Yahoo News reports on empirical bad faith of Wells Fargo
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On Sept. 8, 2016, Wells Fargo (WFC) admitted that it had created millions of accounts in the names of its clients without their permission. For the one big bank that had escaped the financial crisis of 2008 with a good reputation as a Main Street firm, this breach of the most basic element of banking — trust — unspooled that reputation.
Twenty-three months later, the bank’s reputation has not been recovered. In fact, it has sunk deeper as more news of its bad behavior has steadily trickled out, along with the announcement of fines and settlements.
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Even after the bank’s CFO John Shrewsberry, who, at a conference in New York on May 30, said the bank’s scandals were all out in the open (“I don’t think at this point that there’s anything meaningful that we aren’t already talking about”), the bank has struggled to steer clear of the headlines.
Just last week, Wells Fargo disclosed that a software glitch accidentally denied nearly 400 customers the ability to modify their mortgages, which led to the bank foreclosing on their homes. It can be difficult to keep track of everything. Here is a list of the important points. For the ongoing ones, of course, some may end in the bank’s favor.