Thread regarding Wells Fargo & Co. layoffs

Lawsuit involving United Healthcare and WFC over our mismanaged and underperforming proprietary 401K Target Funds

https://finance.yahoo.com/m/130ff588-bbfb-3168-8b68-32ae8b5c9274/unitedhealth-cfo-added-to.html

Apparently this is ongoing news, but I was not aware of it. Find it very interesting. Other news stories report that WFC lost a case in Spring 2022 for self-dealing and breach of their fiduciary responsibilities in the Target Funds in our own WFC employee 401Ks.

That’s a very big deal. Wells Fargo violated ERISA in our 401Ks.

Admitting that I’m late to the party, but now it all makes sense. This is why we sold our retirement plan unit. This is why we sold our asset management arm. This is why Empower became the new trustee over our 401K Plan. Because Wells Fargo can not be trusted.

How is Wells Fargo allowed to stay in business? It has been proven time and time again that our Senior Leaders are incapable of running this bank ethically, responsibly and legally.

by Anonymous
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Post ID: @OP+1ipXuKm4
Comment! It's anonymous!

6 replies (most recent on top)

It was very clearly a rhetorical question, and you didn’t even answer it.

by Anonymous
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Post ID: @cpf+1ipXuKm4

Well, it was mentioned or asked how Wells can stay in business. Seems JPM has set a precedence.

by Anonymous
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Post ID: @vgp+1ipXuKm4

Ok thanks for your valuable input, but we’re not talking about JPM, yet again.

by Anonymous
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Post ID: @xkw+1ipXuKm4

JPM got caught much worse on this exact situation

by Anonymous
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Post ID: @era+1ipXuKm4

They sent out a notice around this a couple years ago. If you had money in any of those funds you were supposed to fill out some forms.

by Anonymous
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Post ID: @btu+1ipXuKm4

Just want to add that Wells Fargo misleadingly painted these 3 sales as “part of Wells Fargo’s efforts to simplify it’s products and services in order to focus on it’s core businesses.” More non-transparent malarkey coming out of the C-Suite.

Who wants to bet that there is some unknown mismanagement litigation brewing after Charlie’s announcement regarding “ Wells Fargo’s Major Retreat From Mortgage Business, which it has Long Dominated”.

by Anonymous
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Post ID: @imw+1ipXuKm4

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