Daily Archives: March 13, 2017

In run-up to Wells Fargo scandal, her boss warned: ‘You’re going to be working your tail off’

When Mary Mack took on the biggest job of her career last summer, she only hesitated for a moment.

Mack, at the time head of Wells Fargo’s brokerage unit, was preparing to leave in 48 hours for an Alaskan vacation with her husband, when then-President Tim Sloan called to ask if she wanted to instead lead community banking. Mack asked Sloan if it meant she’d have to reschedule or miss part of the excursion, which had been on her husband’s “bucket list.”

“Tim said, ‘No, take your vacation. Enjoy it. Because you’re going to be working your tail off when you get back,’” Mack said Friday during a speaking appearance at a Hood Hargett Breakfast Club gathering at Quail Hollow Club.

Mack took on her new role in July, replacing retiring community banking head Carrie Tolstedt right before Wells Fargo in September would become mired in a sales scandal andfined $185 million by authorities and regulators. Mack, 54, now reports directly to Sloan, who became CEO when John Stumpf stepped down in the scandal’s wake.

Seattle declines to end Wells Fargo banking contract now

SEATTLE – Top officials in Seattle have sent a letter to Wells Fargo saying the city will honor its contract through the expiration date rather than cut ties now over the bank’s role as a lender to the Dakota Access pipeline project.

The Seattle Times reports Mayor Ed Murray, Council President Bruce Harrell and Councilmember Tim Burgess sent a letter to bank officials Friday saying a new bank will be found when their contract ends at the end of 2018.

Read on.

2 former JPMorgan execs face lifetime ban for hiring kids of China’s elite

Authorities want to permanently ban two former JPMorgan Chase executives from the banking industry for allegedly trying to win business in China by giving plum jobs to the unqualified children of government officials.

It’s the latest shoe to drop in JPMorgan’s “Sons and Daughters” hiring scheme in China that regulators have condemned as a “systemic bribery scheme.”

The Federal Reserve on Friday said it’s seeking a fine of $1 million and a lifetime ban on Fang Fang, the former head of JPMorgan’s China investment bank, for violating anti-bribery laws.

Read on.

J.P. Morgan Employees Will Soon Be Able to Give Co-Workers Constant Performance Reviews

Employees at J.P. Morgan Chase will soon be able to give CEO Jamie Dimon performance reviews—at least in theory.

J.P. Morgan’s employees are in the process of getting access to software that allows them to review each other instantly, according to a Thursday internal note first obtained by Bloomberg. Head of HR John Donnelly, who signed the note, explained that the change will roll out with two major pieces of software: a performance tracker and Insight360. The former provides all employees, from investment bankers to tech workers, with performance reviews seen between themselves and their supervisor.

But later this year, employees will be able to use the Insight 360 software to “request and receive feedback from anyone, anytime,” Donnelly said.

Read on.