Wells Fargo, much in the news of late, make Page One, again.
“Wells Fargo Faces 401(k) Probe,” The Wall Street Journal, April 27, 2018 A1. Investigation as to whether the bank pressured people in cheaper corporate 401(k) plans to roll their investment over into more expensive programs run by the bank.
Certainly a bank accused of similar conduct with respect to accounts, credit cards, mortgage loans, and auto insurance wouldn’t do anything so dastardly. I mean, gosh, isn’t a bank a fiduciary? Did they have a policy forbidding this behavior? Are they just cheaters? What else have they done?
I suspect they now know what a pinata feels like.
Who’s responsible for the culture at the bank that allowed all this to happen? How much will this cost the shareholders?