Banking regulator rebuked Wells Fargo’s HR department: WSJ

(Reuters) – A top U.S. banking regulator has rebuked Wells Fargo & Co’s human resources department for what it called the bank’s 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.

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 spokesman Mark Folk said the bank does not comment on specific regulatory matters, but is making progress on its obligations.

The OCC declined to comment.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Anil D’Silva and Richard Chang)