What's wrong with bank culture? A top Fed official points to Wells Fargo scandal [Los Angeles Times (CA)]
Wells Fargo & Company (WFC)
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Source: Los Angeles Times
What's wrong with bank culture? A top Fed official points to Wells Fargo scandal A top Federal Reserve official on Tuesday cited the Wells Fargo & Co., fake accounts scandal as an example of how pay incentives can go wrong and urged banks to align them with proper behavior to improve the industry’s culture. “There was a serious mismatch between the values Wells Fargo espoused and the incentives that Wells Fargo employed,” William Dudley, president of the Federal Reserve Bank of New York, said in prepared remarks at a London conference. Dudley has long argued that banking culture needs to improve and on Tuesday highlighted what he said “appeared to be widespread fraud” at Wells Fargo as a prime example of how incentives can trigger bad behavior. Aggressive sales quotas led employees at the San Francisco bank to open as many as 2 million accounts without customers’ consent in a scandal first uncovered by the Los Angeles Times in 2013. Wells Fargo agreed to pay $185 million to s
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/17/24 - Form 424B2
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 3
- WFC's page on the SEC website