Here’s what you should know if you do business with Wells Fargo & Co.
- An Investigative Report by AFSC (American Friends Service Committee) provides an overview of Wells Fargo’s illicit activities and how government agencies and other public institutions have responded over the past three years.
- Wells Fargo Chief Abruptly Steps Down – (New York Times: 10/12/2016) – lists other unethical practices by Wells Fargo.
- Wells Fargo admits it incorrectly foreclosed on 545 home-owners it should have helped (Wash. Post, 11/6/2018)
- Wells Fargo execs knew about auto insurance overcharges for years: suit (New York Post, 11/7/2018)
2016 actions
- In Wells Fargo Shakeup, Former Fed Governor Elizabeth Duke Becomes Vice Chair (Forbes: Oct. 13, 2016)
2018 actions
On Jan. 1, 2018, Elizabeth Duke, a former member of the Federal Reserved Board of Governors, was named Wells Fargo Chair. The company’s CEO and President is Timothy J. Sloan who has been an executive officer of Wells Fargo during all of the events described in the stories above.
- Indigenous Peoples Rights (ICCR: 2018) – shareholder resolution
- Business Standards/Vision and Values/ Risk Management (ICCR: 2018) – shareholder resolution
This resolution was filed jointly by 23 shareholder organizations for the 2018 Wells Fargo annual meeting, but was withdrawn when the company agreed to publish a Business Standards Review, as described here:- Wells Fargo agrees to investor demands for report detailing root causes of ethical lapses (Mar. 6, 2018)
- Wells Fargo has posted a web page (www.wellsfargo.com/commitment) related to its Business Standards Review, and has released a progress report:
- Wells Fargo progress report (Nov. 8, 2018)
However, Wells Fargo is still engaged in controversial business practices, including financing for a major manufacturer of semi-automatic weapons (like those used in Parkland School District and other public shootings), and Wells Fargo has not agreed to end its investments in private prison corporations CoreCivic and GEO.