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Regis University Wells Fargo Management Staff Research Paper
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Assignment: Wells Fargo’s HR department needs to address thousands of complaints from those who say they were wrongfully fired as part of its fake-account problem, according to the federal Office of the Comptroller of the Currency, reports The Wall Street Journal. In 2016, the company fired 5,300 employees who scrambled to meet impossibly aggressive sales quotas by setting up phony accounts for existing customers.
The banking regulator wants Wells Fargo’s HR department to address these complaints from approximately 3,000 people. The regulator also has asked Wells Fargo’s HR to do something about a reportedly inadequate policy for recovering compensation from executives suspected of wrongdoing and controls around pay that, the regulator maintains, don’t do enough to discourage wrongdoing. The regulator reached a $1 billion settlement with the bank last year and is continuing to monitor the bank.