Wells Fargo in meltdown over unethical conduct

Wells Fargo CEO John G. Stumpf under the spotlight as bank castigated for unethical conductWells Fargo CEO John G. Stumpf grilled over unethical conduct

Last year, the city of Los Angeles sued Wells Fargo for unethical customer conduct, amid allegations that the bank had secretly opened unauthorised accounts on behalf of thousands of customers. The bank has since reached settlements totalling almost $200 million. At a September hearing before the House Financial Services Committee, Wells Fargo CEO John G. Stumpf was grilled over the bank’s transgressions and although he announced a pay forfeit of $41 million in pay and made a promise to drop the bank’s incentive programme, few of his interrogators were impressed. Read more…

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