• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After hitting oil tankers, Iran targets Navy warships and U.S. retaliates with 'higher economic cost' in new escalation that could transform the war

2

Widow of airman killed in Mideast was told hazard pay and combat-related tax breaks wouldn't apply because 'we were not at war.' A viral post fixed it

3

Despite being a multimillionaire, Suze Orman still cooks at home whenever possible—and says eating out is one of the biggest wastes of money

1

After hitting oil tankers, Iran targets Navy warships and U.S. retaliates with 'higher economic cost' in new escalation that could transform the war

2

Widow of airman killed in Mideast was told hazard pay and combat-related tax breaks wouldn't apply because 'we were not at war.' A viral post fixed it

3

Despite being a multimillionaire, Suze Orman still cooks at home whenever possible—and says eating out is one of the biggest wastes of money
FinanceWells Fargo

Wells Fargo’s Latest Misconduct Involves Its Corporate Customers

By
Polina Marinova
Polina Marinova
Down Arrow Button Icon
By
Polina Marinova
Polina Marinova
Down Arrow Button Icon
May 17, 2018, 11:14 AM ET
Google source logo
Add Fortune on Google for similar content.

Wells Fargo keeps digging itself into a bigger and more serious hole.

The Wall Street Journal discovered that some employees in a Wells Fargo unit that handles business banking improperly altered information on documents related to corporate customers. The altered information included social security numbers, addresses, and dates of birth.

Ironically enough, the incident occurred at the end of 2017 and into early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank’s anti-money-laundering controls. The bank has reported the problem to the Office of the Comptroller of the Currency, and the behavior is currently under investigation.

This is the latest scandal in a string of misconduct at the bank. In April, Wells Fargo settled with U.S. regulators, agreeing to pay a $1 billion fine for harming customers by creating fake accounts, selling unlawful insurance products, and charging unnecessary fees.

Many were critical at the time, saying that fines don’t work to prevent misconduct. In April, University of Georgia law professor Mehrsa Baradaran wrote in a Fortune column: “When big banks behave badly, they know that the worst thing they’ll get is a fine; no one is going to end up in jail.”

About the Author
By Polina Marinova
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.