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- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- 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
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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.