Franklin

Wells Fargo Bank [electronic resource] : the fake accounts scandal / Thompson S. H. Teo, Sheryl E. Kimes.

Author/Creator:
Teo, Thompson S. H., author.
Publication:
London : SAGE Publications: SAGE Business Cases Originals, 2019.
Format/Description:
Book
1 online resource.
Series:
SAGE Knowledge. Cases.
SAGE Knowledge. Cases.
SAGE Knowledge. Cases
Status/Location:
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Subjects:
Bank fraud -- United States -- Case studies.
Corporate culture -- United States -- Case studies.
Accounting fraud -- United States -- Case studies.
Corporate turnarounds -- United States -- Case studies.
Wells, Fargo & Company -- Case studies.
Sloan, Timothy.
Summary:
Wells Fargo Bank ("Wells Fargo") was once the world's largest bank by market capitalization with a net worth of USD 301.6 billion in 2015--USD 40 billion more than J. P. Morgan Chase. It was a U.S. bank headquartered in San Francisco, California, that provided banking, mortgage, investing, credit card, insurance, and consumer and commercial financial services. In September 2016, Wells Fargo was fined USD 185 million by three government authorities for unauthorized creation of 2 million bank accounts and credit cards between May 2011 and July 2015. This incident led to the questioning of company practices as well as a public scandal. The case raises the issue of what the management did to address the fake accounts scandal and what they could have done differently. Students can also debate who should be held responsible for the fake accounts scandal.
Notes:
Includes bibliographical references and index.
Description based on XML content.
Contributor:
Kimes, Sheryl E., author.
ISBN:
9781526478894 (ebook) :
OCLC:
1089142132
Access Restriction:
Restricted for use by site license.