It happened again.
Wells Fargo on Thursday (May 17) faces allegations that its employees tampered with customer data, this time in a commercial banking unit, according to The Wall Street Journal . The newspaper, citing unnamed sources, reported that the bank's employees "altered the information incorrectly in documents related to corporate clients."
There is no evidence that the data imply the creation of fictitious accounts for retail consumers, as was the case in the scandal approximately two years ago. On the contrary, the employees of the bank's wholesale unit added or modified, without the client's knowledge, information ranging from "social security numbers to addresses to dates of birth for people associated with commercial banking clients," the report said.
The behavior under investigation was carried out in 2017 and early 2018 "when Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank's anti-money laundering controls", said The Wall Street Journal . "The employees were also working to obtain the documents in order before the new requirements of another regulator for disclosures related to the proof of real ownership of the companies."
The bank reported to the Federal Office of Comptroller of the Currency about the problem in the wholesale unit. The commercial bank of Wells Fargo serves the organizations with annual sales that range between $ 5 million and $ 20 million. The bank's shares fell 1.8 percent to the afternoon of Thursday afternoon.
Wells Fargo did not offer any detailed comments on the matter. "This issue involves documents used for internal purposes," the bank said in a statement. "No customer was negatively impacted, they did not leave company data, and as a result, no products or services were sold."
Wells Fargo continues to deal with the aftermath of its employees by opening fake accounts for customers to meet aggressive sales goals. The bank agreed to a $ 1 billion deal with two of its regulators and has absorbed the Federal Reserve's sanctions. In trying to overcome the controversy and brighten up its image, the bank said recently that revenue from deposit service charges would decrease in 2018, as a result of what the financial institution called "customer-friendly" changes that will generate less overdraft revenue. .  In addition to the 20 million text messages and emails that Wells Fargo sends each month to customers to warn them about low account balances, and the recent television advertising campaign designed to assure consumers that the bank has learned from your mistakes.
This new Wells Fargo controversy comes after the bank hired Amanda Norton, a former JPMorgan Chase executive, as its new risk manager, a position that will reportedly begin this summer. In addition, "Wells Fargo is deploying a new risk management framework designed by a consultant after regulators informally disapproved of previous plans," said WSJ .