Wells Fargo Forced Unwanted Auto Insurance On 800,000 Borrowers [zero hedge]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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US:NYSE Investor Relations:
wellsfargo.com/about/investor-relations
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Source: zero hedge
Wells Fargo Forced Unwanted Auto Insurance On 800,000 BorrowersOne year after Wells Fargo was busted in the biggest post-financial crisis scandal, when Warren Buffett's favorite bank was exposed for fraudulently "cross-selling" bank products, including creating millions of credit cards and bank accounts to its customers that were never requested, and which cost the former CEO his job, Wells has just been busted yet again for another major scandal: the NYT's Gretchen Morgenson writes that more than 800,000 people who took out car loans from Wells Fargo were also charged for auto insurance they did not need, and some are still paying for it, according to a 60-page internal report prepared by Oliver Wyman for Wells execs.Wells Fargo automatically imposed the insurance through its Dealer Services unit. Its website says it has more than four million customers and provides a variety of banking services to 14,000 auto dealers around the nation. It says the company’s lender-placed auto insura
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 5/10/24 - Form 4
- 5/10/24 - Form 3/A
- 5/10/24 - Form 13F-HR
- WFC's page on the SEC website