In the News

Title

Fake accounts put focus on Wells Fargo culture

Authors

Financial Times

Document Type

Article

Publication Date

9-9-2016

Abstract

In the space of about five years, the number of employees fired by Wells Fargo for opening phantom accounts and making unauthorised money transfers would have been enough to staff the 16th biggest US bank by assets. Wells, the world’s most valuable bank by market capitalisation, let go of about 5,300 workers who were found to have been involved in these practices since the start of 2011 — more than the entire headcount of its San Francisco-based rival, First Republic.