Wells Fargo exec's squat in Malibu hurts bank
Cheronda Guyton, a senior vice president at Wells Fargo, was fired after she took over a fancy home she foreclosed on in Malibu for big parties. The owners were victims of Bernard Madoff. The LA Times ran a huge spread that embarrassed her of course, but more importantly it embarrassed the bank.
CEO John Stumpf, at a meeting with Wall Street Journal and Dow Jones journalists said, "We have very strict controls and policies in place that team members are not supposed to use the properties for personal use. In this case, the person violated those policies and no longer works for the company." You have to feel for him. At some point, you have to trust your executives to behave. I doubt there's any "training" out there that would have helped this executive. She will have a hard time finding work in the industry. The PR was that bad.
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