Wells Fargo scandal affected 'thousands' of small businesses, too, senator says

DENVER BUSINESS JOURNAL - Thousands of small businesses were affected by Wells Fargo & Co.'s recent fake accounts scandal, a U.S. senator investigating the matter said Wednesday, as the scope of the bank's aggressive sales tactics continues to widen.

Discussions between bank staff and congressional staffers "have indicated that the fraudulent activity of your employees was not limited to Wells Fargo's consumer banking operations," Sen. David Vitter, a Louisiana Republican, wrote in a letter to Wells Fargo CEO John Stumpf.

"Thousands of small business owners were impacted by this fraud," Vitter's letter said. ( You can read the full text of the letter here).

Wells Fargo is Colorado's largest bank by deposits.

Vitter, who is the chairman of the Senate Small Business and Entrepreneurship Committee, told the San Francisco Business Times on Wednesday that it is clear to him that the bank was clearly involved in tactics that affected small businesses.

Read more at the Denver Business Journal: http://bizj.us/1oimde

(© 2016 American City Business Journals. All rights reserved.)


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