Wells Fargo Faults Retail Executive for Account Scandal

Reuters news agency reports today that Wells Fargo & Company faults former retail division head Carrie Tolstedt and “a high-pressure sales culture” for the unauthorized accounts practices which were revealed in September, 2016. According to the report, Wells Fargo board chairman Stephen Sanger, stated Tolstedt “ignored the systemic nature of abusive sales practices” and “accused her of obstructing the board’s efforts” during the investigation. Dennis Kelleher, the President and CEO of the non-profit Better Markets, which advocates tougher rules for Wall Street companies, said the Wells Fargo board took a “see no evil, hear no evil” approach of their responsibility. Kelleher went on to say, “Shareholders at the annual meeting should reject these deficient actions and hold the board accountable by voting against all board members and for a truly independent outside investigation.”

Reuters report found here: http://www.reuters.com/article/us-wells-fargo-accounts-idUSKBN17C18P?il=0

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