The scandals continue at America's third largest bank by assets, Wells Fargo. Some $64 million is being returned to Wells Fargo customers who were affected, the bank said, and another $16 million will be adjusted on loan accounts. Worst of all, Wells Fargo admitted these unnecessary CPI policies may have put upwards of 20,000 auto loan customers into default. Investors, who'd returned to Wells Fargo shares in recent months on optimism about the bank's profits and rising dividends, sold off the stock. Over the past 12-months, scandal plagued Wells Fargo has been a laggard in the booming banking industry.

Source: Forbes July 28, 2017 15:38 UTC