Found a roach?

If you find one roach, likely there are others you haven’t found yet.

“Wells Fargo Fires Four Amid Probe of Currency Business,” The Wall Street Journal, October 21, 2017 A1.  Apparently, there was/is an issue with WF’s foreign exchange business.  Thus, problems were not confined to the retail customer side of their business.

Does this suggest that the problems in the retail side (account cramming, among others) were due to a culture problem or a tone at the top?  Did/does WF have a problem getting its employees to act ethically?  Why?

If Wells Fargo were serious, what would they do/have done?  Merely firing the wrongdoers you catch apparently isn’t enough.  What have the directors done to fix, beyond changing the CEO?

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Filed under Board, Compliance, Corporation, Culture, Culture, Directors, Duty, Employees, Governance, Oversight

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