NEW YORK - Scandal-ridden Wells Fargo (WFC) has been ranked dead last in a survey of "Most Respected American Companies" done by the investing publication Barron's.
San Francisco-based Wells plunged from 60 on Barron's list to 100 , the lowest position on the publication's list. Wells is ranked below Philip Morris (PM), Altria (MO) and Reynolds American (RAI) -- the nation's largest tobacco companies -- as well as American International Group (AIG), the insurance giant that required a government rescue during the financial crisis.
Wells' reputation has been battered after the bank acknowledged in September that its employees opened up to 2 million accounts for customers without permission to meet unrealistic sales goals. New CEO Tim Sloan has repeatedly talked of the bank's efforts to rebuild trust with customers.