Smith, Randall 28 February This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling. Of course, Wells Fargo had to dial back cross-selling because of its multitude of scandals.
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See Boeing's autonomous flying car take flight. Carlos Ghosn resigns as head of Renault. Global leaders on the impacts of trade conflicts. Shutdown could mean zero growth this quarter. Why Hollywood spends millions to win Oscars.
New York's secret weapon against big storms? These electric cars could be the future of autos. ThirdLove wants to make bra shopping more fun. Netflix is winning streaming. Disney wants to change that. The long-awaited Toyota Supra is here. From a drop of blood, this company can predict what your face looks like. Cg42 found that a growing number of Wells Fargo customers are fed up with the nation's third-largest lender. Their top complaint is that their bank was engaged in "dishonest, unethical or illegal practices.
There's no doubt that the frustrations are a direct result of the nightmare that began two years ago at Wells Fargo, according to Steve Beck, managing partner at cg It's time to move on. Wells Fargo's reputation has been tarnished by a series of shocking admissions. The bank had said it created up to 3. Some Wells Fargo borrowers even had their cars repossessed as a result. However, that trend has reversed more recently -- despite the strong economy. Much of that decline was led by a drop-off in deposits from business clients.
Wells Fargo pointed to actions it had to take to comply with penalties imposed by the Federal Reserve that prevent the bank from growing. Other analysts see little evidence that Wells Fargo's consumer business is suffering. For instance, downloads of Wells Fargo's mobile app have rebounded relative to rival banks since late , according to UBS. Wells Fargo's app performance is "encouraging" and does not suggest "deteriorating business momentum" in retail banking, UBS analyst Saul Martinez wrote to clients in late September.
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