https://www.barrons.com/advisor/articles/finra-fines-wells-fargo-51638987709
Not sure HOW we are allowed to stay in business?? IMO, anyone at the top who is responsible for each failure should be fired on the spot. Somebody is signing off on this bs. And if the problem is lack of technology - then get rid of Charlie for spending money every way except for how it should be spent.
And these are just the issues that regulators manage to find. What else is going on that hasn’t yet been discovered?
$2 million is a drop in the bucket for WF. The cost of doing business. Where do you think they would make more money - laundering it and having poor documentation, receiving a fine, or by refusing to engage in illegal activity? The bean counters know the answer. WF has shown itself to be unethical. Why does this surprise anyone? A repeated violation by the same group at WF.
Regulatory relations falls under the COO. Powell needs to be sent packing.
One could say the exact same thing about people the blow everything out of proportion.
@aew, Correct English is "paid out to you and me". Now, who is the dummy? Dummy.
"Let's face it regulators use us like a piggy bank. Every dollar though that feeds them is one less dollar of bonus paid out to you and I."
Ha! I needed a good laugh, thanks. According to this quote, the bank's goal is to maximize payments to employees i.e. costs.
No. Just no. Every dollar regulators take is one less dollar that goes to... drumroll please... share buybacks! The bank does not exist to make its employees and customers happy, only its shareholders.
They kept records, just not in the specific format.
Folks that should be doing the record keeping are here reading layoff gossip.
Some are just as "good" as their leaders.
Post ID: @aew+1edYwiWY
Charlie, is that you?
By now, unfortunately, we are all familiar with the tactic of minimization: the attempt to convince someone else that the wrongful thing you did wasn’t really as bad or as harmful as you know it was and we know it is. It is a common theme among Wells Fargo executives.
Manipulative personalities use trivialization to resist accountability, manage the impressions others have of them, and hoodwink others.
I’m not falling for the bs, an neither are regulators.
Get into the risk management/compliance sphere of the company. High salaries and plenty of job security as a result of these things. If you’re going to be on the Titanic, at least opt for First Class.
Risk Management can’t even rely on their system of record. It’s worse than many realize when your reporting can’t be relied upon.
If only you knew how bad it is.
We spend about 3X what other large banks do on Risk Management. So stop the BS. Let's face it regulators use us like a piggy bank. Every dollar though that feeds them is one less dollar of bonus paid out to you and I. Use your head dummy.
They only charged $2mm? That seems really tiny
That is just the tip of the ice burg. WF started a records management policy/program back in 2004ish. It has never been fully implemented and like most things Wells done half-a$$Ed (and that is being generous). I'm waiting for the right examination to shine the light on the cockroaches rearranging the deck chairs on that disaster of a risk management program under our girl Mandy.
Failure to supervise is a recurring theme at Wells Fargo. What are we paying the execs top dollar for? They can’t even pull off the very basics.