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Thursday, June 21, 2018

Wells Fargo's ethics hotline calls are on the rise

Matt Egan
Originally posted June 19, 2018

A top Wells Fargo (WFC) executive said on Tuesday that employees are increasingly using the bank's confidential hotline to report bad behavior.

"Our volumes increased on our ethics line. We're glad they did. People raised their hand," said Theresa LaPlaca, who leads a conduct office that Wells Fargo created last year.

"That is success for me," LaPlaca said at the ACFE Global Fraud Conference in Las Vegas.

Reassuring Wells Fargo workers to trust the bank's ethics hotline is no easy task. Nearly half a dozen workers told CNNMoney in 2016 that they were fired by Wells Fargo after calling the hotline to try to stop the bank's fake-account problem.

Last year, Wells Fargo was ordered to re-hire and pay $5.4 million to a whistleblower who was fired after calling the ethics hotline to report suspected fraud. Wells Fargo faces multiple lawsuits from employees who say they protested sales misconduct. The bank said in a filing that it also faces state law whistleblower actions filed with the Labor Department alleging retaliation.

The information is here.