Wells Fargo pays the price for ‘ghost account’ fraud

Megan van Ooyen from SAS rounds up the top five op risk losses for September

Wells Fargo: a first place it won't be proud of

The good news is, financial services firms' operational risk losses remained low in September. The bad news is, some of their reputations took a beating. This month's top five loss events come down to accountability: to customers, to investors, and to taxpayers.

Let's start with Wells Fargo.

Like most major banks, it offers a laundry list of financial services to consumers: checking and savings accounts, debit cards, credit cards, and online banking to name a few. In 2011, Wells Fargo shifted

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