OT WFC fake interviews

Wells Fargo is temporarily suspending a hiring policy that led some managers to conduct sham interviews of nonwhite and female candidates, following a report by The New York Times highlighting the practice, the bank’s chief executive, Charles W. Scharf, told employees in a letter on Monday.

The Times reported on May 19 that a former employee in the bank’s wealth management business had complained that he was being forced by his bosses to interview people for jobs that had already been promised to others, just to meet the “diverse slate” requirement.

Bank officials said in messages to employees following the Times report that if fake interviews had happened at all, they represented isolated incidents that were not in keeping with the bank’s policy.


Looks like the fake accounts has morphed into fake interviews. Again management claims these are “isolated incidents” and not policy. Says a lot about WFC culture that this happens years after it was first exposed and supposedly corrected.

Buffett was right to be rid of WFC, even if it was cheap. Wonder if Charlie still has faith?


<<Buffett was right to be rid of WFC, even if it was cheap. Wonder if Charlie still has faith?>>

Buffett touted WFC’s culture as the main reason it stood out among other banks in 2008. It turned out his judgement was wrong.

Let us not forget he gave full throated endorsement of the management during the sandal. We don’t know why he sold, may be it was a requirement to have more than 10% stake in BAC.

Don’t listen to what he says, see what he does.