Wells Fargo

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Added Apr 15, 2020

Wells Fargo is a financial services company with headquarters in San Francisco, CA. Wells Fargo has over 8,000 branches throughout the world, and annual revenue of over $85B in 2019.

Company Behavior Summary

  • In 2016, Wells Fargo was found to have instituted a program to encourage employees to open new accounts for customers. Targets were set at an unattainable level, such that employees began opening new accounts under customers' names without their knowledge.
  • Ultimately over 3.5 million accounts were opened in this manner.
  • Wells Fargo employees were also found to have opened auto insurance policies for unwitting customers
  • Litigation against Wells Fargo for this scandal is ongoing.

Sources

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