Wells Fargo has had a rough year or two, following the account-cramming scandal. Then there was the auto insurance issue. And the mortgage issue. Now the rot has leaked into the wealth business.
“Wells Wealth Business Under Fire,” The Wall Street Journal, March 2, 2018 B1. A whistle blower reports on problems in the wealth-management business. Investigation follows.
Shearman & Sterling, who wrote an earlier report on the account-cramming matter (and who may be taking up residence), is investigating.
From a governance standpoint, if you find one roach, expect to find others. Perhaps an infestation. Is it cultural? Or not having sufficient pest control? Was the Board napping?
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