1. The Wells Fargo Scandal is Far From Over

    The Wells Fargo Scandal is Far From Over

    Wells Fargo CEO John Stumpf on Wednesday retired in the face of a massive scandal that has dragged the bank down for over a month.  Stumpf stepped down after the news that employees of the bank opened 2 million accounts in the name of customers without their knowledge from at least 2011 to 2015. This led to a $185 settlement with regulators, two congressional hearings, and a large stock-price hit...

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    1. One concern we have is whether Tim Sloan will also get ensnared especially with the SEC review under Sarbanes-Oxley.
    2. John Stumpf retiring may temper some of the headline risk but some politicians have already stated plans to continue investigations — the step down by Stumpf could represent an acknowledgement of the mistakes.
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