https://www.cnbc.com/2022/12/20/wells-fargo-agrees-to-3point7-billion-settlement-with-cfpb-over-consumer-abuses.html
Will this prompt bank for more layoff due to $3.7B settlement?
Will it impact bonuses / hiring for next year?
Does it indicate, the asset caps will be lifted soon?
Framing the fine as 'progress' is why Charlie gets the big bucks and customers get ripped off. Yes, our customers are the most important thing to the business. HA HA
The wronged customers won't see a nickel of this. It's all going to go to lawyers and politicians. Watch!
Poor company performance only impacts the compensation for pleebs. The execs get massive increases no matter what.
CFPB Director Chopra is doing some grand standing now saying regulators need to consider whether they should apply more limitations on Wells Fargo beyond the asset cap.
It's the cost of doing business
And yet Charlie and the C Suite (cool band name) keep pulling their record increases and bonuses. Something doesn’t add up.🤷🏻
This was all reserved
Not related to asset cap being lifted.
This is paying restitution to those harmed by specific LOBs named, plus a penalty on top for punitive purposes.
The asset cap won't be lifted until the company can satisfactorily demonstrate adequate, systemic controls and risk management to the Fed.
"important initial step" = send over a few more suitcases full of case for "campaign contributions". It's comical to me that anyone things the gov actually cares about impacted customers. This is a shake down pure and simple, with some grandstanding and a hand out for cash along the way.