Yesterday, Wells Fargo released an assessment of how it handled its sales scandal last year. And as determined by its own board, it has failed.
Last year, it was revealed that in effort to meet aggressive sales goals, Wells Fargo for years had been exercising the practice of opening bogus accounts and credit cards without customers’ permission. The company was fined $185 million and CEO John Stumpf was fired. Yesterday, the company’s board shared results of its own investigation and has blamed former retail division head Carrie Tolstedt, saying that she knowingly permitted the abusive sales practices to prevail, and that basically Stumpf looked the other way.
Charlotte based Wells Fargo is one of the largest banks in the US and its shares were down 0.44 percent yesterday. Read more about the report card here