Wells fargo biography

On October 12, , John Stumpf , the then chairman and CEO, announced that he would be retiring amidst the scandals. President and chief operating officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted. An investigation by the Wells Fargo board of directors, the report of which was released in April , primarily blamed Stumpf, who it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them.

Wells Fargo coined the phrase, "Go for Gr-Eight" — or, in other words, aim to sell at least 8 products to every customer. The settlement did not prevent individual employees from being targets of future litigation. The plaintiffs had sought triple damages under the U. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.

Wells Fargo is a lender on the Dakota Access Pipeline , a 1,mile-long 1, km underground oil pipeline transport system in North Dakota. The pipeline has been controversial regarding its potential impact on the environment. In , the company said that it was winding down its business with the NRA. In June , about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company.

The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 were women. There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children.

In April , the United States Department of Labor launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself. In May , the company discovered that its business banking group had improperly altered documents about business clients in and early After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above U.

Pursuant to Section b of the Dodd-Frank Wall Street Reform and Consumer Protection Act , publicly traded companies are required to disclose 1 the median total annual compensation of all employees other than the CEO and 2 the ratio of the CEO's annual total compensation to that of the median employee. The Consumer Financial Protection Bureau found that, between and , Wells Fargo had been freezing entire consumer deposit accounts based on automated fraud detection.

This freeze extended to the entire account, not just the suspicious amount, and all access to funds was blocked. As a result, customers were unable to access their funds until the accounts were closed and the funds were returned. The company was a theme or the subject in several films. In the John Ford-directed movie "Stagecoach", at the mark two men can be seen hoisting a chest plainly marked "Wells Fargo.

A long running television series, Tales of Wells Fargo ran from to , focusing on a fictitious Wells Fargo special agent. In April , TD Jakes Group and Wells Fargo have formalized a year partnership to create inclusive communities for people of all income levels. The first of the projects focuses on the development of mixed-income housing and retail facilities outside of Atlanta.

Previously, she had held leadership roles at FICO , a leading data and analytics company, and at Wells Fargo, she was responsible for helping low-income populations as head of philanthropy for financial health.

Wells fargo biography

She also led the Banking Inclusion Initiative, a year commitment to help people access low-cost basic accounts and help those without bank accounts gain easy access to low-cost banking services and financial education. Contents move to sidebar hide. Article Talk. Read Edit View history. Tools Tools. Download as PDF Printable version. In other projects.

Wikimedia Commons Wikidata item. American multinational banking and financial services company. For its predecessor, see Wells Fargo — For other uses, see Wells Fargo disambiguation. Traded as. Financial services. Norwest Corporation Wells Fargo — Henry Wells William Fargo. Operating income. Net income. History [ edit ]. Environmental record [ edit ].

Lawsuits, fines, and controversies [ edit ]. This article's "criticism" or "controversy" section may compromise the article's neutrality. Please help rewrite or integrate negative information to other sections through discussion on the talk page. December Regulatory issues [ edit ]. Higher costs charged to African-American and Hispanic borrowers [ edit ].

Main article: Redlining. Failure to monitor suspected money laundering [ edit ]. Overdraft fees [ edit ]. Settlement and fines regarding mortgage servicing practices [ edit ]. SEC fine due to inadequate risk disclosures [ edit ]. Lawsuit by FHA over loan underwriting [ edit ]. Lawsuit due to premium inflation on forced place insurance [ edit ].

Violation of New York credit card laws [ edit ]. Tax liability and lobbying [ edit ]. Prison industry investment [ edit ]. Main article: Prison—industrial complex. Discrimination against African Americans in hiring [ edit ]. SEC settlement for insider trading case [ edit ]. Wells Fargo cross-selling scandal [ edit ]. Main article: Wells Fargo cross-selling scandal.

Racketeering lawsuit for mortgage appraisal overcharges [ edit ]. Financing of Dakota Access Pipeline [ edit ]. Failure to comply with document security requirements [ edit ]. Doing business with the gun industry and NRA [ edit ]. Discrimination against female workers [ edit ]. Further information: Glass ceiling. Overselling auto insurance [ edit ].

Failure to Supervise Registered Representatives [ edit ]. Steering customers to more expensive retirement accounts [ edit ]. References [ edit ]. October 6, Archived from the original on September 24, Retrieved October 28, Archived from the original on September 9, Retrieved September 9, October 9, Retrieved February 1, The Wall Street Journal.

December 15, Retrieved November 28, Retrieved July 18, Financial Times. Fargo had served as mayor of the city of Buffalo for two terms during the Civil War. A lifelong Democrat, he had stood against secession and supported the Union during the war by paying a part of their salary to those of his employees who were drafted. He was also involved in a number of manufacturing enterprises and was for a time the majority stockholder of the Buffalo Courier.

He died on Aug. Among the studies in which Fargo figures prominently are A. Loomis, Wells Fargo Cite this article Pick a style below, and copy the text for your bibliography. January 8, Retrieved January 08, from Encyclopedia. Then, copy and paste the text into your bibliography or works cited list. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.

William George Fargo gale. Learn more about citation styles Citation styles Encyclopedia. Fargo, William George oxford. Fargo, William George —81 US businessman. Wells, Fargo and Company then set up an express service between New York and San Francisco to cater for the gold rush. The company merged with two others to form the American Express Company in More From encyclopedia.

Updated Aug 24 About encyclopedia. Related Topics Fargo. After a year, Stumpf enrolled at St. Cloud State University on a provisional basis. He eventually obtained a job as a repossession agent at First Bank in St. Paul, Minnesota. Stumpf earned his bachelor's degree in finance from St. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.

From to he was regional president for Norwest Bank Texas. Norwest merged with Wells Fargo in Norwest was the nominal survivor, but the merged bank retained the Wells Fargo name. In December , he led one of the largest mergers in history with the purchase of Wachovia. He also testified that Wells Fargo would quickly drop its sales incentive program.

In February , Janet Yellen , on her last day as Chair of the Board of Governors of the Federal Reserve System, approved a strongly worded critical letter to Stumpf to emphasize his failures as co-chair of Wells Fargo's board of directors. The letter, signed by Michael Gibson, Director of the Division of Supervision and Regulation, cited Stumpf's complicity in ignoring the bank's poor risk management programs, and failure to initiate any serious investigation into its sales practices.

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