The Case Of Wells Fargo Phony Account

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Corporate Governance MGMT 512


Wells Fargo Phony Accounts – September 2016

I decided to analyze the case of Wells Fargo because I am working in a Corporate bank as well

(Finansbank) . As you know Wells Fargo is the largest commercial bank in USA. The company was

founded by Henry Wells and William Fargo in 1852. It is a well-known company by all professionals

who are working in banking industry. In September 2016 federal regulators announced Wells Fargo

employees secretly created millions of unauthorized bank and credit card accounts. And the

customers had no idea about it. The customers were charged fees for those accounts since 2011.

Wells Fargo confirmed that 5300 employees were fired related to this

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