Another company much in the news of late: Wells Fargo. Account cramming over a period of years. To get bonuses. Shearman & Sterling report.
“Wells Investigated Whether Executives Steered Business,” The Wall Street Journal, May 11, 2017 B10. Three executives in private banking business are reportedly fired or suspended. The allegation is that some clients were channeled away from people in the bank “who may have been better equipped to handle certain client needs.” Maximizing bonuses may be at issue; apparently, the best interests of the clients were subordinate. Following internal processes and procedures apparently is also optional.
This is what we know this week. What will we know next week? How deep does the rot in ethics and compliance go? What messages are the remaining employees getting? The Board is still in place. Who’s accountable?
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