to meet sales goals, garnering criticism across the political spectrum, from Democratic Sen. Elizabeth Warren to Republican President Trump. The phony-accounts scandal was just the first in a slew of retail banking issues that subsequently came to light and prompted regulatory fallout that is in many cases unprecedented for a major bank,This is the first public step the OCC has taken against former executives related to Wells Fargo’s problems.
During the OCC’s investigation, Stumpf and others admitted that the bank had engaged in systemic sales practice misconduct dating from the early 2000s. Tolstedt and Russ Anderson “asserted their 5th Amendment right against self-incrimination and refused to answer all substantive questions about sales practice misconduct,” the regulator wrote in a notice of charges.
• “At all times, Mr. Strother acted with the utmost integrity and transparency, including with the bank’s board, senior management, and its regulators,” Walt Brown, Strother’s attorney at Orrick Herrington & Sutcliffe, said in an emailed statement. “The OCC’s charges against Mr. Strother are false and unfounded, and he intends to vigorously defend against them.”
Stumpf “failed to respond to numerous warning signs, including many team member complaints submitted directly to his office regarding pervasive sales pressure, fear of termination for not meeting unreasonable sales goals, and illegal and unethical sales activity across the Community Bank,” according to the OCC order he signed this week.
Warren Buffett Has made a fortune from his investment in Wells Fargo & I thought they would be honest due to his reputation I wouldn’t sell with Berkshire Hathaway (he owns 31%) nor trust him ever again Buffet should have to pay 59 billion to the victims of Wells Dargo fraud.
Wells Fargo Mortgage screws up your mortgage Vesting papers & refuses to correct them ... if you have $ with them take it out immediately They are 100% dishonest and under tRump is zero regulation of them ... Bankrupt Wells Fargo now!
Lock Him Up.
Let's hope for the max!!!
Well sure it's probably tax deductible so.....any mention of him and his buddies being tarred and feathered? Maybe the guillotine?
Bravo
They should suffer. Just found, by accident, that out that Wells Fargo put a lien on our house 10 years ago without us owning them anything. They apologized but it's not normal.
They’ll probably still see a net profit of ~$100 million, so no biggie right?
It’s about time the corrupt people pay for their thefts!
Its about time.
Not enough. They execute bad bankers in Vietnam
Good
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