The San Francisco Fed said Thursday that Stumpf is giving up his position as representative from the central bank’s San Francisco region on the Federal Reserve’s Advisory Council.
Advertisement
“If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them”, the former human resources official told CNNMoney, on the condition he remain anonymous out of fear for his career.
And that combination may have lead to violations of labor laws in addition to the other malfeasance committed by the bank’s now-former employees. One New Jersey man said he called the ethics hotline and was sacked eight days later for tardiness.
The company as of last week said it will do away with individual sales goals by January 2017.
She filed a whistleblower suit but was later fired anyway because Wells claimed she didn’t meet her sales goals, according to Merkley. And a CNNMoney investigation uncovered at least half a dozen Wells Fargo workers who believe they were fired in retaliation for speaking up about improper sales tactics. Elizabeth Warren (D-Mass.) called on Stumpf to resign after the scandal and to give back some of his compensation – he earned $19 million a year ago.
During Tuesday’s hearing, Warren grilled Stumpf with tough questions about his role in the scandal, making it clear she wasn’t going to let him throw his low wage workers under the bus to avoid taking responsibility.
Watch Warren do what she does best, below.
Thus the expression on Mr Stumpf’s face as he endured his Senate interrogation: Less one of disgrace than puzzlement that the story Wells Fargo’s bosses told for two decades no longer works.
Reached for reaction Thursday, Wells Fargo stood behind its labor practices. Today, the New Jersey man’s house is on the verge of being foreclosed on and he’s working part-time, at Shop-Rite.
The bigger problem for opponents of the DOL rule is that Republicans were nearly as hard on Mr. Stumpf as the Democrats were.
The Consumer Financial Protection Bureau alleged in its complaint that Wells Fargo had a system in place which financially rewarded employees for each new account opened.
“These complaints go back as far as 1999 and cut across numerous different business groups within Wells Fargo, including the insurance, mortgage, and retail banking groups”, the senators write. Regulators also found bank employees issued debit cards without consent and made up customer email addresses.
A group of Senate Democrats asked the U.S. Department of Labor (DOL) to open an investigation into whether Wells Fargo violated the Fair Labor Standards Act (FLSA).
The 2008 financial collapse was eight years ago this month – and the big banks are back to their old shenanigans.
I can attest to how hard it is to get erroneous information off a credit bureau file. The 26-year-old single parent of two young boys was sacked soon after she contacted the company’s ethics line about illegal sales practices she witnessed.
Advertisement
“You state unequivocally that there are no orchestrated effort or scheme, as some have called it, by the company”.
