In recent months, customers of Wells Fargo Bank have heard appalling news regarding the institution’s business practices, shattering their confidence in the banking giant.
It began with public disclosure regarding Wells Fargo employees pressured into opening checking and credit card accounts in customers’ names without their consent to allegedly increase fees to generate additional bank revenue. Next, the public learned that approximately 570,000 Wells Fargo customers were purportedly charged for car loan insurance they did not need.
Now, Wells Fargo CEO Tim Sloan is preparing customers and employees for even more bad news. In a press release last week, Sloan noted that the company’s internal operational review could “generate news headlines.” To industry observers, this signaled the possibility that additional questionable business practices are yet to be revealed.