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Wells Fargo timeline
A été creé
Irene Ingardi
⟶ mise à jour avec succès 13 juil. 2018 ⟶
List of edits
Commentaires
Les événements
Wells Fargo - Norwest merger
CEO Kovacevich: "80% of WF growth comes from cross-selling"
CEO Kovacevich new objective: “We’re Over Five! Shooting for Six! Going for Gr-eight!”
Carrie Tolstedt retires at the age of 56, retirement pay package $124,6m
Tolstedt announces her retirement at years' end
John Stumpf announces his full resignation
Stephen Sanger Chairman of the Board of Directors
Timothy Sloan, previously CFO of WF, becomes CEO
Périodes
CEO Kovacevich
Global Financial Crisis
CEO Stumpf
CEO Timothy Sloan
Grouper
Norwest leadership takeover
Les événements
CEO Richard Kovacevich
Chairman Paul Hazen retires
CEO Kovacevich becomes Chairman
John Stumpf Group EVP of Community Banking
COO Les Biller retires
COO John Stumpf
Carrie Tolstedt Head of regional banking
Kovacevich retires; CEO Stumpf, Executive vice-president Tolstedt
Error signals I
Les événements
“Mass terminations” as a result of internal inquiries on overzealous cross-selling
Shareholders specifically request the board of directors to conduct a “special executive compensation review”
Error signals II
Les événements
Whisleblower Dennis Hambek
Employees complain to Wells Fargo’s ethics hotline about false accounts created by colleagues
OCC asks Tolstedt about 700 cases of whisleblower complaints related to gaming of incentive plans
A study by consultants finds 45% of Wells Fargo customers are “frustrated” by the bank’s insistent cross-selling
1% of the bank’s 100,000 retail bankers had been fired each year since 2011
Grouper
Périodes
Wells Fargo secretary Julie Tishkoff complaints
Acting upon errors
Les événements
Audit and examination committee asks for quarterly reports about sales misconduct
Institution of a sales integrity task force
Acting upon errors
Les événements
Tishkoff fired
No actions taken on Hambek complaints
New sales quality manual reminds employees they need to obtain customers’ consent before opening a new account
Whisleblowers fired for insubordination
Success signals I
Les événements
Tolstedt among “The 25 most Powerful Women in Banking”
WF retail banking earnings: +25% in 3 years
WF chosen by the government to rescue near-bankrupt Wachovia
WF robustness was praised by most stakeholders and observers
Completed repayment of the $25 billion government bailout
Awarded the highest credit ratings AA+
Office of the Comptroller of the Currency (OCC) cleared the bank of all allegations about the “gaming of incentive plans” at Wells Fargo
Berkshire Hathaway becomes WF largest shareholder
Error signals III
Les événements
L.A. Times article "Wells Fargo's pressure-cooker sales culture comes at a cost"
Branch manager Hansen reports top performers in his region openly cheated by inventing fake businesses and creating accounts on those names
Acting upon errors
Les événements
WF cannot accuse the L.A. Times of poor reporting
WF spokesman Oscar Suris about wrongdoings "When we find lapses, we do something about it, including firing people."
WF spokesman Oscar Suris about wrongdoings "Branch employees receive thics training and are compensated mainly in salary, not bonuses"
CFO Timothy Sloan "I'm not aware of any overbearing sales culture"
Branch manager Hansen fired
Hansen's testimony deemed to "individual misconduct", employees found guilty were laid off
WF announces it has fired some 30 branch employees in the LA region for cheating on sales goals, opening fake accounts, forging signatures and manipulating customer satisfaction surveys
Branch managers requested to ensure that no more than 45% of debit cards go without activation and no more than 27.5% of new accounts go unfunded
Scandal
Les événements
Testimony of John Stumpf Before the U.S. Senate Committee on Banking, Housing and Urban Affairs
Los Angeles city attorney Mike Feuer files a lawsuit on behalf of the city for encouraging unlawful and fraudulent sales behavior
OCC and the Federal Reserve of SanFrancisco investigate WF blind eye on employees "questionable behavior"
CNBC had run a ticker “Wells Fargo CEO John Stumpf has to go, shareholder says”
Acting upon errors
Les événements
Wells Fargo indicates it has fired more than 5,000 employees for misconduct
Wells Fargo abolish all sales goals in its retailbanking business
Stumpf reports in Senate Hearing he didn't fire any senior management
Penalty / Sanctions
Les événements
OCC $185 million fine for having opened one million accounts and 565,000 credit cards unrequested by customers
Wells Fargo board took sanctions against the CEO (40% of retirement package) and Tolstedt (54% of retirement package)
Federal Reserve barrs Wells Fargo from growing until it resolves its oversight problem