Tagged: wells Fargo scandal

Wells Fargo’s Desperate Need for a Compliance and Business Ethics Function (Part III of III)

While reading the independent directors’ report on the Wells Fargo sales incentives scandal, you will be overwhelmed by the feeling of frustration. At the same time, what is described in the report is the extent to which every control function came up against the problem staring them in the face – Wells Fargo’s sales incentive program was out of control. Notwithstanding the 20-20 hindsight pictured...

Can Wells Fargo Fix its Defective Culture? (Part I of III)

The more you learn about Wells Fargo’s culture problems, the more difficult the problems become. But you have to start somewhere, and assuming that Wells Fargo really is committed to addressing the serious problems they face, this will take a long time and a lot of work. Wells Fargo is really at the early stages of a massive remediation project. The board has essentially taken...

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again for a posting on the Wells Fargo scandal.  Lauren can be reached at lconnell@volkovlaw.com. Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.”  Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million, Wells Fargo’s CEO John Stumpf reluctantly...