Magazine article American Banker

Morning Scan: OCC Asks about Incentives; Wells CEO Apologizes

Magazine article American Banker

Morning Scan: OCC Asks about Incentives; Wells CEO Apologizes

Article excerpt

Byline: George Yacik

Receiving Wide Coverage ...

OCC seeks data: The Office of the Comptroller of the Currency has sent formal letters to large and regional banks it regulates seeking information about their sales practices and incentive-compensation plans following the Wells Fargo scandal. JPMorgan Chase, Bank of America, Citigroup and Santander USA were among the banks getting letters. Comptroller Thomas Curry told the Senate Banking Committee last month the regulator will "review the sales practices of all the large and midsize banks the OCC supervises and assess the sufficiency of controls with respect to these practices."

Timothy P. Sloan, Wells Fargo's new CEO, apologized to the bank's 278,000 workers for the phony accounts scandal. Restoring trust in the bank "may seem like a long ways off today, but I promise you we will," he said. Sloan also said former employees who were let go for failing to meet sales quotas may be able to get their jobs back. Wells has created a "special HR team" to help some of those "who left retail banking for performance reasons" apply for available positions, the Financial Times reported.

"I want to apologize to all of you. I want to say we're sorry for the pain you have experienced as team members as a result of our company's failures," Sloan said in his first address to the bank's employees. American Banker looks at how this reputational crisis is unique.

Lending Club takes the wheel: Lending Club, the marketplace lender that has run into problems of late, announced Tuesday that is it getting into the auto loan refinance business. …

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