Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wells Fargo hires Santander executive to oversee sales practices

Stock MarketsFeb 04, 2020 03:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Wells Fargo hires Santander executive to oversee sales practices

By Imani Moise

(Reuters) - Wells Fargo & Co (N:WFC) has hired Michael Cleary from Santander (MC:SAN) Holdings USA Inc to lead sales practices oversight and management, according to an internal memo seen by Reuters.

A Wells Fargo spokesperson confirmed the contents of the memo, which said that in the newly created role, Clearly will develop an approach to sales practices monitoring and reporting across the company.

Cleary will report to new Chief Operating Officer Scott Powell who joined the bank from Santander in December to focus on Wells Fargo's relationships with regulators. Powell signed the memo.

During his tenure as co-president of Santander Bank, Cleary served on the sales practices committee and worked on various regulatory compliance initiatives.

Wells Fargo has created a number of new leadership positions to address fallout of a long-standing sales practices scandal that erupted in 2016. Within the past year it has added a "head of strategic execution and operations" position to its operating committee to focus on compliance and created "enterprise customer excellence" group to organize its remediation and complaints operations.

The San Francisco-based bank is operating under more than a dozen regulatory consent orders, including an unprecedented growth restriction on its balance sheet from the Federal Reserve until the bank proves it has fixed its risk controls. Additionally, Wells Fargo faces federal probes by the Department of Justice, the Securities and Exchange Commision and the Department of Labor.

Wells Fargo hires Santander executive to oversee sales practices
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email