Wells Fargo needs to atone for unscrupulous banking practices

On April 19, 2017, the Office of the Comptroller of the Currency ("OCC") released its "Lessons Learned Review of Supervision of Sales Practices at Wells Fargo."[i] The report results from Comptroller Thomas Curry’s directive for an "independent review" of the Wells Fargo supervisory record to "identify any supervision gaps and lessons learned to improve the OCC’s supervisory.

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Wells Fargo can’t wake up from the nightmare that began exactly two years ago. What sounded at first like a run-of-the-mill bank settlement – a $185 million payment to atone for "sales practices..

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Wells Fargo Bank, N.A. Today the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.

 · Wells fargo ceo stumpf retires, effective immediately. Chief Operating Officer Tim Sloan will replace Stumpf as CEO, and the bank’s independent chairman, Stephen Sanger, will take over as board chairman, according to a company news release Wednesday. Stumpf is stepping down after the financial institution was fined $185 million last month.

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“Wells Fargo is an industry leader,” he said. “I believe this is a widespread practice and we need to ask. duty and denying them banking protections. There is no practical way for Americans to.

The scandal at Wells Fargo has been a black eye for the bank. Changes at senior management level are needed, and needed soon. However, investors need not. be done through unscrupulous methods..

Wells Fargo scandal encompassed up to 24 Nebraska, Iowa branches. But the very goals that drove unscrupulous practices and sparked the scandal could keep some of the bank’s customers from jumping ship. “The whole reason (the bank) got into this problem is because of their cross-selling culture.

 · Summary. The scandal at Wells Fargo has been a black eye for the bank. Changes at senior management level are needed, and needed soon. However, investors need not sell their Wells Fargo shares in reaction to the scandal. My previous statements on Wells Fargo (NYSE: WFC) – which you can read here and here – simply put forward my view.