In today’s edition of Daily Compliance News:
Tag: Wells Fargo
This week I have a special five-part podcast series where I am joined by Amii Barnard-Bahn to review some of the top business leadership failures of 2019. Today, we take a look at the continued leadership failures of Wells Fargo. Some of the issues we explore in this podcast include:
- The bank recently hired a new CEO, Charles W. Scharf, who is taking on one of the toughest jobs in the country.
- The bank has sustained an unremitting run of four years of crisis, unethical consumer practices with incentives that rewarded unethical behavior and poor/no controls. When will Wells Fargo finally turn the corner?
- Scharf and Wells Fargo will need to initiate a complete turnaround of culture, incentives and senior leadership.
About Amii
Amii Barnard-Bahn, JD, PCC, CCEP, CCEP-I is an executive coach who specializes in accelerating the success of legal and compliance executives and their teams. A leadership columnist for Compliance Week and Fellow at the Harvard Institute of Coaching, Amii previously shaped company culture and strategic initiatives as an executive (CAO, Chief Compliance Officer, and Chief Human Resources Officer) at companies such as McKesson and Allianz. Forbes has recognized Amii as “one of the top coaches for legal and compliance executives.”
Contact Amii
Executive Coach and Strategic Advisor
Barnard-Bahn Coaching & Consulting
Office: (510) 301-0400 | Email: amii@barnardbahn.com |website: www.barnardbahn.com
Resources
For helpful insights and actionable tips on accelerating your career, sign up for Amii’s bi-monthly newsletter at bit.ly/amiibbnews
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode we take a deep dive into the Office of Comptroller and Currency’s proposed Cease and Desist Order against former high-ranking Wells Fargo risk assurance executives.
Some of the highlights include:
- Are risk assurance executives now under more scrutiny by regulators?
- Were the facts of Wells Fargo’s fraudulent accounts scandal so bad to raise a new level of liability?
- Should we expect new regulatory guidance?
- If the first line of defense performs it function, but the second and third do not; what are the implications?
- What are the implications for the compliance discipline and CCO?
In today’s edition of Daily Compliance News:
- Angels in Hell. (NYT)
- Would you buy a used car from Wells Fargo (or financial advice for that matter)? (WSJ)
- What will Brexit mean for sanctions? (WSJ)
- Flush toilets and alternative facts. (Washington Post)
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive into resignation of now former Wells Fargo CEO Tim Sloan. We use his departure as a starting point to discuss some of the issues which continue to bedevil the organization some three years after the original fraudulent accounts scandal broke.
Some of the highlights include:
- Another tough Congressional hearing, another Wells Fargo CEO resigns.
- Why can’t Wells Fargo turn around its culture?
- Should an outsider (IE., non-long term Wells Fargo employee be brought in to right the ship?
- What is the difference in high-performing and high-pressure organizations?
- Why does Wells Fargo continue to resist whistleblower retaliation claims?
- Does Wells Fargo treat its customers as it treats its employees?
- What draconian sanctions are the OCC and Fed considering?
- What can Wells Fargo do to actually change its culture?
If you are in Houston on Friday, please plan to attend the South Texas College of Law 2019 Symposium on Compliance in international Corporate Legal Practices – Legal Development and the Talent Needs of the Future. Information and registration details available here.
MARCH 29, 2019 BY TOM FOX
In today’s edition of Daily Compliance News:
- JPMorgan under fire for bribery in Nigeria. (New York Times)
- Black and Decker settle Iranian sanctions case. (Wall Street Journal)
- Having failed to change its culture, Wells Fargo CEO quits, effective immediately. (NPR)
- Swedbank President fired over money-laundering scandal. (Wall Street Journal)
MARCH 11, 2019 BY TOM FOX
In today’s edition of Daily Compliance News:
- Wells Fargo and terrible corporate culture. (New York Times)
- Martin Shekreli continues to run company (from prison). (Washington Post)
- LSU suspends BB coach indefinitely. (Sports Illustrated)
- Leadership Lessons from Sandra Day O’Conner. (Wall Street Journal)
prevent, detect and remediate. In addition to getting its regulatory house in order, Wells Fargo has one very large culture problem which needs compliance expertise. Even for a former Bank president, the issue of compliance is at the absolute forefront of Wells Fargo’s miasma.
[tweet_box design=”default” url=”http://wp.me/p6DnMo-3vL” float=”none”]Wells Fargo needs a true compliance expert on its Board of Directors.[/tweet_box]]]>