Wells Fargo .docx Essays - Financial District, San Francisco

Jarrod Davis February 4, 2018 Salesmanship Prof. Ceesay Well Fargo Scandal You would think that because you bank with one of the four big national banks in the United States, you and your money would be in safe keeping right? However, that is not always the case as we saw in the 2015 Well Fargo Scandal Case. Back in 2008 there was a newly hired personal banker by the name of Yesenia Guitron who saw a pattern in her co-workers opening up accounts for customers without their knowledge or consent. The young woman brought the concerns to management, but of course they were well aware of the scandals, but wanted to sweep it under the rug. She continued to climb the management chain until she was fired for "not meeting sales quotas." After being fired, in an attempt to sue Wells Fargo along with another employee, she lost the case, but sparked a movement for more allegations of malpractice to come forward. Finally, in 2015, the bank was being sued by LA city attorney's office for fraudulent accounts. In order to save face, Wells Fargo settled and now has to pay $ 185 million in fines to the city of Los Angeles, as well as two government agencies, and restitution to customers. Within the last few days the government has put a haul to the growth of the bank until it has satisfied its redistribution of funds to the proper parties. Works Cited Koren , James. "It's Been a Year since the Wells Fargo Scandal Broke - and New Problems Are Still Surfacing." Los Angeles Times , Los Angeles Times, www.latimes.com/business/la-fi-wells-fargo-one-year-20170908-story.html.