Wells Fargo Recent

About Wells Fargo Recent

Wells Fargo continued to face scandals after the 2016 fake accounts crisis. The bank was fined 3 billion in 2020 for the fake accounts and other consumer abuses. The Federal Reserve maintained its unprecedented asset cap, preventing Wells Fargo from growing until it fixed its risk management. The bank discovered additional problems including auto insurance overcharging and mortgage fee errors. CEO Charlie Scharf, hired in 2019, has worked to overhaul the banks culture and compliance. The asset cap has cost Wells Fargo an estimated 4 billion annually in lost profits. The banks recovery has been slow, and it has lagged behind competitors in stock performance. The Wells Fargo saga is a case study in how cultural problems can persist for years.