October 5, 2022

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Wells Fargo's request to reform its risk management practices

Wells Fargo’s request to reform its risk management practices

Wells Fargo & Company The chair of the US Senate Banking Committee said governance and risk management issues must be reformed, pointing to what he called a “laundry list” of consumer abuse and compliance breakdowns.

Sherrod Brown (Ohio) said in an open letter sent on Tuesday to Wells Fargo CEO Charles Scharf.

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Senator Brown wrote: “It is clear that Wells Fargo still has a long way to go to reform its risk and risk management before it is allowed to grow in size.” “It is unacceptable that after years of failed attempts, nothing seems to have improved.”

Wells Fargo is located in Philadelphia. (AP Photo/Matt Rourke) (AP Photo/Matt Rourke/AP Newsroom)

A Wells Fargo spokeswoman did not immediately respond to a request for comment.

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Notable Senator Brown fined $7 million to the United States Securities and Exchange Commission It was imposed on the Wells Fargo unit earlier this month for violating anti-money laundering rules. Wells Fargo was also fined $250 million in September for failing to address longstanding problems in the mortgage space.

CEO of Wells Fargo

Charles W. Scharf, CEO of Wells Fargo (Photo by Tom Williams/CQ Roll Call/Sipa USA) (Photo by Tom Williams/CQ Roll Call/CIPA USA)

Senator Brown also cited a recent news report in which a former employee alleged that Wells Fargo faked interviews with black and female applicants for jobs to give the false impression that it was trying to diversify its workforce.

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Senator Brown said Wells Fargo’s failure to combat alleged discrimination in lending and increase diversity among its staff raised questions about the bank’s ability to address “the many internal controls, risk management and general governance issues.”

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WFC Wells Fargo & Company 45.77 -0.12 -0.26%

The senator said he expected Mr. Scharf to develop a plan to reform the bank’s risk management and internal controls.

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Mr. Scharf earned $24.5 million last year, earning a 20% increase as the bank recovers from the pandemic recession. He assumed the position of CEO of the company in October 2019.

write to Richard Vanderford at [email protected]