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."
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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.
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