Wells Fargo (WFC) continues to contend with the aftermath of a scandal over its sales tactics that erupted in 2016
A Wells Fargo executive who reportedly referred to women bank employees as "girls" or told them to put their "big girl panties on" will step down next year.
Without addressing claims made against him, Wells Fargo confirmed that private bank head Jay Welker would retire effective March 31. His coming retirement was first reported by the Wall Street Journal, which cited an internal memo.
A complaint against Welker was part of a larger internal investigation into allegations of discrimination by female executives in Wells Fargo's wealth management unit, the newspaper said. The bank spent months interviewing dozens of women after complaints were made of failure to promote and systemic belittling of female executives, according to the Journal.
Jon Weiss, head of Wealth and Investment Management at Wells Fargo, informed some managers in a call last week that "there is unequivocally no gender bias" in the unit, the newspaper reported, citing people familiar with the matter. Welker reported to Weiss, the Journal noted.
Reached for comment by CBS MoneyWatch, Wells Fargo defended its process, but did not directly address specific allegations.
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