TD Bank Group’s Ellen Patterson, named Friday as Wells Fargo & Co.’s next general counsel, will join the bank on March 23 in an effort to improve its scandal-plagued image, its culture and its relationship with regulators.
Patterson will overlap for one week with Allen Parker, the previous general counsel who also tried for more than two years to accomplish those feats but apparently fell short. Because of its repeated misconduct, the bank is operating under five consent agreements from four different regulators. Last month Wells Fargo agreed to pay a $3 billion penalty to resolve its fake bank account scandal.
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