Corker Says It Will Be Malpractice If Wells Fargo Does Not Claw Back Pay

Tuesday, September 20, 2016

During a hearing to examine sales practices within Wells Fargo that led to the widespread creation of unauthorized accounts, Senator Bob Corker told Wells Fargo CEO John Stumpf that it would be “malpractice” not to claw back compensation from executives who were involved.

“To not invoke some degree of clawback for yourself and others involved would be committing malpractice from the standpoint of public relations,” said Senator Corker. “At a minimum, I am sure that is going to take place. I would be surprised if it doesn’t.”

Senator Corker also questioned how the former senior vice president of community banking failed to recognize the dangerous sales culture that led to the unauthorized accounts.

“When you have somebody that’s that involved in micro-details, is this a case of not raising their head up to 5,000- or 10,000-feet and understanding the kind of culture that was being created?” asked Senator Corker. “This is something you would think would be flagged and jump out at someone who was in that job.”

Earlier on Tuesday on CNBC’s Squawk Box, Senator Corker also stressed the need for legitimate consumer protection.

“No doubt, some low-income citizens probably had some credit issues that may have affected their ability to do other things because when credit card accounts and other accounts are opened it affects that,” said Senator Corker. “I think there are some legitimate concerns.”


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