Wells Fargo Blasted On Social Media Following Fraud Settlement

The latest data from TickerTags indicates that Wells Fargo & Co WFC’s reputation has taken quite a hit on social media in the wake of its fraud settlement.

Wells Fargo recently agreed to a $185 million fraud settlement with the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC) and the city of Los Angeles related to opening unauthorized customer accounts and charging customers unjustified fees to meet sales quotas.

TickerTags monitors social media sites to identify trends by searching for words and phrases that appear together in social media content, such as tweets.

Related Link: Well Fargo Fires 5,300 Employees After Fake Account Scandal

Overnight, social media sentiment toward Wells Fargo switched from a daily average of 24 percent positive and 31 percent negative to only 3 percent positive and 74 percent negative. These statistics confirm the fears of Wells Fargo management and investors that the scandal has understandably tarnished the bank’s reputation.

Wells Fargo was once considered the shining example of responsible banking behavior among a group of big bank peers that were out of control during the time leading up to the Financial Crisis.

In addition to the big settlement, Wells Fargo has also returned at least $2 million in fraudulent fees to customers.