In anticipation of litigation losses potentially as high as $1.7 billion, Wells Fargo is raising its reserves as lawsuits continue to pile up from numerous governmental and non-governmental parties concerning the company’s business practices.
The Securities and Exchange Commission (SEC) recently joined the list of federal, state, and local agencies conducting formal or informal inquiries, investigations, or examinations of Wells Fargo, including the U.S. Department of Justice and state attorneys general and prosecutors’ offices, as well as congressional committees. CEO Tim Sloan said the company would not abandon cross-sell practices, and Pennsylvania announced it was suspending activity with the bank.
Read on to learn about the company’s updated cross-selling metrics and plans regarding former employees let go “inappropriately.”