CS hires Jamie DImon's son-in-law (I'm sure he was the BEST man for the job) and then talks about ethics and doing what's 'right' in a code of ethics training video. Not quite irony. Hmm, what would happen if I 'raise my hand?' Still holding my breath.
19 replies (most recent on top)
@1qun+18LvB3IJ Not really. There is little competition between Wells and BONY. BONY is a transaction processor, a custody bank and to a small degree, an investment bank. Wells has more of a retail banking and wealth management orientation BNYM provides outsourced investment management but limited wealth management really only for historically connected people.
Charlie’s father worked for Jamie Dimon, who was happy to help the young Scharf lad start at the top. In return, Charlie was happy was happy to start the young Dimon son in law, C.J.T. at the top and take him under his wing when he moves.
You’ve heard of paying it forward? random acts of kindness to people for no real reason other than to help them in the hopes that they then pass it on?
This is paying it back, nepotism, favoritism and special treatment for connected people. Assume that Karma settles up this debt.
Kapiché?
@hrv+18LvB3IJ. Of course Warren is silent. There is no way for her to personally monetize this.
In reality it's probably harmless and a disservice to Tolkin in the long run. But it is a head scratcher from a regulatory point of view, given that his boss and father-in-law are CEOs of competing firms.
this is too funny. It's the same old story, just insert another name. I worked on literally an entire team a few years back where the rest of the teams was also brought in from BOA. All of them, they all had worked together previously and were good friends with the manager who hired them. This was repeated in several other teams. They're all good hires and can see why they got brought in but the point is this is not something new. This is just a higher profile example of it. I've never heard or seen this Connor guy so it would be interesting to see what his real job is but I'm not going to assume.
Ethics at the top executive level do not exist: the CEOs have climbed the ladder, pushed outside their rivals and now want to cash in before their tenure is cut short. – they operate on the superficial and fake level (i.e. "Wink, wink, nudge, nudge" as Monty Python would say). Of course, close relatives and cronies are chosen for these "important positions" – it's another perk of landing the top CEO job
A lot of the ICS middle managers are toxic too and have no ethics; probably close friends with this guy
Wells Fargo Code of Ethics. That’s like jumbo shrimp 😂.
Post ID: @jjj+18LvB3IJ
Angry, and dishonest too. Great hire, new regime.
I would imagine this poster could be coached to carry out any # of fraudulent schemes.
Poster: “Charlie? You really want me to push Nine is Fine to our bankers? I thought that strategy got us in trouble.”
Charlie: “No No dear. That was Eight is Great. Totally different. We’re clean now. And frankly, it’s none of your business. Don’t you have something better to do with your time than ask questions? Now be a good puppet and go open some new accounts. There’s a $5 Starbucks card in it for you.”
Post ID: @jjj+18LvB3IJ
Go back to your job at the telecom company, or wherever you came from. I’m already tired of you.
Here I need people I can trust even at my level, the other workers are trying to get their stack ratings better than mine, and since I am the best of the worst here, I have a target on my back!
This is true everywhere. When you are higher up the corporate ladder you need to have people that you know and can trust. I’m just a peon and I get calls from past managers asking if i’m looking to move. They know my work ethic, know my style, and periodically check to see what i’m up to and if i’m happy. It’s no different at the top of the ladder.
Post ID: @nts+18LvB3IJ
Frankly, it's nobody's business who they hire at that level. Haven't you got something better to do with your time? Before you say it, I'm on PTO.
Post ID: @hsr+18LvB3IJ
Awww God love you and your “I can rationalize any bad behavior” mind. You will do very well at Wells Fargo.
It would have to be examined on a case by case basis, but you can't discriminate against a person just because of who their relatives are. I suppose it's a stereotype to presume that if a parent does something, that their child is a less-skilled version of the parent, but that's just a stereotype. JP Morgan was the son of a successful banker/investor, buy he wound up being much more successful than his father. Unless you had resumes of the other candidates and witnessed the interviews, there's nothing to base the claim of 'he was only hired because...' comments. If that's the case, what's the Code of Ethics violation, specifically?
You mean like senior level executives married to KPMG auditors? Or JPM and industry hires bringing along their old organization when setting up at WF? It's a tight web, yet WF still gets in trouble. Bet it is the same for BofA and other majors.
None of this should be a surprise. The trend has been people coming in at the "top" and then hiring people they knew from other companies like JPM and BofA. It's not like this wasn't happening before with a few folks that came in under Dillon for example.
It’s all a sham. Same management mindset, they just switched out the names and are paying them even more. Getting rid of you= more money for the C-Suite. The new overly-confident people, who think they have the answers, give me joy. It’s fun watching that “I’m better than you” smile gradually get wiped off their face.
This is old news, so nothing would happen. Regulators and the board know about it. Silence, even from Elizabeth Warren. It's barely been mentioned in the press, which surprised me most. I think I saw it called out in one article.
It seems like there should have been louder alarm bells, but at this point nothing at or about WF surprises me. Wouldn't waste my energy thinking about it.