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- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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Wells Fargo Ordered to Reinstate Whistleblower and Pay Him $5.4Mn
The Department of Labor’s OSHA unit (Occupational Safety and Health Administration) announced that Wells Fargo must reinstate a former bank manager who lost his job after reporting suspected fraudulent activities at the bank. The bank must pay the unnamed individual $5.4 million – comprising back wages, compensatory damages and attorneys fees.
According to the federal regulator, Wells Fargo ‘abruptly’ forced the manager to leave his Los Angeles branch in 2010 after he reported to superiors that he suspected two of his subordinates of committing bank, mail and wire fraud. The manager also called the bank’s ethics hot line. OSHA concluded that the manager’s whistleblowing was at least a contributing factor in his firing.
According to OSHA, the manager had previously received positive job performance appraisals, but in 2010 he was told he had 90 days to find a new job at the bank after being dismissed as a manager. He was unable to do so and was terminated, and has not found work in banking since.
A spokesperson for Wells Fargo, who said the bank would fight OSHA’s order, noted that the bank manager worked in the wealth management group and not the community bank, which is the epi-center of the bank’s sales and account scandal. [Financialish: and how does that matter?]
In any event, while Wells Fargo awaits its opportunity to have a full hearing on the OSHA order, it must nevertheless immediately offer the fired manager his job back.