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Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
Alcon offices in Johns Creek, Georgia. Alcon Inc. (German: Alcon AG) is a Swiss-American pharmaceutical and medical device company specializing in eye care products. It has a paper headquarters in Geneva, Switzerland but its operational headquarters are in Fort Worth, Texas, United States, where it employs about 4,500 people. [2]
Banking executive. Carrie L. Tolstedt is an ousted American banking executive and former head of the community banking division at Wells Fargo, [1] from which she retired in 2016 before the company's account fraud scandal came to light. In 2017, Wells Fargo retroactively fired Tolstedt for cause. In 2023, she would plead guilty to obstructing a ...
Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal.
And it was nearly three years after Wells Fargo began cleaning house in its retail operations, firing 1,000 employees a year who, if the bank is to be believed (ha ha), were furthering the fraud ...
In Wells Fargo’s case, managerial mistrust would be understandable, given the bank’s history. Since 2016, Wells has spent billions of dollars settling civil and criminal charges related to a ...
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Wells Fargo's share price fell 10.2% over two days in June 2022, wiping out more than $17 billion of market value, after the New York Times reported the Justice Department probe.