December 4, 2019 / 6:09 PM / 8 days ago

Banking regulator rebuked Wells Fargo's HR department -WSJ

Dec 4 (Reuters) - A top U.S. banking regulator has rebuked Wells Fargo & Co’s human-resources department, citing backlog of employee complaints and compensation structures, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

In a July letter, the Office of the Comptroller of the Currency laid out a lengthy to-do list for the bank's HR department, the WSJ reported. (on.wsj.com/34O1zY0).

The regulator asked the bank, among other things to address issues regarding thousands of employee complaints, an inadequate policy for clawing back compensation from executives and poor controls around pay, according to the report.

Wells Fargo did not immediately respond to Reuters’ request for comment. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Anil D’Silva)

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