Thread regarding Wells Fargo & Co. layoffs

@2diw+1hW2SBSq

I make about 120k in a rural area in my low 30s, so it’s a good situation for me and my family. Also, I’m someone that likes to see a situation through so I would rather help wells get under the asset cap than bail and go somewhere else (haven’t really seen that work well for anyone honestly anyways).

We will get out of this asset cap, and the roof will blow off the building in terms of what we can accomplish. Would be good to get people like you out though first if you’re still with us, along with any other lizard fans. It feels like you are double agents.

And yet you’re still here deflecting from WF’s crimes. You must have no ambition to stay in this bank hamstrung by the dreaded asset cap

@2kra+1hW2SBSq

Where do you work or what do you do that our asset cap doesn’t bother you? Do you have any career ambition at all?

@2gti+1hW2SBSq

The asset cap was imposed to advance Janet Yellen’s career. She’s in the job she’s in now because of it.

US bank case is nowhere in the order of magnitude that WF was in terms of sales practices.

The asset cap wasn't imposed just because of sales practices. It was imposed because of WF's cr---y risk management overall, as demonstrated by its inability to prove compliance with the terms and conditions of the sales practices settlement after two years, as well as a huge number of additional consent orders that had lingered for years without curing.

US bank isn't in that kind of doo doo. They would not have been permitted to buy Union Bank a year ago if they had been.

Amazing how many people stick up for Lizard on this board. Goes to show how many disenfranchised employees frequent this place.

My bet is they get a fine and that is it. WF was the sacrificial lamb and the example. Rest are safe.

Di-k K was the CEO that started the fake account scandal with “8 is great” and was in MPLS. Sounds like his acolytes went to US Bank when he left.

Makes me proud to be part of the industry. /S

I was never in a position to mistreat a customer like this and I suspect most people here are in a similar situation. The amount of online required training has seemingly doubled in recent years and evolved into teaching things not to do things that never would have occurred to people in non-sales positions without conflicting incentives. Leading, possibly, to teaching employees new crimes that are possible if they just find the right position with the wrong incentives. If I wasn't a low ambition bank bureau deputy, I might try writing a Vonnegut or DeLillo knock-off with this as part of the plot of our race to the apocalyptic bottom.

Now I know where all the fired Wells Fargo bankers went. Maybe Tolstedt is over there?

Sucks to suck. Hopefully their executives get reared like Stumpf and Tolestad

Qtard throws a fit whenever criminals are held accountable. He doesn't seem to care much about the actual victims though, just anyone in the way of big business. Because it's always a big conspiracy to...enforce the law.

Yes, good. Wells Fargo had it coming and so do they (if their culture is as rotten as ours is).

Now only about 100 more banks to go. I'm surprised it took this long. Maybe this is the start. I'd love to see them put an asset cap on Chase

@dxm+1hW2SBSq

The OP has sympathy for the employees who had nothing to do with it, not with the bank.

Talk about a braindead take.

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Gov't: US Bank workers opened fake accounts for sales goals

By Ken Sweet
July 28, 2022 at 4:43 p.m. EDT
NEW YORK — For more than a decade, US Bank pressured its employees to open fake accounts in their customers’ names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade.
The CFPB alleged that US Bank accessed consumers credit reports to open checking and savings accounts, credit cards and lines of credit without their permission. Employees were encouraged to do so, in order to meet the bank’s goals of selling multiple products to each customer with the bank.

The scale of US Banks’s fake accounts scandal was not disclosed immediately by the CFPB, but the bank was forced to pay $37.5 million in fines and penalties and will have to refund customers any fees they paid for the fake accounts.

“For over a decade, U.S. Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts,” said CFPB Director Rohit Chopra, in a statement.

A spokesman for US Bank said the bad sales practices were a legacy issue at the bank dating back to 2016, and that the bank has made significant improvements to its sales practices since then. The consent order reached with the CFPB acknowledges that US Bank did make improvements to its sales practices in recent years, which included no longer tying pay to opened accounts and requiring customers’ consent to open new services.

“The action by the CFPB closes out a (more than five year) investigation. We are pleased to put this matter behind us,” said Lee Henderson, a spokesman for the bank.

Wells Fargo’s sales practices scandal rocked the financial world half a decade ago, when the bank was found to have encouraged employees to open millions of fake accounts to meet sales goals. The scandal ruined Wells Fargo’s reputation as a well-run bank through the Great Recession, led to billions of dollars worth of fines against the bank, and almost immediately led to the resignation of the bank’s CEO and eventually its board of directors.

Wells has been under tight supervision by the Federal Reserve since that scandal broke, keeping the bank from growing any bigger until it fixes its workplace culture. There are no signs that the Fed plans to release Wells from its regulatory leash any time soon.

US Bank, based in Minneapolis, is currently in the middle of purchasing the retail banking business of Japanese banking giant MUFG, a deal announced more than a year ago. The transaction is taking longer than expected, with both banks now expecting it to close some time in the second half of the year.

Shares of US Bancorp fell 4.3% to $46.12.

Probly get a 250k fine.

I think that was the OP's point. The OCC found other banks that had similar abusive sales practices but declined to name them back in 2018, I suppose to keep consumer confidence in banks from tanking.

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I will sit back and wait for them to announce the Asset Cap on US Bank. I love how the article says it is a legacy issue that dates back to 2016. So they looked for it and “found” it after WFC got in trouble?

"The poor banks getting put through the wringer because their wrongdoing was exposed" is the most braindead take on this forum full of braindead takes

This happens at every bank. The government is just selective on who they go after.