An internal investigation of the bank's fake-account scandal found that the legal department focused on case-by-case risks and failed to grasp the cultural meltdown. In short, "They simply could not see the forest for the trees," according to a 2018 analysis by Eversheds Sutherland.
January 30, 2023 at 10:56 AM
7 minute read
Reporter
The original version of this story was published on Corporate Counsel
Wells Fargo & Co. CEO Charles Scharf found himself on a conference call with analysts this month having to explain why his bank was still in trouble with regulators a decade after a massive phantom-account scandal began coming to light.
“While our risk and regulatory hasn’t always followed a straight line, and we have more work to do, we’ve made significant progress,” Scharf said on the Jan. 13 call.
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