To the surprise of no one

“Wells Kept Client’s Fund Fee Rebates,” The Wall Street Journal, May 10, 2018 B1.  Wells Fargo apparently failed to pass on fee rebates that Wells Fargo had received for a pension fund for which Wells Fargo acted as a trustee.

Whether it’s a process issue or a culture issue, lack of supervision, general incompetence, or a way of doing business, is anyone surprised?  Is it only at one pension fund?  Who knows?

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Filed under Accuracy, Compliance, Compliance (General), Controls, Corporation, Culture, Duty, Governance, Internal controls, Oversight, Supervision, Third parties, To report, Vendors

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