Who has the juicy deets. What did we do this time?
18 replies (most recent on top)
What’s another 500 million shaved off the financial results? They can use it to justify low bonuses and more layoffs while the feds slap another consent order on us
The issue is paying low interest to clients while pocketing higher rates on their cash.
There is no news yet. Large deposit banks are all being investiaged. It was discovered that some bankers helped launder money knowingly or unknowingly, due to lack of back office controls, and bypassed required reporting. TD bank started it and now wellsfargo is being investigated for samething.
AML compliance investigation
Regulators have people assigned to all the big banks, sometimes even having offices in the same towers.
Whole market is going down. It's not WFC specific.
Stock tanking down towards $50, me thinks the market "knows". Time for Shart to go.
We were already in trouble and actively remediating the last issue related to cash accounting and rate fixing. How do we have so many compliance people and this keeps happening?????
We must be the only bank that the OCC has physical space on our floor since they seem to be camped out here .
This one will be big, and we are never getting out of the asset cap.
More AML issues to the surprise of nobody
The fed is meeting with us to share the good news that the asset cap is being removed!
the feds never left. we have been under continuous examination by the fed, OCC and CFPB for the past five years, and no end in sight.
I didn't realize they ever left. Back?
So Hagerman leaves, TK moves into role and Bridget is head of Tech. Who in Tech's going to have this circus laid at their feet?
It will get blamed on a third-party hosted app... but it won't matter. Out source people and91 apps for profits.
Anti- money laundering and cash swap rates
https://www.reuters.com/business/finance/wells-fargo-faces-government-probe-anti-money-laundering-sanctions-2024-08-01/
Someone else posted this a few weeks ago as well. Did we f up the consent orders again?