WELLS FARGO
US bank reveals more chicanery
Wells Fargo had restructured its credit card-processing business
Bengaluru — Wells Fargo had restructured its credit card-processing business after an internal investigation found some employees falsely reported customer sales numbers, the Wall Street Journal reported on Wednesday. This raises questions about the scope of the sales scandal that hit the lender’s retail banking business in 2016 and cost CEO John Stumpf his job. The investigation found that employees pushed small firms towards more expensive contracts as part of aggressive sales tactics, the paper reported. Wells Fargo was not immediately available for comment. Disclosures of Wells Fargo’s problems with small business customers come almost a month after it reached a $190m settlement over opening as many as 2-million accounts in retail customers’ names without their knowledge. The bank said it had fired more than 5,000 employees. Reuters
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