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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Wells Fargo's Internal Investigation Will Last to Spring
Just like the guest in the movie, "Guess Who's Coming to Dinner," the Wells Fargo internal investigation seems to be an endless affair. We now learn that the review into the bank's aggressive sales tactics and illegal opening of customers' accounts - being conducted by independent board members and "many dozens" of Shearman & Sterling lawyers - is likely to go on until the spring. The outcome could eventually affect how the bank compensates executives, claws back pay and disciplines top executives. In the meantime, Wells Fargo is likely to hit the pause button on major strategic decisions like instituting branch closures.
"One development the board said it will review is a 2007 letter uncovered by CNNMoney that was addressed to former CEO John Stumpf warning of 'widespread' fraud inside Wells Fargo. The letter seemed to predict the scandal that Wells Fargo is dealing with today," CNN Money reports.
Wells Fargo also has to respond to charges that it's 'stonewalling' lawmakers after the bank failed to answer questions about its practices and sales culture. The ongoing investigation is given as the excuse.