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April 19, 2017

Wells Fargo scandal weighs heavily on other big banks

  • A scathing report on Wells' toxic sales practices has been making its way through top executive offices at nearly every big bank.
    AP Business Writer

    DALLAS — It's the topic the banking industry can't avoid, even when people prefer not to mention it by name: Wells Fargo.

    Banking executives and consultants who normally focus on checking accounts and credit cards spent a recent conference talking about “cross-selling” and “incentive compensation.” Those are code words for Wells Fargo, and the up to 2 million accounts that its employees opened without customer permission as they sought to meet unrealistic sales goals.

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