WELLS FARGO SETTLES ‘CROSS-SELL’ CASE FOR $65M

Wells Fargo & Co. will pay a $65 million penalty following the New York attorney general’s investigation into the bank’s fraudulent statements to investors in connection with its “crosssell” business model and related sales practices. “Cross-sell” refers to the process of selling new financial products and/or services to an existing customer. Wells Fargo failed to disclose to investors that the success of its cross-sell efforts was built on sales practice misconduct at the bank.