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- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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NEWSLETTERS & ALERTS
Wells Fargo Report: No Systematic Retaliation Against Whistleblowers
Perhaps one of the more surprising revelations to come out of Wells Fargo’s 110-page report on its monumental sales scandal is the statement that the internal investigation found no evidence that the bank had retaliated against employees who reported apparent sales practices abuses. In all, 5,300 employees were fired over the sales practice abuses.
- While the bank is still following up on reports of ‘whistleblower retaliation’, Stuart Baskin of Shearman & Sterling, who led the investigation, said he didn’t expect the above conclusions to change. The bank’s comprehensive review of terminated employees included the following:
- The known wrongful termination lawsuits filed by at least 5 former Wells Fargo employees.
- The 11 ex-employees who were publicly identified as whistleblowers in media reports.
- The 9 employees who reported being fired after calling Wells Fargo's ethics line phone number to submit tips about unethical sales practices
- The nearly 900 employees who were fired within a year after calling in a tip to the bank’s ethics hotline or within a month of the bank disclosing its settlement with the CFPB
A footnote to the internal report, which was commissioned by Wells Fargo's board and prepared by law firm Shearman & Sterling, noted the following:
"Based on a limited review completed to date, Shearman & Sterling has not identified a pattern of retaliation against Community Bank employees who complained about sales pressures or practices," a footnote in the report said.