wells fargo

The Securities and Exchange Commission has charged two former top executives at Wells Fargo with misleading investors about the bank’s financial performance — the latest chapter in the endless saga of regulators trying to hold Wells Fargo folks accountable for the bank’s disastrously bad behavior.  The SEC charged John Stumpf, who had been CEO of…

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wells fargo

We have an update on the billions and billions that Wells Fargo has been spending to rectify its many compliance woes — that, sadly, the bank has adjusted its line-item reporting so we can’t get a good estimate on its spending any more.  You might recall that earlier this summer, CEO Charlie Scharf lamented that…

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wells fargo

Wells Fargo filed its latest quarterly report on Tuesday, and you may have seen news that new CEO Charlie Scharf wants to cut back spending on outside compliance consulting dramatically — spending that he described as “beyond anything I’ve ever seen.”  That spending, of course, stems from the seemingly endless number of compliance failures Wells…

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sec

Today we get more pedestrian with Wells Fargo and its unauthorized accounts scandal. Sure, the misconduct was egregious and leadership was a disgrace — but how, precisely, did Wells Fargo violate securities law and get a $500 million wallop from the SEC?  By sketchy use of non-financial metrics.  You almost have to laugh. Wells Fargo…

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leadership

Today we continue to examine the misconduct at Wells Fargo by examining the failures of leadership that allowed its unauthorized accounts scandal to happen. After all, poor leadership is the sort of dysfunction that could happen at any company, so what happened here is important to understand. In our first post about Wells Fargo earlier…

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wells fargo

Wells Fargo reached a $3 billion settlement with the Justice Department and the Securities and Exchange Commission last week, to resolve civil and criminal charges into its unauthorized account scandal from the 2010s. Let’s take a look, since the facts here are a powerful example of how a company can engineer its culture and operations…

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lessons

One big lesson for compliance and audit executives this year will be the risks that swirl around compensation and incentives. Wells Fargo will be Exhibit A in that discussion, and rightly so. Still, the more I look at the SEC’s enforcement action against Credit Suisse last week, where it fined the bank $90 million for…

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insider

Should the chief compliance officer have a role in setting executive pay? That was a big question asked at the Society of Corporate Compliance & Ethics annual conference this week. You couldn’t escape the subject. More than 1,700 compliance professionals had gathered to talk about good corporate conduct, and we had examples of bad corporate conduct…

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wells fargo

This week I had the good fortune to participate in a compliance forum hosted by Thomson Reuters here in Boston, talking about how to engage with front-line employees to foster a strong compliance program. The conversation was excellent, especially because we had an example ripped from the headlines of how not to manage compliance in…

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