{"id":31156,"date":"2022-05-31T22:19:57","date_gmt":"2022-05-31T22:19:57","guid":{"rendered":"https:\/\/harchi90.com\/a-senate-democrat-wants-wells-fargos-ceo-to-fix-its-problems-once-and-for-all\/"},"modified":"2022-05-31T22:19:57","modified_gmt":"2022-05-31T22:19:57","slug":"a-senate-democrat-wants-wells-fargos-ceo-to-fix-its-problems-once-and-for-all","status":"publish","type":"post","link":"https:\/\/harchi90.com\/a-senate-democrat-wants-wells-fargos-ceo-to-fix-its-problems-once-and-for-all\/","title":{"rendered":"A Senate Democrat wants Wells Fargo&#8217;s CEO to fix its problems &#8216;once and for all.&#8217;"},"content":{"rendered":"<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The Democrat in charge of the Senate Banking Committee is not happy with Wells Fargo&#8217;s chief executive, Charles W. Scharf.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In a letter on Tuesday, the committee&#8217;s chairman, Senator Sherrod Brown of Ohio, demanded that Mr. Scharf &#8220;once and for all address Wells Fargo&#8217;s governance, risk management and hiring practices &#8211; weaknesses that have plagued the bank for almost a decade.&#8221;<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Brown listed recent misbehavior by the bank, including a report by The New York Times that Wells Fargo had conducted sham interviews of Black and female candidates, and cited claims that it had avoided refinancing Black homeowners&#8217; mortgages while interest rates were low.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A Wells Fargo spokeswoman declined to comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Brown also noted that Wells Fargo had failed to properly administer a system for alerting the authorities to suspicious activity by its brokerage customers.  The Securities and Exchange Commission said on May 20 that it was fining Wells Fargo $ 7 million over violations of anti-money-laundering laws, claiming the bank failed to file more than 30 suspicious-activity reports between 2017 and 2021.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cDespite these failures, Wells Fargo made $ 21.5 billion in 2021 and announced a plan to double dividends and buy back $ 18 billion in stock between third quarter 2021 and second quarter 2022,\u201d Mr. Brown wrote.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Brown noted that Mr. Scharf received $ 24.5 million last year in total compensation, a 20 percent increase from 2020 and 290 times the median employee salary at the bank.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Brown said he expected Mr. Scharf to prepare a plan to fix its myriad problems and ended the letter with a reminder that the chief executive would be testifying soon along with his peers at the committee&#8217;s annual big bank oversight hearing.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A date for the hearing has not yet been announced.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Democrat in charge of the Senate Banking Committee is not happy with Wells Fargo&#8217;s chief executive, Charles W. Scharf. In a letter on Tuesday, the committee&#8217;s chairman, Senator Sherrod Brown of Ohio, demanded that Mr. Scharf &#8220;once and for all address Wells Fargo&#8217;s governance, risk management and hiring practices &#8211; weaknesses that have plagued &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/a-senate-democrat-wants-wells-fargos-ceo-to-fix-its-problems-once-and-for-all\/\"> <span class=\"screen-reader-text\">A Senate Democrat wants Wells Fargo&#8217;s CEO to fix its problems &#8216;once and for all.&#8217;<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":31157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/static01.nyt.com\/images\/2022\/05\/31\/business\/31wellsfargo-letter-brown\/merlin_206675457_1b0c0322-d416-42c7-9746-82c99f134920-facebookJumbo.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/static01.nyt.com\/images\/2022\/05\/31\/business\/31wellsfargo-letter-brown\/merlin_206675457_1b0c0322-d416-42c7-9746-82c99f134920-facebookJumbo.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31156"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=31156"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/31156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/31157"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=31156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=31156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=31156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}