Report Faults Wells Fargo's Law Department in Sham-Accounts Scandal
Shearman & Sterling's report on the Wells Fargo sham-accounts scandal didn't hold any punches. And the bank's law department didn't escape scrutiny. The report found the law department "did not appreciate that sales integrity issues reflected a systemic breakdown in Wells Fargo's culture and values and an ongoing failure to correct the widespread breaches of trust in the misuse of customers' personal data and financial information." Wells Fargo CEO Tim Sloan said the report provides a new opportunity to "learn from our mistakes."
By C. Ryan Barber|April 10, 2017
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Wells Fargo. (Photo: John Disney/ ALM)
In May 2015, two weeks after Los Angeles sued Wells Fargo & Co. over alleged fraudulent sales practices in the city, the bank’s risk committee summoned top executives for a presentation on the brewing scandal.
As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters.
Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss.
Tailored just for you. In your inbox. Every day.