Live Breaking News & Updates on Retail Banking Business
Stay updated with breaking news from Retail banking business. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Of your work. why did this happen, tim? i think it happened because in our retail banking business, we had an incentive compensation plan that drove inappropriate behavior. it created a culture that was very focuseded on selling products as opposed to providing the right service and advice so that was number one. number two, the way that we were organized then versus where we are today is that we had many of our risk functions inside the business. our businesses were oralized gan a very siloed way and that created an atmosphere for this problem. when you look at the independent board for this, the words they used were inproper, unethical, common to blame employees without analyzing the root cause. so wasn t it more than just these two dysfunctional things? was it at the core, a system and culture problem? those those two things that you describe which actually ....
Are very important created a culture in our retail banking business that was inappropriate. do you believe that wells fargo put too much blame on low-level employees for the fake account scandal. i don t believe so. i think that senior leadership has taken accountability. by having said that i think that one of the fundamental mistakes that we made was that we had an incentive compeation plan in place that created a culture that was uncomfortable for a lot of people. so you don t think that terminating 5300 employees for these actions, and you don t think that s pointing too much blame on folks, on lower level employees. on those team members that did something that was fraudulent or violated our code of ethics, no. but at the direction of their management? i think for those team ....
london. saudi gadhafi, moammar gadhafi s son and eight official libyans officials were allowed entrance on sunday. field marshall mohammed hussein was scheduled to appear on sunday but his testimony was postponed until september 24th because he says he s dealing with last week s riots. mubarak is accused of ordering protesters shot during last winter s uprising. o say can you see the u.s. continues to mark ten years since the 9/11 terrorist attacks on new york and washington. solemn ceremonies were held sunday at ground zero, the pentagon and shanksville, pennsylvania, honoring the nearly 3,000 people killed. while there were no attempted attacks on sunday, fighter jets were scrambled to escort two commercial airliners to their u.s. destinations. passengers on each flight were reported to be acting suspiciously but authorities determined they posed no threats. no arrests were made. those are the headlines from cnn, the world s business leader. i m monita rajpal. ....