Wells Fargo Unauthorized Account Openings: A Case Study for Bank Board Directors

12 Pages Posted: 11 May 2018

See all articles by Joseph A. Smith Jr.

Joseph A. Smith Jr.

Poyner & Spruill, L.L.P.

Lee Reiners

Duke University School of Law; Global Financial Markets Center at Duke Law

Date Written: April 26, 2017

Abstract

The case study draws primarily from the 113 page report of the Wells Fargo board’s independent investigation of retail banking sales practices. The case study also relies on the Office of the Comptroller of the Currency’s report titled: Lessons Learned Review Of Supervision Of Sales Practices At Wells Fargo. Additional details are sourced from various Wells Fargo regulatory reports. The case study is intended to be used as a resource for directors at banks and financial services institutions of all sizes, so that they may learn from, and hopefully avoid, mistakes that were made over many years throughout Wells Fargo’s corporate hierarchy. All errors are our own.

Keywords: Wells Fargo, Board of Directors, Unauthorized Accounts

Suggested Citation

Smith Jr., Joseph A. and Reiners, Lee, Wells Fargo Unauthorized Account Openings: A Case Study for Bank Board Directors (April 26, 2017). Available at SSRN: https://ssrn.com/abstract=3169565 or http://dx.doi.org/10.2139/ssrn.3169565

Joseph A. Smith Jr.

Poyner & Spruill, L.L.P. ( email )

NC
United States

Lee Reiners (Contact Author)

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States

Global Financial Markets Center at Duke Law ( email )

210 Science Drive
Durham, NC 27708
United States

HOME PAGE: http://https://law.duke.edu/globalfinancialmarkets/

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