Thursday, November 10, 2016

No Shit?

"Wells Fargo Found Potential Issues With Its Ethics Line

CEO tells employees bank found ‘some instances’ where it has questions after investigation

Wells Fargo & Co. Chief Executive Timothy Sloan said during a town-hall meeting Thursday that the bank found “some instances” where reports by employees of bad behavior to its ethics line weren’t handled appropriately, according to remarks reviewed by The Wall Street Journal. This follows allegations that some employees faced retaliation for reporting issues that later came to light as part of its sales-practices scandal.

Mr. Sloan, speaking to about 2,000 employees in Des Moines, Iowa, said the bank conducted a review of the ethics line. While the “majority” of cases were handled appropriately, there are questions on some instances and the bank will further investigate those, according to the remarks.

The Labor Department has said it is investigating allegations of retaliation at Wells Fargo, among other matters. The move follows a letter from Democratic senators urging an investigation.


“If we find complaints were mishandled, then we will take action to make it right,” Mr. Sloan said.

Mr. Sloan said the bank did make changes to its ethics-line process in consultation with a third party.


Those changes are being validated by the bank’s internal audit team, he said.


“I want to be very clear in assuring you that you can have confidence in calling the ethics line, and your call will be handled appropriately,” Mr. Sloan said.


“Retaliation is unacceptable. It’s against our will not be tolerated at Wells Fargo.”


Mr. Sloan also said in the town hall that the bank launched its first ethics and integrity survey last month, with responses from more than 7,000 employees who identified “areas for improvement.” Mr. Sloan said the bank will use those findings to help strengthen future plans around ethics and integrity.

In the future...

The bank will share highlights from the survey later in November, he said.

Which will most likely be a whitewash

Wells Fargo hasn’t admitted or denied wrongdoing..."
Safety Save

Getting closer; "Wells Fargo sales scandal extends to brokerage unit: US senators"

Just in case...

We are supposed to meet in early November

NPR's Chris Arnold; "Former Wells Fargo Employees Join Class Action Lawsuit"

Awesome; "Former Federal Investigator Says Government Didn't Investigate Wells Fargo Whistleblower Cases"

North Carolina's Consumer Protection Division doesn't really care about helping Wells Fargo's clients

Warren 'News and Record owner' "Buffett made billions amid Wells Fargo fraud" with the help of Allen Johnson and Amanda Lehmert among others

The CFPB didn't do anything about Wells Fargo until the LA Times did

I received a call yesterday from the following two Department of Labor personnel

Dear George Hartzman,

For a meeting with Congressman Mark Walker's office at 10:00 this morning, just in case...

John Stumpf's Sarbanes Oxley Securities Fraud at Wells Fargo

How Wells Fargo Board Whistleblower Communications didn't get to the board's ethics committee

"Wells Fargo Whistleblower Claims Get New Scrutiny in Labor Review"

From the comments; "Wells Fargo CEO John Stumpf has got to resign now"

Wells Fargo Securities Fraud and Insider Trading

Wells Fargo FORM 10-Q QUARTERLY REPORT, 11 — Legal Actions = No mention of Hartzman surviving a motion to dismiss

Dear Andrew Brod and friends who know who they are; "Wells Fargo's community banking exec reportedly leaving with $124.6 million"