What Really Happened at Wells Fargo?

Well Fargo was an iconic and respected American Brand. But then, in September 2016, in a settlement with the City of Los Angeles, the OCC, and CFPB, it was revealed that approximately 5,300 Wells Fargo employees had been terminated between 2011 and 2016, for sales practice violations that included opening over two million unauthorized deposit and credit card accounts. Earlier this year, Kevin Wack published a 5-part series in the American Banker that shed new details on the scandal. Kevin came on the show to talk about how the series came together and what his reporting uncovered. He also provides an update on what has happened to some of the senior executives involved in the scandal and shares his thoughts on the enduring lessons the Wells Fargo scandal provides.

Leave questions and comments at lee.reiners@duke.edu

Lee’s Twitter: @leereiners

Related Links

*Alarm bells, arrogance and the crisis at Wells Fargo: https://www.americanbanker.com/news/alarm-bells-arrogance-and-the-crisis-at-wells-fargo

*How Wells Fargo's Aggressive Sales Culture Took Root: https://www.americanbanker.com/news/how-wells-fargos-aggressive-sales-culture-took-root

*Wells Execs Stuck to the Script as Evidence of Sales Abuses Mounted: https://www.americanbanker.com/news/wells-execs-stuck-to-the-script-as-evidence-of-sales-abuses-mounted

*Deal to put ex-Wells Fargo executive behind bars sends tough message: https://www.americanbanker.com/news/deal-to-put-ex-wells-fargo-executive-behind-bars-sends-tough-message

*The Rise and Fall of Wells Fargo with Dick Kovacevich: https://open.spotify.com/episode/7f2D7PL9ZM1zLlnNCneK0L

*Wells Fargo Unauthorized Account Openings: A Case Study for Bank Board Directors: https://sites.duke.edu/thefinregblog/2017/04/26/phony-accounts-scandal-a-case-study-for-bank-board-directors/