Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

(WFC)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Wells Fargo : Senator says U.S. Labor Department dismantled website for Wells Fargo workers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/27/2017 | 05:33pm EST
Senator Warren questions Wells Fargo CEO Stumpf at Senate Banking Committee hearing on firm's sales practices on Capitol Hill in Washington

WASHINGTON (Reuters) - Democratic Senator Elizabeth Warren on Friday accused the U.S. Labor Department of dismantling a website designed to help Wells Fargo workers file whistleblower retaliation and other complaints against the bank, and asked the department to reinstate it.

In her letter to Acting Labor Secretary Edward Hugler, Warren said she noticed on Tuesday that the site (www.dol.gov/wellsfargo) was gone and contained the words "Page Not Found."

Labor Department spokesman Steve Barr told Reuters the site was removed on January 9, but did not comment further on the reasons why it was taken down.

Former Labor Department Secretary Thomas Perez created the special website last September, shortly after Wells Fargo was ordered to pay $190 million in fines and customer restitution after its high-pressure sales environment led to the opening of as many as two million accounts that customers may not have authorized.

Some of the bank's employees filed whistleblower complaints with the Labor Department's Occupational Safety and Health Administration, saying they had been fired for reporting the "gaming" of sales quotas by Wells Fargo, while others complained that they were forced to work late.

"Taking down this website enables Wells Fargo to escape full responsibility for its fraudulent actions and the department to shirk its outstanding obligations to American workers," wrote Warren, who is a member of the Senate Committee on Health, Education, Labor and Pensions, which oversees the Labor Department.

When he launched the site, Perez pledged to Warren he would conduct a top-to-bottom review of all the Wells Fargo complaints the department had received to see how they were handled.

The website also offered assistance on issues including proper pay for employees and workplace discrimination.

Reuters has reported on issues with some of the whistleblower cases, including one involving a former Wells Fargo employee who waited nearly five years to be interviewed after telling OSHA she was fired for reporting the gaming.

On Friday, Warren also asked for an update on the Labor Department's review.

The findings have not been made public, but a person familiar with the review said that OSHA's San Francisco office, which handled the bulk of the Wells Fargo complaints, faced a particularly high caseload-to-staff ratio.

The review also found that OSHA does not have an effective case management system to track what is going on in the field, the person added.

Labor spokesman Barr declined to comment on that part of the letter, saying he cannot discuss ongoing investigations.

Warren's concerns could resurface on Feb. 7, when fast-food executive Andrew Puzder is expected to appear for his confirmation hearing to become the next labor secretary.

Puzder is already facing a backlash by some of his own workers at CKE Restaurants, who allege they are victims of wage theft.

(Reporting by Sarah N. Lynch; editing by Leslie Adler, G Crosse and Chizu Nomiyama)

By Sarah N. Lynch

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WELLS FARGO & COMPANY
12/05Modest U.S. growth outlook static despite hopes for trade reprieve - Reuters ..
RE
12/05NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
12/05WELLS FARGO MPANY : Presentation (PDF)
PU
12/05WELLS FARGO MPANY : List of Woes Grows
DJ
12/04WELLS FARGO MPANY : Banking Regulator Rebukes Wells Fargo's HR Operations
DJ
12/04NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/04WELLS FARGO & COMPANY/MN : Financial Statements and Exhibits (form 8-K)
AQ
12/04NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/04WELLS FARGO MPANY : HR Department Draws Rebuke From Top Banking Regulator
DJ
12/03WELLS FARGO INVESTMENT INSTITUTE REL : A Call for Resilience'
BU
More news
Financials (USD)
Sales 2019 84 338 M
EBIT 2019 29 169 M
Net income 2019 20 002 M
Debt 2019 -
Yield 2019 3,52%
P/E ratio 2019 12,0x
P/E ratio 2020 12,6x
Capi. / Sales2019 2,67x
Capi. / Sales2020 2,81x
Capitalization 225 B
Chart WELLS FARGO & COMPANY
Duration : Period :
Wells Fargo & Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WELLS FARGO & COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 31
Average target price 51,48  $
Last Close Price 54,37  $
Spread / Highest target 10,4%
Spread / Average Target -5,31%
Spread / Lowest Target -22,8%
EPS Revisions
Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Head-Technology
Gary Owen Chief Information Security Officer
Sector and Competitors
1st jan.Capitalization (M$)
WELLS FARGO & COMPANY15.52%225 129
JPMORGAN CHASE & CO.36.30%417 278
BANK OF AMERICA CORPORATION34.29%297 648
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-1.44%281 687
CHINA CONSTRUCTION BANK CORPORATION-3.73%200 113
CITIGROUP INC.43.51%163 106