| U.S. regulators probe Wells Fargo sales practices -WSJ | |
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By Dan Freed Nov 30 (Reuters) - U.S. regulators are investigating whether Wells Fargo & Co has pushed employees too hard to meet sales targets while turning a blind eye to questionable behavior, The Wall Street Journal reported on Monday. The Office of the Comptroller of the Currency and the San Francisco Federal Reserve are conducting the investigations, according to the report. A Wells Fargo spokeswoman said the bank does not comment on discussions with regulators, although she did reply to questions about a separate lawsuit from the Los Angeles City Attorney. Spokesmen for the regulators had no immediate response. Wells Fargo has a reputation for being better than peers like Bank of America Corp and JPMorgan Chase & Co at selling multiple products to its customers, a practice known as cross-selling. Its 2014 annual report to shareholders touts cross-sell of 6.17 products per household in its retail banking division including products such as checking accounts, home loans and savings accounts. Its wholesale banking division, which works with corporations and other large institutions, claims 7.2 products per relationship. The bank's wealth, brokerage and retirement unit, meanwhile, sells 10.49 products per retail banking household, according to the report. The big sales numbers, however, have drawn scrutiny from various quarters, including Los Angeles City Attorney Mike Feuer. A lawsuit filed by Feuer's office in May alleged that the bank used "pernicious and often illegal sales tactics to maintain high levels of sales of their banking and financial products." "We disagree with the allegations in the L.A. City Attorney's lawsuit and intend to defend ourselves," the Wells Fargo spokeswoman wrote via email on Monday. "Wells Fargo's culture is focused on the best interests of its customers and creating a supportive, caring and ethical environment for our team members." (Reporting by Dan Freed in New York; Editing by David Gregorio)
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Wells Fargo est une société d’exploration minière basée aux Etats-Unis D'Amerique. Wells Fargo est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 299,5 milliards US$ (279,8 milliards €). La valeur de son action a atteint son plus bas niveau récent le 03 juillet 1997 à 10,01 US$, et son plus haut niveau récent le 25 avril 2024 à 59,93 US$. Wells Fargo possède 4 997 319 680 actions en circulation. |