Wells Fargo Agrees to Investor Demands for Transparency and Accountability on Corporate Culture that Encouraged Massive Fraud

March 6, 2018: In response to investor demands, Wells Fargo will publish a report on the root causes of unethical and illegal behavior at the bank and its impact on customers and investors; along with and a detailed plan for corrective action going forward.

"Investors and customers deserve information on the culture at Wells Fargo which allowed systemic fraud to occur over years, and what the Bank is doing to ensure ethical behavior throughout its lines of business," said Treasurer Magaziner. "By engaging with investors, and subsequently agreeing to publish a comprehensive business review, the company is taking incremental steps toward reform and re-establishing trust with stakeholders."

Over the past two years Treasurer Magaziner has co-filed shareholder proposals requesting that Wells Fargo publish a comprehensive business standards review. During a meeting with Wells Fargo CEO Timothy Sloan in February 2017, Treasurer Magaziner expressed his concern the the corporate culture that allowed widespread fraud.

You can read the press release here.