Thread regarding Wells Fargo & Co. layoffs

More fines we'll probably end up paying for with layoffs

SEC fines Wells Fargo $35M, Merrill Lynch $25M over improper cash sweeps

Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission (SEC) that their handling of investment accounts’ cash sweep programs violated federal law.

https://www.complianceweek.com/regulatory-enforcement/sec-fines-wells-fargo-35m-merrill-lynch-25m-over-improper-cash-sweeps/35798.article

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| 759 views | | 6 replies (last 14 days ago)
Post ID: @OP+1jj69573f

6 replies (most recent on top)

This is a $30 fine in a $100k household

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Post ID: @e8+1jj69573f

@bq+1jj69573f

There are many bank customers who we will call that will pretty much say “na sc--w you, I don’t want to review my savings account and boost the rate of my six figures I have with you guys from 0.01% to 4.00%.

So it’s pretty strange to peg banks on a program like this when really it just comes down to consumers not caring enough to pay attention

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Post ID: @br+1jj69573f

"Not in the best interest of some clients". Not sure how the SEC determines what sweep programs are fair, but duh almost nothing is in the best interest of clients, banks are in business to make money not be a charity. Seems to me the SEC wanted a piece of the action.

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Post ID: @bq+1jj69573f

This isn’t fair.

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Post ID: @bh+1jj69573f

and more mandatory training in DevelopYou for the rank and file...

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Post ID: @a8+1jj69573f

This is how it works:

WF upper management sc--ws up -> more penalties and fines -> more layoffs at the bottom

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Post ID: @a3+1jj69573f

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