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Compact case
Case
-
Reference no. IMD-7-2361
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 5 pages
Data source: Published sources
Topics: Finance; Cross-selling; Fake account; Risk management
Share a link: https://casecent.re/p/183460
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Abstract

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 USD2 trillion.

Time period

The events covered by this case took place in 2002-2016.

Geographical setting

Region:
Americas
Country:
United States

Featured company

Wells Fargo
Employees:
10000+
Turnover:
USD 72.3 billion
Industry:
Banking
Case
-
Reference no. IMD-7-2360
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 6 pages
Data source: Published sources
Topics: London Interbank offered rate; Price rigging; Risk management; Governance; Corporate culture; Accountability; Reputational risk; Reputational damage; Finance
View full details
Compact case
Case
-
Reference no. IMD-7-2362
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 5 pages
Data source: Published sources
Topics: Finance; Automated teller machine; Immediate deposit machine; Money laundering; Terrorism financing; Risk management; Governance
View full details
Compact case
Case
-
Reference no. IMD-7-2363
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 4 pages
Data source: Published sources
Topics: Archegos; Prime brokerage; Margin; Credit loss; Risk management; Finance
View full details

About

Abstract

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 USD2 trillion.

Settings

Time period

The events covered by this case took place in 2002-2016.

Geographical setting

Region:
Americas
Country:
United States

Featured company

Wells Fargo
Employees:
10000+
Turnover:
USD 72.3 billion
Industry:
Banking

Related

Case
-
Reference no. IMD-7-2360
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 6 pages
Data source: Published sources
Topics: London Interbank offered rate; Price rigging; Risk management; Governance; Corporate culture; Accountability; Reputational risk; Reputational damage; Finance
View full details
Compact case
Case
-
Reference no. IMD-7-2362
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 5 pages
Data source: Published sources
Topics: Finance; Automated teller machine; Immediate deposit machine; Money laundering; Terrorism financing; Risk management; Governance
View full details
Compact case
Case
-
Reference no. IMD-7-2363
Subject category: Finance, Accounting and Control
Authors: Didier Cossin (International Institute for Management Development (IMD)); Mope Ogunsulire (International Institute for Management Development (IMD))
Published by: International Institute for Management Development (IMD)
Originally published in: 2022
Version: 11.01.2022
Length: 4 pages
Data source: Published sources
Topics: Archegos; Prime brokerage; Margin; Credit loss; Risk management; Finance
View full details