NY Regulator Fines Wells Fargo $65 Million over ‘Cross-Selling’ Practices

[kreslik.news]

Wells Fargo & Co. was slapped with a $65 million fine Monday for illegal “cross-selling” practices, which were at the center of the fake credit cards scandal that saw the bank’s employees secretly opening millions of unauthorized accounts for their customers in order to meet aggressive sales targets.

This illegal banking strategy cost Wells Fargo, which is famous for its culture of cross-selling products to customers, more than $250 million in fines over the last two years. The US authorities said employees at the world’s most valuable bank, which serves around 40 million retail customers, had been motivated to ... (read more)