Wells Fargo settlement over phony accounts raises questions about oversight

An article in The Washington Post about an investigation into Wells Fargo Bank that found its employees set up 2 million fake accounts that customers didn’t ask for in order to receive bonuses quotes Sudhir Suchak, clinical assistant professor of finance in the UB School of Management, who spent 30 years at British bank HSBC. “I’m not aware of many incentive programs going on much anymore and I think this is why….It’s quite surprising a bank of this size would have that,” he said. Articles appeared in news outlets that include the Chicago Tribune, Orlando Sentinel, Philadelphia Inquirer and Hartford Courant.

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https://www.washingtonpost.com/business/economy/wells-fargo-settlement-over-phony-accounts-raises-questions-about-oversight/2016/09/09/2a780788-76ab-11e6-be4f-3f42f2e5a49e_story.html

http://www.chicagotribune.com/business/ct-wells-fargo-settlement-questions-oversight-20160910-story.html

http://www.orlandosentinel.com/business/ct-wells-fargo-settlement-questions-oversight-20160910-story.html

http://www.philly.com/philly/business/Wells-Fargo-settlement-over-phony-accounts-raises-questions-about-oversight.html

http://www.courant.com/nation-world/ct-wells-fargo-settlement-questions-oversight-20160910-story.html