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Published on Oct 7, 2016
Wells
Fargo shocked investors when it revealed over the summer that it had
fired over 5,000 bankers for opening customer accounts without
permission from the customers themselves. The bank's CEO John Stumpf
spent an uncomfortable two days on Capitol Hill taking "full
responsibility" for the actions of his employees - but not resigning.
Now, thanks to dogged investigation by TheStreet's Susan Antilla, it's
come to light that Wells Fargo financial advisors are little better than
its bankers. They are among the lowest rated in the industry, according
to several reports. What makes it more outrageous is that the bank
enjoys a reputation for being customer-focused. One of the many lessons
here: Don't necessarily trust what Wells Fargo says, and always read the
fine print.
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