Wells Fargo Ethics Hotline Getting a Lot of Use

Chris Gaetano
Published Date:
Jun 20, 2018
Wells Fargo

Wells Fargo has reported that more employees are using its ethics hotline, indicating both that people are less afraid to report unethical activity and that unethical activity is still an issue for the bank, according to CNN Money. This is after several Wells Fargo employees reported in 2016 that they had been fired after reporting such conduct. Through this hotline, management recently became aware that some employees were altering documents about business customers. Wells Fargo admitted that it will take time to regain the public's trust, and for its own corporate culture to improve. 

Over the past few years the bank has been rocked by scandal after scandal. They include: 

* Opening depository and charge accounts for millions of customers without their knowledge or consent and charging them associated fees in order to meet sales goals. 

* Retaliating against whistleblowers who reported this behavior. 

* Overcharging foreign exchange customers in order to fatten executive bonuses. 

* Overbilling small business customers for processing credit card transactions. 

* Signing up hundreds of thousands of customers for car insurance plans they didn't ask for, resulting in tens of thousands having their cars repossessed. 

* Signing up customers for Prudential insurance products without their knowledge or consent. 

* Making modification to loan terms without customers' knowledge or consent. 

* Violating ERISA for pushing clients to roll their 401(k) plans into more expensive IRAs that were bad for the customer but good for Wells Fargo. 

Click here to see more of the latest news from the NYSSCPA.