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Wells Fargo Creates New Ethics Office, As It Grapples with Scandal Fallout
Wells Fargo has created an internal Ethics Office that will be tasked with “ensuring a consistent process for identifying, assessing, investigating, correcting and reporting on practices that do not align with our expectations for high ethical standards and excellence in risk management.” It will be headed by Theresa LaPlaca, a former Wachovia executive and current senior leader in Charlotte-based Wells Wealth and Investment Management unit.
Dubbed the Office of Ethics, Oversight and Integrity, the new group will handle internal investigations, complaints oversight, sales practices oversight and an ethics under one office. Those issues are currently handled in different sectors of the bank.
CEO Tim Sloan said that the new ethics office was a high priority for him personally.
"Ensuring that we have a retaliation-free workplace is a huge priority for me and the Operating Committee. I can tell you at this point that the EthicsLine is working."
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