Authorities from the Consumer Financial Protection Bureau (CFPB) have fined Wells Fargo $185 million for opening 2 million banking and credit card accounts without customer permission. This scandal has rocked the financial world and led to 5,300 Wells Fargo employees losing their jobs, but were they really responsible for what happened?
Is Wells Fargo Apologizing to Its Employees?
After congressional meetings—and a lot of tap dancing—John Stumpf has stepped down from running Wells Fargo. Many have branded him the man to blame after fines from the CFPB fell short of effectively punishing the bank. So, after a huge public outcry, the man retired early and was forced to give up $41 million in stock options, but authorities still aren’t satisfied.
Senators are discussing bills that will allow customers and employees to sue the banking giant. Plus, many former Wells Fargo employees are coming forward to blame the company’s demanding sales tactics for the creation of millions of fake accounts. This has left quite a mess for Stumpf’s successor—Tim Sloan—to clean up.
As one of his first acts as the new CEO of Wells Fargo, Sloan addressed all 260,000 Wells Fargo employees. He apologized to those employees who felt like they were blamed for the scandal, and he said it would be his personal mission to restore the company’s good name. Sloan also went on to warn employees that tough times are coming due to future court rulings and headlines. He says the bank needs its employees help now more than ever, but will that help be enough?
People are still closing their Wells Fargo accounts, class action suits are being readied, and senators are writing up new laws. So, will Sloan be able to keep his word to employees? Will Wells Fargo employees stand by this new CEO? Your Macon personal injury attorneys will keep an eye on the situation. So, check back with us on Twitter and Facebook.