Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal

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Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal

Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal

The Office of the Comptroller of the Currency sent formal letters to banks earlier this month

WSJ-

The Office of the Comptroller of the Currency earlier this month sent formal letters to large and regional banks seeking information about sales practices and incentive-compensation structures following the Wells Fargo & Co. scandal, people familiar with the requests said.

The OCC sent letters to banks under its supervision including J.P. Morgan Chase & Co., Bank of America Corp. and Citigroup Inc., these people said. The requests followed earlier, informal questions about those practices.

Wells Fargo opened as many as 2 million accounts using unauthorized or fictitious customer information. That has sparked a slew of federal and state investigations, including by the Justice Department, and led to its CEO resigning earlier this month. It has also called into question what practices exist at other banks and whether Wells Fargo is isolated in its retail-banking problems.

[THE WALL STREET JOURNAL]

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One Response to “Big U.S. Retail Bank Operations Under Scrutiny After Wells Scandal”

  1. dani says:

    PLEASE LOOK AT BANK OF AMERICA FOLKS THEY CAN NOT BE TRUSTED THEY ARE ALL THIEFS THERE

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