Wells Fargo cheated many of its business clients by charging them higher than agreed upon fees, according to a report on Monday.
The bank, already reeling from a series of fines and penalties caused by overly aggressive management goals, discovered that it had charged 265 of 300 examined foreign-exchange customer accounts higher fees than agreed to.
The fees were charged by employees hoping to hit lofty goals to keep their jobs or to gain bonuses, according to the Wall Street Journal, which first reported on the fees.
The overcharging was brought to light via an internal probe and discussed during a June conference call with forex bankers.
Source: Post Staff Report
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