Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices.
The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to existing clients – was built on “sales practice misconduct at the bank,” state Attorney General Barbara Underwood’s office said in a statement Monday.
“The misconduct at Wells Fargo was widespread across the bank and at every level of management – impacting both customers and investors who were misled,” Underwood said in the statement.
