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Wells Fargo’s aggressive sales tactics hit small firms: WSJ

Justice League

Wells Fargo has restructured its credit card processing business after an internal probe found some employees had falsely reported customer sales numbers, the Wall Street Journal reported on Wednesday.

This raises questions about the scope of the sales scandal that hit the lender’s retail banking business last year and cost Chief Executive John Stumpf his job.

The probe also found that employees had pushed small firms toward more expensive contracts as part of aggressive sales tactics, the Journal reported.

Wells Fargo was not immediately available for comment.

The company had said on a conference call in January that it had made progress on evaluating potentially unauthorized credit card accounts, including any impact to customers’ credit scores and analysis of credit signatures to verify authorization.

Read on.

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