At least seven vendors have given Wells Fargo & Co a partial refund for their se...
) a partial refund for their services after bank executives pressured the contractors to return 2.5% of revenue earned last year, according to sources familiar with the matter.
Many vendors felt compelled to pay up out of fear they may lose out on future business from the Wall Street giant. The San Francisco-based bank has leaned on cost cuts in recent years as the fallout from a wide-ranging sales practices scandal has stunted revenue growth. However, increased spending on headcount and technology to satisfy regulators has caused the bank to back away from its expense targets.
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