Regulator launches hotline for Wells Fargo whistleblowers

Public Phone Booth

A private U.S. regulator launched a hotline on Friday to hear from ex-Wells Fargo employees who were fired for allegedly opening unauthorized accounts after news reports that the bank may have retaliated by terminating whistleblowers in the scandal.

Reuters reports that Federal regulators ordered the bank to pay $190m in fines and restitution in September because they said its high pressure sales environment pushed employees to open 2 million deposit and credit card accounts without customers' permission.

The bank said that it fired 5,300 workers involved in the sales scandal. Because about 200 of those employees were licensed to sell securities, they fall under the jurisdiction of the Financial Industry Regulatory Authority (FINRA), the securities industry's self-regulator.

A handful of Wells Fargo employees have sued the bank or filed complaints with regulators saying that they were fired only after they reported on the bogus accounts.

To access the complete Reuters article hit the link below:

U.S. regulator launches hotline for ex-Wells Fargo bankers fired during scandal

Italy ready to bail out Monte dei Paschi if needed-Treasury source

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News