Thread regarding Wells Fargo & Co. layoffs

From a few years back….

It happens elsewhere, but without the crushing regulatory activity.

https://www.americanbanker.com/news/cfpb-investigating-bank-of-america-over-phony-accounts

Yeah, WF did nothing wrong!

Oh, wait...ran a big ol' organized crime ring for years because eight is great and eleven would be heaven.

The real crime is that there were no perp walks.

Let’s be real it’s number 2. Wells is the poster child for big banks at this point. If they actually treated all banks equally, regulators and congress would have to deal with financial industry lobbyists which they don’t want.

That story where BOA overdrafted a significant amount of customer accounts came today and went tomorrow. No breaking news or anything. If it was Wells, we would’ve had 15 consent orders by end of day.

We as a bank aren’t perfect but we aren’t that far off compared to other institutions. We were giving an asset cap that could only be resolved through a fools mission…become an ethical financial institution. That’s literally not possible.

One of two possibilities. 1. Chuck is inept at his job to turn the bank around. 2. The bank is wrongly being targeted with these asset caps.

LOL, who are we kidding, it's #1 and this $hitHole has always had ethics issues. From poor leadership-driven incentive plans and mandates down to bank tellers feeding Mortgage flunkies customer data in exchange for under the table comp. Combine that with internal folks getting family members to open accounts they didn't need to make the numbers. You wouldn't believe what we can see from this side of the IT backroom on how shifty mortgage is.

The good news. I've gotten a better job like a month ago and asked for some time prior to start so I could collect the annual goodies and leave my cr---y leadership with a day of notice. 2 weeks? LOL. I'll follow the law like this company does. LMAO!!! If asked to testify on what I've personally seen behind the scenes on this bank, I'd gladly do it for free.

There has been zero improvement. It has only gotten more dysfunctional as more and more east coasters have been brought in from the other banks where they could not succeed

The fact that it has been in place this long speaks to sheer incompetance of the leadership of WF and its board. Five years with no end in sight because the bank keeps constantly fu----g up.
At this point, the bank should be broken off and sold into manageable pieces that other better run places can handle.

The board can get rid of Charlie, or the cap. Their choice.

The billions spent on stock buybacks could easily have been spent on the remediation necessary to lift the asset cap and cure all consent orders. Hubris and incompetence are the only barriers to moving past this.

"Corporate Recidivist" cap is appropriate. The end.

I was in a small group meeting w/ the former CFO - the one who looked like Bill Murray. He was great! Super smart, very charming, self-effacing. He’d make a great neighbor and was really good at his job.

He was confident we could overcome the cap. On paper and in practice. On paper they already had some strategies to get around the limitations of the cap. In practice getting it removed has outlasted the creativity of the paper play. I don’t think anyone expected it to be in place 5 years later, including Yellen.

The waiting for it to go away by itself strategy isn't working.

thus ushered in a great era of executives selling off lines of business and playing a shell game on the balance sheet to keep within the cap

The true purpose of this move:

Janet Yellen is now serving in Biden’s cabinet.

Congratulations JY, at all of our expense.