Bank Watch

Bank of America says it hasn’t ‘found anything’ similar to Wells’ practices

This July 2016 photo shows the top of a Bank of America ATM booth in Woburn, Mass.
This July 2016 photo shows the top of a Bank of America ATM booth in Woburn, Mass. AP

Bank of America’s chief financial officer said the Charlotte company has not found similar sales problems to those that ensnared rival Wells Fargo.

On a conference call with reporters Monday, Paul Donofrio said that after last month’s news broke of Wells Fargo’s scandal, Bank of America “redoubled” its governance and controls efforts – “and so far (we) haven’t found anything.”

His response came to a reporter’s question about how Bank of America was reacting to the scandal at Wells Fargo.

Donofrio pointed to CEO Brian Moynihan’s strategy of “responsible growth.” At Bank of America, the focus is on helping customers, Donofrio said: “It’s not about the number of products we opened.”

“Since the (financial) crisis we spent years building governance and controls,” Donofrio said. “We’re always looking at those.”

Bank of America “years ago” changed how it compensates employees to reflect the bank’s relationship-focused strategy, Donofrio added, without providing details.

Deon Roberts: 704-358-5248, @DeonERoberts

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