The word wholesale has a slightly different meaning in banking than it does elsewhere. Actually, that doesn't even begin to cover it. Wholesale Banking includes, for instance, equipment financing. Wells Fargo also handles crop insurance, commercial real estate, energy syndicated loans , and more.
Many of the Fortune companies do at least some wholesale banking with Wells Fargo. When a multinational with tens of millions of dollars in cash on its balance sheet needs somewhere to store that cash, Wells Fargo's wholesale division is where they do business. The bank has wholesale offices in 42 states that are manned by more than 30, employees. Now let's look at the community banking section. According to the company, the community banking segment includes "checking and savings accounts, credit and debit cards, and automobile, student, mortgage, home equity and small business lending," in addition to "the results of our Corporate Treasury activities net of allocations including funds transfer pricing, capital, liquidity , and certain corporate expenses in support of other segments and results of investments in our affiliated venture capital and private equity partnerships.
Wonder why? Here's a long, but not exhaustive, list of the company's scandals. In December , the L. Times reported that desperate branch employees opened fake accounts and credit cards in order to meet their sales quotas.
At the time of the story, the bank denied all the claims. It was only three years later in that the company admitted that over 3. Here's why. In order to get bonuses , Wells Fargo employees needed to hit huge sales goals that many felt were unrealistic. Instead of finding real customers, employees just created accounts for existing Wells Fargo customers unbeknownst to them. The employees even used fake email accounts and personal identification numbers PINs to sign them up, seemingly hoping no one would notice.
Small amounts of money were even transferred to these accounts to make them look real. Wells Fargo promised to refund customers who had improper fees as a result of this business practice and fired 5, employees. Who We Are Community Mural Program We create custom-designed art that honors the vibrancy and unique character of our local communities. Investor Relations Learn more about Wells Fargo's financial performance. Leadership and Governance Learn more about our leadership team and corporate governance.
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