Wells Fargo, America's fourth-largest bank in terms of wealth, is soon going to share jobs in its country as well. The expansion will be a long-term investment in countries such as India and the Philippines to enhance the bank's efficiency. However, the company also claims that it is already employing around 3,000 people in its offices in Hyderabad and Bangalore.
The journey to Wells Fargo began on March 18, 1852. There is also an interesting story behind its establishment. When gold reserves were found in California in 1848, many entrepreneurs and operators of financial companies from North America arrived there to serve their interests. They also included Henry Wells and William G. Fargo.
Both started work related to the transportation of parcels or small packets, etc. by the Railways here. In the year 1849, another company Butterfield started the same work. The three companies joined hands as competition grew and in 1850 laid the foundation for a new company called American Express. But with the emergence of Adams & Co. in the western part, Wells and Fargo began to focus on banking service and laid the foundation for Wells Fargo.
Today, Wells Fargo tops the US banks by share. In 2007, it was rated Triple-A by Standard & Poors. Although its rating is double a minus in the recent financial crisis, shareholders still believe in it. Wells Fargo, with more than 9,000 branches, is headed by John G. Stamf. It is headquartered in San Francisco.
We apologize to our customers who may be experiencing issues with our online banking this morning due to high volumes. This does not affect stimulus payments with a March 17 effective date which were credited to accounts today. Thanks for your patience. https://t.co/yoHAieoKQO— Wells Fargo (@WellsFargo) March 17, 2021
National Desk. The Punjab National Bank scam has caused a stir in the country. This scam of Rs 11,356 crore is considered to be the biggest scam of the banking sector in the country. Accusing each other from Congress to BJP. But no one has claimed responsibility for the scam yet. There may have been a tradition in our country to accuse each other after the revelations, but today let us tell you about a similar bank scam in the US in which the Bank CEO was reprimanded by the Senate Committee. Till resignation was demanded.
Wells Fargo scam
In 2016, Wells Fargo, America's largest bank, was accused of creating a fake account. Apart from creating fake accounts, employees including bank CEO John Stamp were accused of giving fake policies and wrongly distributing credit and debit cards to the customer.
It was done to fulfill the target. In fake
inquiry, it was found that the bank employees were given the target. To accomplish this, they created fake accounts and incorrectly distributed credit and debit cards. The scam continued on behalf of the bank for about five years. According to media reports, the bank created more than 2 million fake accounts in five years.
5300 were executed
the bank was fined Rs 1,200 crore, and 5300 employees of the bank were dismissed. Investigation revealed that there were no major transactions from these fake accounts, nor did the employees make money by creating fake accounts, but they did so to fulfill the company's target. But even after this, strict action was taken against him.
The CEO was engaged in a Senate committee rebuke After the
Wells Fargo scandal was revealed, the bank's CEO John Stemp was asked a series of questions by the Senate Committee. He was asked by Senator Elizabeth whether you do not think you should resign after this fraud? They said that you should return all the money for the fraud. Apart from this, instead of putting the entire charge of the scam on small employees, one should resign from a senior executive level officer. At the same time, he asked the CEO, do you think it is your responsibility to put your mistake on the people below you? The senator described such leadership as cowardice. He said that you should resign and John Stemp had to resign.
What did the CEO of PNB say after the revelations?
Punjab National Bank MD and CEO Sunil Mehta held a press conference on the second day after the Rs 11,356 crore scam surfaced. He said that Nirav Modi had offered to return some money last week. We have asked him in writing to come to the bank and return the money in writing. He said that the bank has seen many ups and downs in 123 years. The bank can overcome this problem. If the responsibility rests on us, we will pay the money. Money recovery efforts have been started.
According to Mehta, other branches were also investigated, but the disturbances have occurred in only one branch. The bank has suspended 10 employees, taking action. Six people have also been arrested in this case, but like the Wells Fargo scam, action has been taken on the employees of the same level here. No action was taken against senior executive-level officials. Is the CEO of the bank not guilty in this case? Should high-level officials not be blamed?