Will they get an asset cap, or is it only Wells Fargo?
https://www.consumerfinance.gov/about-us/newsroom/bank-of-america-for-illegally-charging-junk-fees-withholding-credit-card-rewards-opening-fake-accounts/
9 replies (most recent on top)
Hey! We should sue them - they obviously stole our intellectual property. We have patents!!
@1ouo+
No one's pulling down anyone, they did it to themselves. When you find once ro--h there's 1000 hidden else where. We've spend years here cleaning up, overhauling risk, incentives, firing endless executives, and putting in protections. BofA is just at the start, billions will have to be spent cleaning up and fixing their risk issues, the regulators are going to kick their teeth in, just watch.
Pathetic mindset. Pulling down another bank doesn’t make Wells great again. They have a competent leadership and no evidence of systemic, criminal cover-up. BofA is a far more important bank not only in the US but also internationally, whereas we are only important in India and in the Phillipenes internationally. It is only through ruthless cost cutting without growing the business that makes this great bank. We need to have the best in class efficiency ratio in the industry and that means lots and lots of further layoffs and shifting outsourcing from high cost outsourcing countries like India to even cheaper places like Sri Lanka. Nobody wants the asset cap to be removed cause then the management actually needs to prove their worth by showing how they grow the business. Cost cutting is much much easier.
Everyone was doing this. All the executives know this too but nobody wants to throw the other companies sunder the bus. It's just simply amazing about the disparate treatment. I've known people who've gotten fired at US Bank and PNC doing the exact same thing.
Wells was the mastermind of the corruption
Poor Wells Fargo 🎻
Depends on the regulators - so far only 240mil... From https://www.cnn.com/2023/07/11/investing/bank-of-america-fake-accounts/index.html
New York (CNN) Federal regulators said Tuesday
they found that Bank of America harmed customers by
double-dipping on fees, withholding credit card rewards
and opening fake accounts, all of which are violations of
various consumer financial protection laws.
As a result, the Consumer Financial Protection Bureau
ordered Bank of America (BAC) to pay more than $100
million to customers and $90 million in penalties. The
Office of the Comptroller of the Currency also ordered
Bank of America (BAC) to pay $60 million in fines.
US Bank is also guilty of this. This is always going to be the case whenever your dealing with sales people, like 1-2% will break rules for money. Then of course they act like victims and give all the good people a bad name. To me its insane its like 7 years later here and we still have an asset cap, its beyond crazy.
Not a chance. Competent leadership.