Wells Fargo Scandal Summary PDF

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It is a summary of the Wells fargo Incident and a lot of business law terms were used...

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Irvine Velasquez BSAD 341: Business Law Spring semester Ms. Jeniffer Shiu

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Executive Summary Wells Fargo has a reputation of a well round bank in the world of banking. Back in 2013, American Banker named its Chairman and CEO John Stumpf “Banker of the Year”. Wells Fargo’s strong culture and lack of drama was pointed out by American Banker. They added that there was no drama compare to other banks. Wells Fargo was also praised because they avoided some hits throughout the financial crisis. Wells Fargo was a successful brand back then. Unfortunately, they were hit with rumors during the same year on cross-selling. The rumor was that Wells Fargo employees in Southern California were engaging in tactics to meet their daily cross-selling targets. Los Angeles Times, a leading source of breaking news reported that Wells Fargo fired 30 employees in the region for opening accounts that were never used and attempting to manipulate customer-satisfaction survey. According to the bank’s spokesman Gary Kishner, “We found a breakdown in a small number of our team”. And the employees were trying to take shortcuts to meet banks goals for sales and customer satisfaction. Rumors were circulating fast because when one of the fired employees who spoke on the condition of anonymity...