Francisco-based company tightened underwriting standards.
Brian Moynihan won praise from the Wells Fargo CEO for his handling of subprime, legal and other post-crisis issues during his first years as Bank of America's top executive.
Executives at the embattled bank made clear Thursday that they are not discarding its long-standing strategy of selling additional products to existing customers.
