WELLS FARGO CLAWING BACK $75.3 MILLION MORE FROM FORMER EXECUTIVES IN FAKE ACCOUNTS SCANDAL!
Monday, 10-Apr-17
Nathan Bomey, and Kevin McCoy
USA TODAY
Wells Fargo said Monday it is clawing back $75.3 million in additional compensation from top former executives after an internal investigation of the bank’s unauthorized accounts scandal found that the ex-leaders acted too slowly to investigate allegations of “improper and unethical behavior” in retail sales practices reaching back more than a decade.
The clawbacks are among the highlights of a report that said aggressive sales practices in the community banking division of Wells Fargo (WFC) for years distorted “culture and management performance” and “created pressure on employees to sell unwanted or unneeded products to customers and, in some cases, to open unauthorized accounts.”
Produced by independent board members of the bank along with outside legal investigator, the report blasted Wells Fargo executives for failing to…
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