Question:
Which of the following banks is recently in the news because its employees opened additional relationship accounts without its customer’s permission?
Which of the following banks is recently in the news because its employees opened additional relationship accounts without its customer’s permission?
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Always verify the legitimacy of account openings and transactions. Employees should adhere to ethical practices, and banks should ensure strict oversight to prevent unauthorized activities.
Updated On: Aug 23, 2025
- Citibank
- HSBC
- Standard Chartered
- Wells Fargo
- Bank of Nova Scotia
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The Correct Option is D
Solution and Explanation
In the recent news, Wells Fargo has been involved in a major scandal where its employees opened additional relationship accounts without customer permission. This was part of a wider practice where employees were incentivized to meet aggressive sales targets, resulting in millions of unauthorized accounts being created.
This practice came to light and led to significant penalties, a settlement, and widespread criticism of the company's business practices.
% Final Answer:
\[
\boxed{(D) Wells Fargo}
\]
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