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The Wells Fargo scandal

Parc_336 25 de September del 2016 Business

During July of 2015, the company Wells Fargo, consisted of a good financial forecast, which is one the American firm most recognized in the US, also declare as the company as one of the best lenders companies in the world as it could overtake the Industrial and Commercial Bank of China and become one of the best banks with greater value worldwide.

The Wells Fargo scandal
This entity surpassed its own peak when their capital above $300 million.

Wells Fargo Bank focuses on customers individually. After a year starts a scandal that involves the entire company that carries a huge stigma and losing its title as one of the most valuable bank in the world and the highest value company located in United States.

On September 8 of 2016, it begins to know the fraud it had committed the company, agreeing to pay $185 million to cover claims of employees who had made new savings accounts and different credit cards that not have the consent of users. It turns out that the bank had created millions of accounts which customers did not know about, the employees themselves created accounts in this way to achieve sales and receive payments in the form of bonds.

The Wells Fargo scandal
All this made Wells Fargo pay the largest fine in its history, and the biggest than the office of financial consumer protection has had to impose. Making this one, one of the most expensive in the whole story, over $100 million, adding $35 million to the office of the controller of the currency sanctions. Thanks to this scandal, Wells Fargo has been in decline as the stock market is concerned, and losing its position as one of the largest business icons in the world.

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