Report Faults Wells Fargo's Law Department in Sham-Accounts Scandal

Shearman & Sterling, hired by bank's board, releases scathing investigation.

, The National Law Journal


Shearman & Sterling's report on the Wells Fargo sham-accounts scandal didn't hold any punches. And the bank's law department didn't escape scrutiny. The report found the law department "did not appreciate that sales integrity issues reflected a systemic breakdown in Wells Fargo's culture and values and an ongoing failure to correct the widespread breaches of trust in the misuse of customers’ personal data and financial information." Wells Fargo CEO Tim Sloan said the report provides a new opportunity to "learn from our mistakes."

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What's being said

  • James Klimaski

    The Wells Fargo Report highlights the reason why Republicans in Congress want to get rid of Chairman Cordray and turn the Consumer Financial Protection board into a pussy cat. If they don‘t succeed in this effort soon, banking consumers may come to expect banks will have to deal with them fairly and honestly. Let‘s hear that chant from Senator McConnell and Speaker Ryan, "Free the big banks. Too much regulation."

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