Category Archives: Incentive Compensation

Wells Fargo is Broken Beyond Repair

By | September 2, 2017

After the Wells Fargo sales-practices scandal erupted last September, I wrote an article that began: Having spent five years supervising large financial institutions on Wall Street, I am rarely surprised by the latest news of banks behaving badly. But even the most hardened cynics, such as myself, were taken aback by the recent announcement that… Read More »

New Regulation Aims to Make Banking Fraud Less Lucrative

By | November 10, 2016

Carrie Tolstedt, the former head of Wells Fargo’s community banking division, was required to forfeit $19 million in compensation after the company came under intense public scrutiny for opening over 2 million unauthorized customer accounts. From 2011 to 2016, while the bank was firing over 5,000 low-level branch employees for engaging in this fraud, it… Read More »