Wells Fargo shamed by Nuns.
Wells Fargo has been taken to task for failing to publicly report on the root causes that led to a rash of ethical lapses in recent years by an investor group led by the Interfaith Center on Corporate Responsibility and including about 20 religious organizations as well as state officials from Rhode Island and Connecticut.
Sister Nora Nash, who oversees retirement funds for Sisters of St. Francis of Philadelphia, said “Obviously, there was tremendous risk in their culture, and we need to take a serious look at the code of ethics, accountability and really look at the needs of the customer and community,” according to Bloomberg. https://www.bloomberg.com/news/articles/2018-03-06/wells-fargo-pushed-by-nuns-to-address-the-bank-s-ethical-lapses
The investor group asked Wells Fargo to produce evidence that its incentive programs are aligned with clients’ interests. They also asked the lender to report on how it is strengthening risk management and controls to prevent such lapses.
Let’s hope the Sisters can get Wells Fargo to do what regulators and Congress have not been able to do.
Lisa Bragança recovers losses for investors all over the country, protects whistleblowers, and defends individuals and businesses in government investigations. As a Branch Chief with the SEC Division of Enforcement, Lisa investigated a wide range of investment fraud and Wall Street misconduct.
You can reach Lisa at (847) 906-3460 and info@RetirementSavingsDefender.com. You can follow Lisa on Twitter @LisaBraganca. www.RetirementSavingsDefender.com
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