Flashback in history: misleading statements, laughable theories and condemnation regarding Wells Fargo’s progress on the Federal Asset cap:

Anonymous · 2023-09-08T16:22:39Z

Jan 2019: “CEO Tim Sloan expects the bank to operate under the asset cap through the end of the year.” March 2020: “CEO Charlie Scharf testifies before Congress that Issues will not resolve until 2021.” Dec 2020: “Top WFC executives expect the sanction to stay in place until late 2021.” Dec 2020: “CEO Charlie Scharf said ‘I can’t speak for the regulators, but it is our top priority.’ “ Jan 2021: “Wells Fargo has repeatedly signaled confidence that it had turned the page on its scandals. In July, John Shrewsberry, its former chief financial officer, said the ‘worst’ was over in terms of customer refunds. Then the bank reported another $961 million of remediation in the third quarter. In October, Shrewsberry acknowledged to reporters that his earlier prediction was ‘wrong,’ but added that the bank believed it has ‘now fully accounted for what it takes to close these things out.’ That, too, turned out not to be the case. April 2021: “Bloomberg, citing anonymous top Wells Fargo executives, says asset cap could run in to 2022.” Sept 2021: “Fed’s Powell says asset cap to remain in place until bank fixes it’s widespread and pervasive problems.” Dec 2021: *If we don’t hear significant news about Wells Fargo’s progress in 2022, I would be very concerned how long the asset cap could stay in place.” Mar 2022: “Bringing in crisis management teams to repair Wells Fargo’s reputation is akin to placing bandages on self- inflicted wounds. Shuffling execs in an out of slots won’t do it.” Sept 2022: “Scharf emphasized enhancement and implementation of appropriate risk and control is the company’s #1 priority.” Dec 2022: “Wells Fargo closer to asset cap liftoff with 3.75B CFPB Settlement.” Dec 2022: “Wells Fargo's Crippling Asset Cap Has Cost the Bank Billions in Profits. But It Might Be a Tailwind in 2023” Jan 2023: “4Q22 Financial Results Expectations assume the asset cap will remain in place for 2023.” Later in Jan 2023: “Wells Fargo acknowledges asset cap to remain in place in to 2024.” Feb 2023: “Even if you assume Wells Fargo’s current CEO acted at all times with the intent and desire to fix the bank’s problems, he has nonetheless clearly failed.” Feb 2023: “It is now obvious that giant Wall Street banks like Wells Fargo are not only too-big-to-fail and too-big-to-manage, but also too-big-to-regulate. The credibility of banking regulators is at stake after five years of an unprecedented asset cap and multiple ongoing failures resulting in serious, repeated violations of law and abuse of customers by Wells Fargo. Thus far, (1) the bank has paid almost $10 billion in customer restitution and fines, (2) two CEOs and numerous senior executives have been fired, (3) numerous members of the Board of Directors have been removed, (4) the Federal Reserve (Fed) imposed an asset cap and related orders, (5) the Office of the Comptroller of the Currency (OCC) imposed a mortgage servicing cap, and (6) numerous other penalties and actions have been imposed by regulators. But all have failed to bring Wells Fargo into compliance, and it is now beyond dispute that the financial regulators’ actions have been insufficient.” April 2023: “It's now been more than two years since there has been news regarding the asset cap when media outlets reported that the Federal Reserve reportedly approved the bank's overhaul plan for its risk-management and governance structure.” May 2023: “There are at least three ways a bank can misbehave. It can be downright bad, it can be sloppy, or it can be foolish. Wells Fargo’s $1 billion settlement of a class-action lawsuit, disclosed on Tuesday, mostly relates to the last kind. But the bank run by Charlie Scharf has been a good example of all three.” August 2023: Former Vice Chair FDIC: “If you can’t have major progress after seven years, you’re probably not doing it right.”

Jan 2019: “CEO Tim Sloan expects the bank to operate under the asset cap through the end of the year.”
March 2020: “CEO Charlie Scharf testifies before Congress that Issues will not resolve until 2021.”
Dec 2020: “Top WFC executives expect the sanction to stay in place until late 2021.”
Dec 2020: “CEO Charlie Scharf said ‘I can’t speak for the regulators, but it is our top priority.’ “
Jan 2021: “Wells Fargo has repeatedly signaled confidence that it had turned the page on its scandals. In July, John Shrewsberry, its former chief financial officer, said the ‘worst’ was over in terms of customer refunds. Then the bank reported another $961 million of remediation in the third quarter. In October, Shrewsberry acknowledged to reporters that his earlier prediction was ‘wrong,’ but added that the bank believed it has ‘now fully accounted for what it takes to close these things out.’ That, too, turned out not to be the case.
April 2021: “Bloomberg, citing anonymous top Wells Fargo executives, says asset cap could run in to 2022.”
Sept 2021: “Fed’s Powell says asset cap to remain in place until bank fixes it’s widespread and pervasive problems.”
Dec 2021: *If we don’t hear significant news about Wells Fargo’s progress in 2022, I would be very concerned how long the asset cap could stay in place.”
Mar 2022: “Bringing in crisis management teams to repair Wells Fargo’s reputation is akin to placing bandages on self- inflicted wounds. Shuffling execs in an out of slots won’t do it.”
Sept 2022: “Scharf emphasized enhancement and implementation of appropriate risk and control is the company’s #1 priority.”
Dec 2022: “Wells Fargo closer to asset cap liftoff with 3.75B CFPB Settlement.”
Dec 2022: “Wells Fargo's Crippling Asset Cap Has Cost the Bank Billions in Profits. But It Might Be a Tailwind in 2023”
Jan 2023: “4Q22 Financial Results Expectations assume the asset cap will remain in place for 2023.”
Later in Jan 2023: “Wells Fargo acknowledges asset cap to remain in place in to 2024.”
Feb 2023: “Even if you assume Wells Fargo’s current CEO acted at all times with the intent and desire to fix the bank’s problems, he has nonetheless clearly failed.”
Feb 2023: “It is now obvious that giant Wall Street banks like Wells Fargo are not only too-big-to-fail and too-big-to-manage, but also too-big-to-regulate. The credibility of banking regulators is at stake after five years of an unprecedented asset cap and multiple ongoing failures resulting in serious, repeated violations of law and abuse of customers by Wells Fargo. Thus far, (1) the bank has paid almost $10 billion in customer restitution and fines, (2) two CEOs and numerous senior executives have been fired, (3) numerous members of the Board of Directors have been removed, (4) the Federal Reserve (Fed) imposed an asset cap and related orders, (5) the Office of the Comptroller of the Currency (OCC) imposed a mortgage servicing cap, and (6) numerous other penalties and actions have been imposed by regulators. But all have failed to bring Wells Fargo into compliance, and it is now beyond dispute that the financial regulators’ actions have been insufficient.”
April 2023: “It's now been more than two years since there has been news regarding the asset cap when media outlets reported that the Federal Reserve reportedly approved the bank's overhaul plan for its risk-management and governance structure.”
May 2023: “There are at least three ways a bank can misbehave. It can be downright bad, it can be sloppy, or it can be foolish. Wells Fargo’s $1 billion settlement of a class-action lawsuit, disclosed on Tuesday, mostly relates to the last kind. But the bank run by Charlie Scharf has been a good example of all three.”
August 2023: Former Vice Chair FDIC: “If you can’t have major progress after seven years, you’re probably not doing it right.”

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Flashback in history: misleading statements, laughable theories and condemnation regarding Wells Fargo’s progress on the Federal Asset cap:

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