The scandal-plagued banking giant has fired Franklin Codel because of disparaging remarks he made about the regulatory system to a previously fired senior employee, according to a Wall Street Journal
report. The remarks were reportedly relayed to so-called golden parachute payments.
The former employee reported Codel’s remarks to the bank, which in turn reported them to its regulators, the Journal
reported. While many bankers may trash regulators in private conversation, a source told the Journal
that with multiple investigations and ongoing scandal impacting its public image, Wells Fargo wasn’t taking any chances.
“Wells has to be very thoughtful and careful here, and what others may do, they can’t” the source told the Journal
Wells Fargo said in a statement that Codel, who oversaw all of the bank’s consumer lending, including mortgage lending, wasn’t fired for anything related to the division or the bank’s controversial sales practices. Rather, he was fired “for acting in a manner that was contrary to the company’s policies and expectations of its senior leaders.”
Codel had been with Wells Fargo since 1993.
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