Want more evidence that the wheels have come off of the truck? The stories that come out involving Wells Fargo are not only numerous - they point to a culture that is toxic and out of control.
This lawsuit starts with a former employee of Wells Fargo, Cheryl Widmayer. She claims that Wells Fargo terminated her and retaliated against her for alleging gender discrimination. Ms. Widmayer borrowed money from financial adviser Alan Hafferkamp. Wells Fargo has strict rules concerning exchanging money between associates. So what is the big deal? Why the lawsuit?
The policy states that no exchanging of funds can occur between an associate and their supervisor. The problem is that she was terminated when Mr. Hafferkamp was just an associate and not a supervisor. Oh ohhh...
The story gets better. It was Mr. Hafferkamp's wife that tipped off Ms. Widmayer's boss that it happened. Do you think that there is more too the story? OK, I digress!
The point is simply this. A company that has strong rules and effective compliance in place would never let that happen. More than one person in management should have been consulted before firing someone and more than one should have been aware of the rules. Further, that is why banks have attorneys. Only at Wells Fargo would this happen.
So, why is this important? If you are banking with Wells Fargo or working with their brokerage office, at what point do you suffer as a result of their toxic culture? The stories keep coming out. Keep in mind something. Where you hold your money is as important as who watches over it. You might have great relationships and confidence in those who handle your banking and investments. If that is the case, just keep a watchful eye on your accounts as you should do anyway. If not, I would think twice about letting Wells Fargo hold any of your money.