Actionable news
0
All posts from Actionable news
Actionable news in WFC: WELLS FARGO & CO.,

"This Is A Full-Blown Scandal: It’s Unbelievable, Outrageous" - Comptroller Demands Heads Roll At Wells

Wells Fargo is in boiling hot water. Again.

One day after the NYT reported the latest major scandal involving Warren Buffett's favorite bank, in which the bank was busted less than a year after its miss-selling fraud cost the former CEO his job, revealing that the bank charged some 800,000 customers for auto insurance they did not need (with some still paying for it), the demands for resignation have arrived.

In a statement from NYC Comptroller Scott Stringer, he demands that Wells Fargo must immediately "jump-start" necessary board change by replacing Chairman Stephen Sanger with a new independent chairperson following the latest "mismanagement" revelations.

In surprisingly harsh words, Stringer does not hold anything back against the worst performing bank stock today (WFC -2.8%):

"This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating...


More