Case Study

Wells Fargo: When eight wasn't great

5 pages
April 2022
Reference: IMD-7-2361

When former Wells Fargo CEO John Stumpf pushed his employees to sell eight Wells Fargo products per customer through cross-selling – he no doubt assumed it would be done with customers’ consent. Instead, under pressure to meet aggressive and unrealistic sales targets, Community Bank staff opened 3.5 million bogus deposit and card accounts without customers’ knowledge or permission. The scandal destroyed the bank’s reputation for sound management and led to the Federal Reserve capping the bank’s assets at $2 trillion.

Learning Objective
  • Highlights important challenges in governance and risk management in a large universal bank
Cross-selling, Fake Account, Risk Management
Northern America, United States of America
Wells Fargo, Finance and Insurance, Banking
Published Sources
© 2022
Available Languages
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