Wells Fargo Fined $185 Million for Phony Accounts

The video discusses a bank scandal where thousands of employees opened fake accounts to meet sales goals. The management's involvement is unclear, as the bank neither admitted nor denied wrongdoing but expressed regret. Customers were charged fees for unauthorized accounts, leading to a $5 million restitution fund. Over 5,000 employees were terminated due to the widespread issue.

What was the primary reason employees opened fake accounts?

• To gain promotions

• To avoid layoffs

• To receive bonuses

• To meet sales goals

How did the bank respond to the allegations in terms of admitting wrongdoing?

• They admitted full responsibility

• They denied all allegations

• They neither admitted nor denied wrongdoing

• They blamed external factors

What did the bank set aside for customer restitution?

• $10 million

• $5 million

• $20 million

• $1 million

What issue did customers face due to the fake accounts?

• Increased interest rates

• Credit score improvements

• Unauthorized fees

• Account closures

How many employees were terminated due to the scandal?

• 7000

• 5000

• 3000

• 1000