“A Full-Blown Scandal” – Statement from NYC Comptroller on Mismanagement at Wells Fargo

This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating sustainable value for shareowners. Everyday families have suffered and tens of millions of hard-earned dollars were stripped from unsuspecting Americans, many of whom are struggling just to get by. In the end, shareowners ultimately suffer the long-term consequences.

We need accountability and we need it now. Investors have long said this board needs to change, and these new revelations only reinforce that urgency. Wells Fargo must immediately jumpstart this process by replacing Chairman Stephen Sanger with a new independent chairperson. Investors, as well as consumers and everyday Americans, have waited too long for accountability. This board needs to be overhauled — now.

The Wells Fargo board must also immediately disclose to investors the circumstances of this new scandal. We need to know what the board knew and when it knew it and how executives are being held accountable. While we appreciate that these findings emanated from a report the company itself launched, full transparency and accountability are non-negotiable.

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Source: https://comptroller.nyc.gov/

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