The 2016 Wells Fargo account fraud scandal was a controversy brought about by the creation of millions of fraudulent savings and checkings accounts on behalf of Wells Fargo clients without their consent. Various regulatory bodies, including the Consumer Financial Protection Bureau fined the company a combined $185 million dollars as a result of the illegal activity.
Wells Fargo clients began to notice the fraud after being charged unanticipated fees and other pay notices and receiving unexpected credit or debit cards. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, and sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.
Due to a lack of risk-taking on the bank's part leading up to the 2008 Financial Crisis led to an image of stability on Wall Street and in the financial world, which was tarnished by the widespread fraud perpetrated by the company.