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Wells Fargo still chasing the clean slate His ads predict



Just a few weeks ago, none other than Warren Buffett seemed to be certain that Wells Fargo & Co. was leaving its scandals behind

"I like Tim Sloan as a manager," Buffett said of the leader of the bank's shareholder meeting 5th of May. "He corrects mistakes made by others."

Not so fast: Wells Fargo has a new problem, even though Sloan struggles to calm the old ones. Later this year, employees of the bank's wholesale unit changed internal records of corporate clients without their knowledge, according to a person who was called into the case.

The news has a tremor caused by Wells Fargo stock on Thursday, but the bigger problem is how the company does not seem to be out of trouble, despite public assurances that it is cleaning itself up.

Wells Fargo discovered the inappropriate activity and reported it to the Office of the Comptroller of the Currency, which is investigating. At this point, there is no evidence that the data changes involved false information, the person said.

Sloan aims to establish a corporate culture that allowed shorts and bad behavior to thrive for years until it broke out in September 201

6. The bank may have set up millions of counterfeit accounts for clients who never asked. Sloan's predecessor, John Stumpf, resigned a month later.

Read more: Politicians still use the bank as a punching bag

Sloan was confident enough in his efforts around the turn, earlier this month he launched "Re-Established," an ad campaign that emphasizes that she has problems approach and do things right. In a press release, the Chief Executive Officer said it was "a turning point in expressing that we are fundamentally different today and that it feels like a new day in Wells Fargo."

Efforts to identify more proactively problems can cause more problems to become public. In this case, the staff marked what they perceived as a problematic behavior, which was rapidly disrupted by the person familiar with the matter. Sloan himself said in the "Re-Established" press release and recent meetings with investors and media outlets that there is still a lot to do.


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