SAN FRANCISCO–Wells Fargo has suspended two senior executives as part of a continuing regulatory review of its sales practices.
Placed on immediate leave and removed from its operating committee were Chief Auditor David Julian and Chief Administrative Officer Hope A. Hardison.
Hardison had been one of the executives in charge of a broad effort to clean up the beleaguered bank, according to the New York Times, which has been involved numerous scandals ranging from opening three-million bogus customer accounts to incorrectly forcing some people into foreclosure, for which it has paid hundreds of millions of dollars in fines, as CUToday.info has reported. Wells Fargo is also operating under a rare cap on its asset growth put in place by the Fed.
Wells Fargo said it suspended Hardison and Julian at the request of regulators at the federal Office of the Comptroller of the Currency, the Times reported.
“These leaves relate to previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices,” the bank said in a statement.