Wells Fargo to stop giving branches advance notice of inspections

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By Dan Freed

<span class="articleLocation”>Wells Fargo & Co will eliminate its
policy of notifying branches a day in advance before they are
visited by internal inspectors, a bank spokeswoman said on
Tuesday.

The decision comes after the Wall Street Journal reported on
the advance notice, describing how it gave employees time to
cover up problematic sales practices by shredding documents and
forging signatures.

Mary Eshet, a spokeswoman for the third-largest U.S. bank by
assets, confirmed that Wells Fargo will halt the practice. She
had no immediate response to allegations outlined in the
Journal, which cited unnamed current and former Wells Fargo
employees and executives.

Wells Fargo is conducting a broad internal review of its
sales practices after it settled charges that it created as many
2 million credit card and checking accounts without customer
authorization.

The $190 million settlement, announced in September,
hammered the bank’s share price and led to the resignation of
then-Chief Executive John Stumpf.

The shares have recovered amid a broad-based banking sector
rally following the November U.S. presidential election.



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