Carrie Tolstedt

Wells Fargo Scandal Scorecard: 5,300 Workers Fired, Zero Execs Prosecuted

2020-12-31 00:00:00 +0000 UTC | Importance: 10/10

After nearly a decade of systematic fraud, multiple investigations, Congressional hearings, and billions in penalties, the Wells Fargo fake accounts scandal concludes with a stark scorecard that defines two-tiered justice in American finance: 3.5 million fraudulent accounts affecting millions of …

Wells Fargo John Stumpf Carrie Tolstedt Department of Justice corporate-fraud wells-fargo two-tiered-justice corporate-accountability systemic-analysis

Wells Fargo Fires 5,300 Low-Level Workers While Executives Keep Jobs

2013-01-01 00:00:00 +0000 UTC | Importance: 8/10

Wells Fargo begins systematically firing approximately 5,300 low-level employees between 2011 and 2016 for creating unauthorized customer accounts, while the senior executives who designed the sales incentive systems and set impossible quotas face no disciplinary action. The firings demonstrate a …

Wells Fargo John Stumpf Carrie Tolstedt corporate-fraud wells-fargo economic-inequality corporate-accountability

Wells Fargo Employees Begin Creating 3.5 Million Fake Accounts

2011-01-01 00:00:00 +0000 UTC | Importance: 9/10

Wells Fargo employees begin a systematic scheme to create unauthorized bank and credit card accounts, ultimately affecting 3.5 million customer accounts over five years. Driven by aggressive sales targets and compensation incentives, employees open accounts without customer consent, forge …

Wells Fargo John Stumpf Carrie Tolstedt corporate-fraud banking-regulation wells-fargo financial-crime