Wells Fargo & Company — Ethics Grade F

Wells Fargo & Company receives an overall ethics grade of F (18/100) on CancelCo's corporate accountability database. Sector: Financial Services. Market cap: Large Cap.

Category scores

• labor: 30
• privacy: 20
• consumer: 10
• environment: 60
• humanRights: 45

Documented incidents (3)

• Fake Accounts Scandal (high, 2016) — Employees created millions of unauthorized savings and checking accounts for customers without their consent to meet aggressive sales targets. This led to illegal fees and damage to customer credit scores.
• CFPB Illegal Fees Settlement (high, 2022) — The CFPB ordered Wells Fargo to pay billions for widespread mismanagement across its largest product lines, including illegally assessing fees and interest on auto loans and mortgages.
• Hiring Discrimination Settlement (medium, 2020) — The company entered a settlement regarding allegations of systemic hiring discrimination against Black, Hispanic, and female applicants for various roles across several states.

Documented good deeds

• Sustainability Bond Issuance — Issued a $1 billion Sustainability Bond to fund projects supporting housing affordability, socio-economic opportunity, and renewable energy.

Ethical alternatives

• Amalgamated Bank — A B-Corp certified bank that focuses on social and environmental responsibility and does not lend to fossil fuel companies.