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Entries in Wells Fargo (14)

Friday
Feb102017

Tom Fox: Compliance is there to reinforce culture

In his most recent book Thank You for Being Late, Thomas Friedman cited BusinessDictionary.com for the following definition of culture:

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Monday
Jan302017

How perverse incentives cause companies to abandon controls

In the prior post, we talked about reasonable goal setting that can turn into perverse incentives, leading to compliance and reputational disasters like Wells Fargo. In this post, we look at whether companies can contain the excesses of their incentive programs with controls.

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Friday
Jan272017

Tom Fox: More reasons for Wells Fargo's out-of-whackness

Earlier this week Richard Bistrong and Marc Hodak, writing for the FCPA Blog, considered how the Wells Fargo incentive system got so out of whack, and how this out-of-whackness contributed to the scandal around fraudulent account openings that has engulfed the bank since last August.

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Thursday
Jan262017

Wells Fargo: How reasonable pay plans morphed into perverse incentives

When Wells Fargo imposed a target of eight accounts per customer on its branches, the bank created an aspirational goal. Cross-selling is a proven method of encouraging growth and maximizing upside, with little incremental expense.

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Tuesday
Dec062016

Donna Boehme: CCOs are voting with their feet, and that's good

I know that the compliance professionals in my networks understand, now more than ever, that choices have consequences, as discussed here

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Tuesday
Nov152016

Mike Scher: Dear President Trump, Compliance officers are still underdogs

How will President Trump and the new administration view compliance officers and their work? Are compliance officers friend or foe?

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Wednesday
Nov092016

Karelaia and Kessler: Wells Fargo is about the ‘me’ of corporate life

In recent years, the financial sector has produced one shocking scandal after another. The latest outrage came when news broke of how Wells Fargo’s cutthroat sales culture drove low-level employees to open more than two million unauthorized customer accounts.

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Monday
Nov072016

DOJ, SEC now investigating Wells Fargo sales practices

Wells Fargo said in a securities filing the Justice Department and the Securities and Exchange Commission are now among the federal and state agencies investigating its sales practices.

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Friday
Oct282016

The Heat on Wells Fargo and Mylan (with video)

We saw an interesting discussion this week on CCTV America's news show The Heat.

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Monday
Oct032016

Mike Scher: How should compliance officers handle the Wells Fargo scenario?

For compliance officers wondering about Wells Fargo and their own companies and careers, here’s my advice. Put aside your personal politics or ideals and look deeply into your company’s core values. These are the values expressed by the Board through the codes of conduct.

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Monday
Sep192016

Mike Scher: Three questions for Wells Fargo

Employees at Wells Fargo opened about two million deposit and credit card accounts that customers didn't authorize. Why? To earn incentive compensation for new accounts.

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Thursday
Sep152016

Wells Fargo stretch goals brought out the sandbaggers

Incentive compensation is making lots of news lately, but the news is all bad. Mylan's Epipen, Volkswagen, and Wells Fargo. Ugh. 

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