BROWSE BY TOPIC
Stories of Interest
- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
A Wells Fargo-Like Scandal Brewing at TD Bank
In what could be the ‘second coming’ of the Wells Fargo sales scandal – this time from across the Canadian border – an investigative reporter for CBC News described an environment at Toronto-Dominion Bank where TD employees are under “incredible pressure” to meet “unrealistic” sales goals that has led some to the opening of unauthorized accounts bearing higher fees.
CBC News issued an initial report on Monday that described high-pressure corporate environment at TD Bank, and followed that up with a second scathing report on Friday after hundreds of bank employees came forward with stories of pressure to ‘upsell’ customers.
TD Bank issued a statement denying the accuracy of the report and saying it does not reflect the experience of most of its employees. Nevertheless, the stock market responded with a sell-off of TD Bank, with shares closing down over 5% - its biggest one-day drop since 2009.
CBC REPORTS THAT LAWS WERE BROKEN. CBC investigative reporter Erica Johnson writes about the “firestorm of reaction” from TD employees across the country, who describe a “pressure cooker environment they say is ‘poisoned’, ‘stress inducing’, ‘insane’ and has ‘zero focus on ethics’."
Among the improprieties noted in the so-called testimonies:
- Failure to tell customers about unauthorized changes to their accounts.
- Unauthorized increases to credit lines.
- Unauthorized increases to overdraft protection amounts.
- Unauthorized increases to credit card limits.
- Unauthorized switching of customers to accounts with required minimum balances.
- Investing clients’ savings into unsuitable funds.