https://thefinancialbrand.com/news/bank-culture/how-hard-did-cfpb-hit-wells-in-its-reputation-versus-its-wallet-157614/
11 replies (most recent on top)
Don't forget that "leader" who told us that reputational risk isn't as big of a concern for us now as it has been in years past.
When you have a good reputation, you fight to keep it. Now when we have a bad reputation, I guess we're suppose to give up and don't worry about being shady because people already assume we're shady?
I love some of these responses because it becomes very apparent who has never been employed by the stagecoach.
WF is the reason why there's such a thing as 'reputational risk '
Wells has never lost their well earned bad reputation. All this negative news adds to their goodwill deficit.
Make an example of WF so the other big banks clean up their acts. Banking is sacrosanct and the responsibility to customers is even greater
WF will have the asset cap for years it has shown it can't be trusted. It's the same with other banks except WF got caught and went very far.
This is what they have used to describe WF:
Recidivism - the behavior of a repeat or habitual criminal. A measurement of the rate at which offenders commit other crimes, either by arrest or conviction baselines, after being released from incarceration.
"fellow American" lol sure Ivan
This is bad
But all the bank, asset manager, hedge funds I have seen are similar in attitude, greedy.
We are all kissing H1b, outsourcing and China everyday while fellow American is pushed out.
If we can do that, what else we couldn't do?
Did you really think WF had a good reputation to begin with
Some believe Wells Fargo is finally starting to move past a series of sales scandals. They consider its most recent multibillion-dollar regulatory settlement to be a sign of progress, despite CFPB Director Rohit Chopra's scathing rhetoric. Among the major challenges still ahead are sustaining an intense focus on culture and leadership and repairing damaged relationships with all stakeholders, including regulators, says communications consultant Merrie Spaeth.