October 22, 2018
(Bloomberg) Wells Fargo will pay a $65M penalty to New York related to practices of cross-selling products, Attorney General Barbara Underwood said in a statement.
“The misconduct at Wells Fargo was widespread across the bank and at every level of management -- impacting both customers and investors who were misled,” said Underwood.
The bank failed to disclose to investors that the success of its cross-selling -- that is, pitching additional financial products to existing clients -- was built on “sales practice misconduct at the bank,” Underwood’s said in a statement.
