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Fraud at Wells Fargo Case Study Analysis


Wells Fargo & Company, founded in 1857, is an American giant multinational bank that provides financial services. Its central offices are through the country, headquartered in San Francisco. In 2013 Wells Fargo was accused of fraud which was made public by the Los Angeles Times. Los Angeles Attorney filed a lawsuit against Wells Fargo in 2015; the lawsuit comprehended that the multinational Bank pressured its employees into committing fraud. In 2016 Wells Fargo paid a fine of US $185 million for the “illegal practices” it was accused of. It is one of the largest Bank in the United States of America and the lawsuit eventually let Wells Fargo dismissing 5300 of it’s employees, although they never formally admitted neither denied the allegations, but Wells Fargo fell into great scrutiny after the public allegations made, as they lost their market value, their prestige and their firm’s image to the whole world.

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