Legal
Head Of Wells Fargo's Chicago Private Banking Office, Two Colleagues Put Under Investigation - Media
The investigation is not connected the bank-wide scandal that led to the departure of CEO John Stumpf last year.
Wells Fargo has put its Chicago private banking office head and two senior executives on leave pending an internal investigation, media reports said late last week.
Placed on leave April 27 was Chip Flannagan, senior vice
president and regional managing director. Flannagan has run the
bank’s local wealth management office since 2007, when he came
over from LaSalle Bank where he also oversaw wealth management in
Illinois. Also suspended were senior vice presidents Scott
Landau, who like Flannagan is a former LaSalle Bank executive,
and J Scott Voigt, who has been with Wells Fargo since 2014,
reports said.
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A report by Crain’s said that Wells Fargo informed
personnel in the Chicago office via a phone call late last week,
citing internal sources. The bank reportedly declined to comment
on the matter, and the report did not state what the inquiry was
about.
Crain’s stated that the probe did not appear to be linked to the retail banking scandal that led to the firing Wells Fargo CEO John Stumpf last year. A source told the publication that the issues are specific to the Chicago office.
