Wells Fargo Announces Actions Based on Retail Banking Sales Practices Investigation
February 21 2017 - 1:15PM
Business Wire
Employment of Four Current or Former Community
Banking Senior Managers Terminated
Independent Investigation is Ongoing; Findings
Expected Before 2017 Annual Meeting
Wells Fargo & Company (NYSE:WFC) today announced employment
terminations based on its Board of Directors’ ongoing independent
investigation into the Company’s retail banking sales practices and
related matters.
Four current or former senior managers in Community Banking have
been terminated by the Company for cause by a unanimous vote of the
Board:
- Claudia Russ Anderson – Former
Community Bank Chief Risk Officer
- Pamela Conboy – Arizona Lead Regional
President
- Shelley Freeman – Former Los Angeles
Regional President (now head of Consumer Credit Solutions)
- Matthew Raphaelson – Head of Community
Bank Strategy and Initiatives
None of these executives will receive a bonus for 2016 and they
will forfeit all of their unvested equity awards and vested
outstanding options.
The Board’s independent investigation is ongoing. The
investigation is expected to be completed before the Company’s
April 2017 annual meeting of stockholders and its findings and any
additional actions will be made public by that time.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,600 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
269,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2015, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170221006388/en/
MediaWells Fargo & CompanyOscar Suris,
704-383-4646Mary Eshet, 704-383-7777orSard Verbinnen &
Co.George Sard, Paul Scarpetta, Chris Kittredge,
212-687-8080WellsFargo-svc@sardverb.comorInvestorsWells
Fargo & CompanyJim Rowe, 415-396-8216
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