TheStreet: How Wells Fargo Scam May Shake the Wheels Off the Banking Industry
By SIMON CONSTABLE
A spectacular scam in which employees of Wells Fargo (WFC) opened unauthorized customer accounts in order to earn bigger bonuses may shake the wheels off not only the bank's legendary stagecoach, but the entire industry.
The fate of the 160-year-old company itself is of only secondary interest to me, however. Many other businesses have weathered comparable scandals and bounced back relatively painlessly.
The real problem is that the malfeasance at the bank may lead to the entire industry being relegated further into a minor economic role. Read more here.