Shoes of the centipede

“Wells Fargo Faces More Woe Over Client Data,” The Wall Street Journal, May 18, 2018 B1.  Another shoe drops at Wells Fargo (when will it ever end?) after disclosure that employees in the wholesale business (non-consumer) banking side changed and added customer information without approval.  Reason: to meet a compliance deadline.

Is there another organization with so many compliance failures?  It started with consumer banking and credit cards and now seems to have permeated the entire enterprise.  Is it risky to call this an enterprise?  What influenced their behavior?  Why are the directors not in the dock?  Weren’t they in charge of establishing and ensuring the culture of compliance?  This is a bank, for God’s sake.

Is it easier to find someone who was or wasn’t involved in some type of bad behavior at Wells Fargo?

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Filed under Accuracy, Board, Compliance (General), Controls, Corporation, Culture, Culture, Directors, Duty, Duty of Care, Employees, Governance, Internal controls, Managers, Oversight, Oversight, Supervision

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