Tuesday, September 15, 2009

Beach Scandal in Wells Fargo

Wells Fargo, the fourth-largest U.S. bank by assets made a decision to fire its senior vice president Cheronda Guyton after investigating showed that she had violated her policies. Cheronda Guyton who was responsible for Wells Fargo's commercial premises, used the house on Malibu Colony Drive on weekends to organize private parties violating all the regulations. According to Los Angeles Times, citing neighbors, she used to invite guests arriving on a yacht.

Andy Stern, Malibu Mayor in his interview told that he approved the fact that Wells Fargo took appropriate measures.

Wells Fargo remains the second largest US bank in deposits, home mortgage servicing, and debit card service. It appeared to be the only US bank to be rated AAA by S&P, though its rating has since been lowered to AA- as a result of the 2008 Financial Crisis. Its stock is widely traded in futures and CFD market.

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