Page 92 - Flip Banks TG

2011

Account activity will be reviewed back to this year, the bank announced on Sept.
8, 2016. (Nearly two weeks later, it revised the date to 2009.)

2016

The bank said it would drop the aggressive sales goals that employees said led
to illegal accounts being created. It first said that it would end those goals by Jan.
1, 2017, but subsequently changed the date to Oct. 1, 2016.

2016

September 8:

Fake account scandal breaks. Federal regulators reveal Wells Fargo employees
secretly created millions of unauthorized bank and credit card accounts without
their customers knowing it. The bank is hit with a $185 million fine. Wells Fargo

says 5,300 employees were fired for related reasons.

September 14:

A government official tells CNN the Department of Justice has issued subpoenas
in a probe related to the fake account scandal.

September 27:

Wells Fargo CEO John Stumpf forfeits pay. Stumpf says he will give up much of
his 2016 salary, including a bonus and $41 million in stock awards. The first
major executive leaves the company over the scandal. Carrie Tolstedt, who
headed the division that created the fake accounts, steps down and forfeits
some pay.

September 28:

Wells Fargo is accused of illegally repossessing service members' cars. The
company agrees to pay $24 million to settle charges. The DOJ claims the bank
took 413 cars without a court order, which violates federal law. The company
apologizes and commits to refunds.

September 29:

Wells Fargo promises to abandon unrealistic sales goals. Wells Fargo employees
blamed their bosses for effectively encouraging fake accounts. Before
lawmakers on Capitol Hill, CEO John Stumpf is accused of running "a criminal
enterprise."