Yesterday, a major bank admitted that some bad back-of-the-envelope math about some bad back-of-the-envelope math understated the number of people it had improperly screwed out of their homes. And also that it ignored warnings that it was screwing over other customers on car insurance for four years. Oh yea, and parted ways with a top executive with an alleged penchant for condescending to female employees.
No points for guessing which one.
Wells Fargo improperly foreclosed on 545 homeowners between 2010 and 2018 due to a “calculation error”— up from a previous estimate of 400, according to a regulatory filing…. The bank’s review isn’t over yet, leaving open the possibility that more could be affected.
Several executives, including then-General Counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws in the auto insurance program that was ended in 2016, according to parts of a class-action lawsuit that were unsealed on Monday.
Mr. Welker, who is also head of the bank’s wealth-management division, was a focal point of a gender bias investigation in Wells Fargo’s wealth and investment management unit, the Journal reported in August. Some female executives said Mr. Welker often called women “girls” or told them to put their “big-girl panties on.”