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Gary Cohn

As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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Klaas Knot

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Troubles at Wells Fargo Look to Persist

Troubles at Wells Fargo Look to Persist

by Stephen Scott

Founder & CEO of Starling Trust Sciences

Sep 06, 2021

Observations

Consumer Protection US OCC CFPB USA Governance & Metrics Regulatory Trends Personal Liability & Accountability Culture & Misconduct

Regulators at two key U.S. financial regulators – the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) – are considering additional sanctions against Wells Fargo. Reportedly, this comes after the perception that the firm has been too slow to compensate victims and address underlying weaknesses in business practices.

The bank’s issues stem from a pervasive culture, under prior management, where hitting sales targets was the most important element of success. The bank ended up enrolling customers in millions of phony accounts and products, sometimes charging unnecessary fees or harming credit ratings in the process.

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