Two Wells Fargo executives go on leave of absence amid sales…



(Reuters) – Wells Fargo & Co’s chief administrative officer and chief auditor have begun on leaves of absence, the bank said on Wednesday, in connection with regulatory reviews into a sales scandal that first surfaced in 2016.

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

The executives, Hope Hardison and David Julian, will no longer be members of the company’s operating committee, Wells Fargo said.

A push by Wells Fargo to get existing customers to buy more of the bank’s products, known as “cross-selling,” was at the center of a fake customer accounts scandal that has dogged the bank for two years.

Wells Fargo has paid hundreds of millions of dollars in regulatory fines and settlements related to the sales scandal.

Since the scandal came to light in 2016, Wells Fargo has overhauled management and is trying to regain trust, including through an ad campaign saying that Wells Fargo was established in 1852 and “re-established” in 2018.

“We remain steadfast in our focus on making things right for customers and building a better Wells Fargo,” Chief Executive Officer Tim Sloan said in a statement on Wednesday.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar


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