Wells Fargo fires 5,300 for creating phony accounts

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Description: Wells Fargo fired 5,300 employees for creating ghost accounts without customers knowing. Regulators allege millions of bank and credit card accounts were opened.

Source: CNNMoney.com – video report

Date: Sep 08, 2016

Link: http://money.cnn.com/video/news/2016/09/08/wells-fargo-fires-5300-for-creating-phony-accounts.cnnmoney/

Questions for Discussions:

  • Why is this incident so significant for the company and the industry as a whole?
  • Do you think the actions taken have neutralized the damage done?

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