I view the Buyback as an “inability to read the room” on our leaders’ part. Technically, we are still in jail for a pattern of unlawful behavior, and yet our leaders don’t have the common sense to lay low until they get the bank out of jail.
The Buyback waves a giant flag advertising LITTLE HAS CHANGED. To this day, our leaders are concerned with only one thing: doing whatever it takes to manipulate the stock price. Wells Fargo’s culture is still based solely on performance rather than on broader values, such as treating customers, employees and shareholders with respect. Regulators are already expressing concerns that the bank’s product launches, growth initiatives, and other efforts to increase profits have delayed needed reform.