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Wells Fargo, there trouble isn't over yet...

The WSJ reports:

"The Securities and Exchange Commission is probing whether Wells Fargo & Co. violated rules around investor disclosures and other matters relating to its recent sales tactics scandal, people familiar with the matter said. The SEC sent requests for information to the bank asking for documents in recent weeks, following three Democratic senators’ calls in late September for the SEC to investigate whethe r Wells Fargo misled investors and violated whistleblower protections while allegedly engaged in illegal sales practices."

http://www.wsj.com/articles/sec-probing-wells-fargo-around-sales-practice-disclosures-1478127877

Will we see any real changes in behavior from this or any Bank as a result of all the ballyhoo?

Answers

Anonymous
(Associate) |

I have a feeling things may change for a bit, but then they'll find other ways to unethically pad their profits.
Personally and professionally, I've had strange dealings with WFB, particularly with loans. Perhaps we haven't even heard the end of their problems yet.
I'm wondering if their competitors are going to pile on to try to steal clients, or keep quiet so that they don't draw any attention to any of their own potential issues.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Wells Fargo ethics may have lapsed.

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.

http://www.wsj.com/articles/wells-fargo-found-issues-with-its-ethics-line-1478811903

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