March 6, 2018 / 5:42 PM / 18 days ago

RPT-Investor group says Wells Fargo to publish report on sales scandal

(Repeats to widen distribution)

March 6 (Reuters) - Wells Fargo & Co has agreed to publish a report investigating the root causes of systemic lapses that led to the sales scandal in September 2016, following pressure from an investor coalition.

Members of the Interfaith Center on Corporate Responsibility (ICCR) said the report is expected before the end of the year.

“By engaging with investors, and subsequently agreeing to publish a comprehensive business review, the company is taking incremental steps toward reform and re-establishing trust with stakeholders,” Rhode Island General Treasurer Seth Magaziner, one of the investors of the group, said.

The revelations in 2016 about Wells Fargo employees opening as many as 3.5 million phony accounts and other abusive sales practices shattered its reputation as a well-run, highly profitable bank that managed to sell more products to customers than any of its major rivals. (Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)

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