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Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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.