#DivestWells

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Wells Fargo exploited its customers through predatory practices. NACA members have over $17 Billion in assets with Wells Fargo.  Find out why you should #DivestWells

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Wells Fargo Video

On April 25th, NACA’s founder and president Bruce Marks and NACA members attended the Wells Fargo Shareholder Meeting. During this meeting, Marks interrupted the proceedings to call out Wells Fargo’s shameful practices.

Wells Fargo is NorWest Bank.

NorWest kept the Wells Fargo name and replaced the culture

Wells Fargo never shed Norwest's predatory practices

The well-known and trusted Wells Fargo of old is no more. When Norwest acquired Wells Fargo in 1998 they took the better-known and better-trusted Wells Fargo name but injected the Norwest sales culture.

After the 1998 acquisition, Norwest CEO Dick Kovacevich and his right-hand executive (and now disgraced former CEO) John Stumpf took over the bank, and imposed a new emphasis on cross-selling and accelerated sales goals. It was this shift that led to the numerous scandals and corruption seen at the bank ever since, and why Wells Fargo is today a shell of its former self.

In their first letter to shareholders in 1998, Kovacevich bragged: "Over the past 10 years, Norwest built a reputation for having the industry's strongest sales and service culture." Norwest's shifted the focus of the bank from community lending to an emphasis on cross-selling - according to the Norwest CEO, "We want to earn nothing short of all the business of every creditworthy customer."

                   

WHY WE CANNOT TRUST WELLS FARGO

Least Trusted Bank

Summary: California, Illinois, Philadelphia, Seattle, Chicago, New York City and other municipalities suspended or ceased business with Wells Fargo after their many scandals were exposed. A 2017 survey of financial professionals revealed that not only was Wells Fargo the the...

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About NACA

The Neighborhood Assistance Corporation of America (NACA) is the largest non-profit, homeownership and community advocacy organization in the country. NACA provide the best homeownership program for primarily low and moderate income people and communities.
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