Daily Archives: January 2, 2014

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LA Times Letters: In defense of Wells Fargo

LA Times Letters: In defense of Wells Fargo

Re “Wells Fargo sales quotas come at cost,” Dec. 22

The Times portrayed a culture that contradicts what Wells Fargo stands for.

……..

We work hard to create a supportive, caring culture. Our ethics are centered on doing what is right for customers. We have robust ethics training, reporting mechanisms including an anonymous line, and checks to ensure customers are served properly. Our team members know that our success should never come at the expense of a customer.

We highly value and support our team members. Our all-team surveys conducted by Gallup show that branch employees are five times as engaged as the average U.S. worker. We seek lifetime customer relationships and we are honored when they give us the opportunity to serve them. It is not only in our customers’ best interest, but also in Wells Fargo’s interest, for customers to receive only the products they need and benefit from.

 

Wells Fargo is a company of thousands of people from diverse backgrounds with a common commitment to doing what is right by our customer and supporting our team.

 

Oscar Suris

 

Charlotte, N.C.

 

The writer is executive vice president of corporate communications for Wells Fargo & Co.


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JPMorgan Halts Latvia Dollar Deals After Probes, Bank Group Says

JPMorgan Halts Latvia Dollar Deals After Probes, Bank Group Says

JPMorgan Chase & Co. (JPM), which has been told by U.S. regulators to bolster money-laundering safeguards, has stopped clearing dollar transfers for Latvian lenders, according to the Baltic nation’s banking association.

“JPMorgan was a meaningful partner, no doubt,” Martins Bicevskis, president of the Latvian Commercial Banking Association, said in an interview. “But that won’t hinder working further and looking for other partners.”

Latvia, a hub for ex-Soviet cash, adopted the euro yesterday, focusing the spotlight on $8 billion of non-resident deposits and claims by Global Witness, a London-based anti-corruption campaign group, that regulation and client vetting aren’t adequate. U.S. regulators have reprimanded lenders including JPMorgan for lax controls over transfers that could allow terrorists and drug rings to move money around the world.