Wells Fargo used to brag about its immense “cross-selling” skills, boasting of the many checking accounts, ATM cards and other “products” it pushed on Americans.
1. What disclosure did Wells Fargo recently include in its most recent quarterly earnings report?
2. What was the fine that was levied against Wells Fargo in September?
3. What has happened to Wells Fargo’s customers as a result of this fraud? Give specifics.
4. At the peak of the fraud, how many products did the bank boast that it had sold on average to each customer?
5. What was Warren Buffett’s association with Wells Fargo and what did he have to say about Wells Fargo?
Egan, M. (2017) Wells Fargo dumps toxic ‘cross-selling’ metric. CNN.com, Jan. 13 (Retrievable online at http://money.cnn.com/2017/01/13/investing/wells-fargo-cross-selling-fake-accounts/index.html?iid=SF_LN)