Apparently in their haste to meet the requirements for a consent decree on its anti-money laundering controls, Wells Fargo employees improperly altered information on documents related to corporate customers. The employees were adding Social Security numbers, addresses, and dates of birth to customer information for corporate clients. Such information should be added or altered only after following specific processes, including customer permission. Fear of regulatory reprisal was the motivation. An employee spoke up about what was happening. Wells disclosed the activities to its regulator once it determined that the alterations were made without customer consent and were not isolated. Haste makes waste. Now Wells faces oversight on creating “more robust processes” for the entry and alteration of information. The irony is that this activity occurred in 2017 and 2018, even as Wells was running ads on its re-founding since the accounts falsification issues. Customer permission message not yet received.
Here is the statement Wells released following this latest problem:
“This matter involves documents used for internal purposes. No customers were negatively impacted, no data left the company, and no products or services were sold as a result.”
Quite a disclaimer that must be issued. The Barometer is starting to feel sorry for Wells — the stage-coach bank that can’t shoot straight.