He was replaced by CFO Tim Sloan, who was selected by the bank’s board despite his apparent culpability in Wells Fargo’s unprincipled practices. In the case of auto loans, the bank forced unnecessary and unwanted insurance on hundreds of thousands of borrowers who already had insurance. How did Wells Fargo’s culture get so toxic for its customers? Wells Fargo, for example, discouraged sham-account fraud. Our customers deserve only the best from Wells Fargo, and we are committed to delivering that.”According to the CFPB, Wells Fargo will “remediate harmed consumers” and address the risk and compliance issues that precipitated the unfair practices.

Source: Forbes April 20, 2018 16:04 UTC