Percentage of Hong Kong chief financial officers who admitted hiring an employee who did not fit in well with their team, according to a recent survey by recruiter Robert Half. The top five reasons are lack of team spirit, lack of adaptability, misalignment with corporate culture, lack of skills and an inability to work independently.
The number of class-action accounting-related lawsuits filed in 2017, up from 88 the previous year, according to Cornerstone Research’s annual report. In spite of the increase, the total accounting settlement value decreased last year to US$861 million in 2017 versus US$4.9 billion in 2016. Most of the cases stemmed from accounting disclosure allegations.
The penalty Wells Fargo agreed to paying to settle claims of misconduct in its auto-lending and mortgage businesses. The bank will pay the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau US$500 million each.