Wells Fargo scandal

The Wells Fargo scandal, which became public in 2016, involved employees creating millions of unauthorized bank and credit card accounts in customers' names without their consent. This fraudulent activity aimed to meet aggressive sales targets and boost the bank's financial performance. Customers were often unaware until they faced fees or credit issues. The fallout included significant fines, legal challenges, and a tarnished reputation for the bank. The scandal highlighted issues of corporate culture, oversight, and ethical practices in the banking industry. Ultimately, it prompted changes in regulations and led to a reevaluation of sales practices across financial institutions.