https://finance.yahoo.com/news/wells-fargo-sends-fed-crucial-145426142.html/
What’s the 3rd party? What’s RCSA for then?
15 replies (most recent on top)
- RCSA is 100% related to the asset cap in that the AC was imposed due to lack of proper risk management - lifiting AC requires demonstrating that WF can properly manage risks. RCSA is standard practice at large banks, and the Fed is looking for that evidence.
- the third party review is a pretty standard practice in lifting consent orders. you can think of the third party review as a proxy for first review by the regulators.
This "news" is just another milestone in delivering what was promised to the Fed.
@1rxw you do realize JPM has over 80k employees in India and the Philippines??
Make up your mind…
Do you all not understand that RCSA has nothing to do with the asset cap????
The "bank" of India is not getting their asset cap lifted. I hope their message to the feds and sense of urgency gets a cap to their as--s. What a lousy firm, go back to the drawing board and let JPM take over as planned.
Wells Fargo must never be allowed to operate normally again. The firm has no real leadership and controls are still poor. I hope that the brokerage is sold to JPM and the bank broken up. Charlie Scharf is poor excuse for a leader.
Because they are stupid?
Is Warren still around
The regulators should not lift the asset cap. Nothing has changed in process or culture. This bank is too big and too dangerous for the economy and its customers. Regulators need to break this bank asap and let other more competent institutions manage the assets. If they need justification they can dig into CIB, WIM, Payments, Fun Crime, India. Many many skeletons buried there.
Charlie advertising his arrogance…
Smoke and mirror folks. Don’t buy into the hype. Nothing has changed except a major exodus of sleepy fat cat legacy WF bosses (although a few have managed to somehow survive) and bunch subject matter experts who refused to compromise their ethics and pretend like nothing is wrong.
Stock pumping
They are just pumping the stock before the earnings call.
eagerness to be first i guess. chances are this won't be the last time
Pure Wells propaganda.
How do people repost stories that are two posts down in the feed?