Breaking news that Chief Administrative Officer Hope Hardison and Chief Auditor David Julian are on "leaves of absence" and are immediately removed from the Operating Committee in relation to regulatory matters - with David being replaced and it appears the CAO position not being filled. This doesn't seem great.
20 replies (most recent on top)
Where are the regulatory letters for the leadership at Wells Fargo Securities? It's not only the Community Bank that had the toxic culture. WFS is Chernobyl toxic.
Keep them...let them go...the little people still lose.
I've been saving retirement money for 29 years, and I guarantee that they both got more money when "let go" than I have saved and could save in another 29 years...likely 10X as much.
Good riddance.
Good. Sick of business as usual. I’m in marketing, where we’re supposed to pretend nothing is happening while we wait for the layoffs we’ve been assured are coming.
I wouldn’t mind watching some of the people who caused this get their just desserts while we wait.
Mary Mack and Marc Bernstein in Business Direct Community Banking needs regulatory letters for them too. So many bad actors one loses count.
Well good. The more the merrier. Getting rid of people at the top might not save the jobs of the innocent hard-working people who just want to come in every day and make a living, but at least they won’t be standing in the unemployment line knowing the people who oversaw the wrongdoing are still sitting in their cushy offices.
"In the mail" meaning direct courier. We treat them like subpoenas.
And, of course, they go directly to affected individual and org.
Be more concerned that more are coming than the process. Rest assured, we know what we're doing.
Regulatory letters must be sent directly to Avid Modjtabai, John Shrewsberry, Tim Sloan, Perry Pelos, and entire board of directors.
More coming...regulatory letters in the mail shortly. Not sure it will he enough to stem the tide or catch all bad actors, but we're trying.
Sorry for what this is doing to the WF employees who had no part in the scsndals.
You're better off looking for new employment now.
Another top level exec who exited this month was Lisa Steven's who was the Group EVP who oversaw all of retail banking and small business lending., until she had her responsibilities taken away from her.
You can't slice off one or more snakes on Medusa's head you need to decapitate the b1tch, just like taking out all the leadership at WF to kill the snakes young and old alike.
THE only way to remove a cancer is to cut it out or burn it out.
Credit:
https://www.cnbc.com/2018/10/24/wells-fargo-chief-administrative-officer-chief-auditor-to-begin-leaves-of-absence.html
Wells Fargo announced Wednesday that Chief Administrative Officer Hope Hardison and Chief Auditor David Julian are taking leaves of absence and will no longer be a part of the bank's operating committee.
The company said the absences are related to its previously announced reviews of retail banking sales practices by regulatory agencies. The bank said the absences are not related to the company's financial results or internal financial controls.
Wells Fargo also announced a number of leadership appointments to fulfill chief administrative office and audit functions, effective immediately.
David Galloreese, head of human resources, will join the operating committee and report directly to CEO Tim Sloan. Cara Peck, head of the culture and change management teams, will report to Galloreese.
Jim Rowe, the head of stakeholder relations, will also report directly to Sloan. Stakeholder relations will now include corporate philanthropy and community relations.
Kimberly Bordner will become acting chief auditor and report to the board's audit and examination committee. She currently serves as chief executive audit director. Wells Fargo said, however, it will look both internally and externally to fill the role.
Wells Fargo has been look into its retail banking sales practices as it struggles to recover from multiple scandals across its business units. In 2016, the bank fired 5,000 employees it blamed for opening millions of accounts for customers without their permission. But that revelation led to discoveries of other abuses.
In April, Wells Fargo paid regulators $1 billion to settle several allegations of lending abuses within its auto insurance and home loan businesses. As part of that deal, Wells Fargo is compelled to rework its compliance and risk-management processes and repay customers.
Shares of Wells Fargo rose slightly in after-hours trade Wednesday. The stock has fallen 17 percent so far in 2018.
Severance is NOT the same as leave of absence.TOTALLY DIFFERENT. Look up the definitions.
They are merely delaying the inevitable -- termination. Purely a legal process.
Severance is the same as a leave of absence. They are both gone as the regulators are running the show now. Will Sloan makes it through this?
So instead of firing someone they put them on a “leave of absence”?!
My gosh. What the heck is next.
Chop of ALL head(s) of Medusa, incl. Tim Sloan.
Someone said on another post that leadership needs an enema and I agree 100%!!!!
TOTAL corruption, incompetence, and negligence!!!
My g*d...how much more are we supposed to take?
Sell off...sell off...sell off.
Shame on ALL of you who are letting this happen and telling us all to act like nothing is happening. So insulting!
Cleanin’ house with a few more execs to go soon
What’s crazy is they’ve replaced Hope with David Galloreese - who just joined Wells a few months ago - and now he’s on the Operating Committee!?