Wells Fargo Board faults aggressive culture in scandal

New York • Wells Fargo’s board of directors has blamed the bank’s most senior management for creating an “aggressive sales culture” at Wells that eventually led to the bank’s scandal over millions of unauthorized accounts. The results of the investigation, released Monday morning and conducted by the law firm Shearman & Sterling, also called for millions of dollars in compensation to be clawed back from former CEO John Stumpf and community bank executive Carrie Tolstedt. The 113-page report has ...

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