In September 2016, US-based bank Wells Fargo shook public confidence when it revealed that its retail branches had opened two million accounts without customer consent. In writing for the Global Association of Risk Professionals, veteran business journalist L.A. Winokur collected assessments from investigators and risk experts, as well as statements from Wells Fargo board members and employees, to provide a basis for his 360-degree overview of the issues involved in the complex banking scandal. getAbstract recommends Winokur’s analysis to leaders in the banking industry, corporate risk professionals, government regulators and banking customers everywhere.
In this summary, you will learn
- Why US-based Wells Fargo retail bankers created two million accounts without customer authorization,
- Why the Wells Fargo leadership didn’t find out about the systemic nature of the customer fraud until the scandal went public in 2016, and
- How Wells Fargo plans to prevent similar scandals in the future.
About the Author
L.A. Winokur is a business journalist.