Wells Fargo pays the price for ‘ghost account’ fraud
Megan van Ooyen from SAS rounds up the top five op risk losses for September
The good news is, financial services firms' operational risk losses remained low in September. The bad news is, some of their reputations took a beating. This month's top five loss events come down to accountability: to customers, to investors, and to taxpayers.
Let's start with Wells Fargo.
Like most major banks, it offers a laundry list of financial services to consumers: checking and savings accounts, debit cards, credit cards, and online banking to name a few. In 2011, Wells Fargo shifted
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