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Wells Fargo needs to atone for unscrupulous banking practices

Another reason not to bank with Wells Fargo. Here’s a consumer horror story: —-bank confusion turns into $10,000 problem Friday, March 04, 2011. Michael Finney More: Bio, Blog, Facebook, Twitter, News Team. PETALUMA, Calif. (KGO) – The common banking practice of making a deposit turned into a $10,000 nightmare for a Bay Area man and.

Wells Fargo can’t wake up from the nightmare that began exactly two years ago. What sounded at first like a run-of-the-mill bank settlement – a $185 million payment to atone for “sales practices” – has morphed into a cascade of scandals that has rocked one of America’s most storied banks to its core.

Wells Fargo & Co. must be required to make amends for the scandal involving sales practices that led employees to open as many as two million unauthorized customer accounts, writes the editorial.

Sloan’s company-wide speech, given Tuesday in Charlotte, North Carolina, is the latest effort by Wells Fargo’s executives to atone for the fact that the bank’s employees, pushed to the limit.

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 · Due to changes in global financial markets, retail banking firms such as TD Bank, Wells Fargo, and others have faced pressure from shareholders to find new sources of revenue. A number of banks have apparently met this call by emphasizing the need for highly aggressive sales tactics by bank tellers, financial advisors, and other employees.

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Wells Fargo Bank, N.A. Today the consumer financial protection bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.

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NEW YORK – Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is "sorry for the pain" that the bank`s employees have suffered as a result of the company`s sales practices scandal. Sloan`s company-wide speech Tuesday in Charlotte is the latest effort by Wells Fargo`s executives to

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