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Wells Fargo: The Scandal, The SEC Investigation, And The Road Back To Trust

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Wells Fargo’s long stage-coach ride back to respectability following a scandal, investigations and resignations. How all this is impacting Charlotte-based employees, customers and shareholders?

The hits keep coming for Wells Fargo as an SEC investigation into unauthorized accounts and shady sales practices came to light this fall.

As relentless as Wells Fargo’s sales practices apparently were, so is the fallout.  Employees were fired, the CEO resigned, customers have left and the SEC is investigating. 

Though Wells is running full page newspaper ads and TV commercials promising to correct their mistakes, it’s going to be a long ride back to trust. 

Banking reporters who have watched the scandal unfold sit down with us to explain how this happened and what’s ahead as Wells Fargo works to return to business as usual. We’ll talk about what this means for Charlotte based employees of the bank, and we’ll hear about other updates in the banking industry.

Guests:

Hilary Burns, reporter for The Charlotte Business Journal who covers banking

Rick Rothacker, Investigations reporter for The Charlotte Observer and author of Banktown: The Rise & Struggles of Charlotte’s Big Banks 

Deon Roberts, Banking Reporter for The Charlotte Observer 

Related Reading:

The Charlotte Observer: Wells Fargo leaders say they’re committed to fixing culture; SEC joins investigation 

The Charlotte Business Journal: Wells Fargo’s new head of community banking has been given the task of fixing the bank’s embattled retail operation 

The Charlotte Observer: Wells Fargo’s New CEO wants to restore trust