https://www.propublica.org/article/jpmorgan-chase-bank-wrongly-charged-170-000-customers-overdraft-fees-federal-regulators-refused-to-penalize-it
11 replies (most recent on top)
It has been well documented multiple times that the regulators have come down hard on Wells Fargo because:
- Regulators had proof our top execs knew about the fraud for years, and nurtured it and benefited from it.
- Once caught, the execs tried to lowball the number of accounts affected, and how far back it dated.
- Stumpf initially did not take responsibility and, instead, blamed and fired low-wage workers
- Stumpf arrogantly continued to defend the company’s cross-selling practices
- Stumpf initially praised Tolstedt publicly after they were caught and he allowed her to retire with a hefty package, rather than firing her.
- WFC fired the Whistleblowers
- While WFC was in the spotlight for the fraudulent accounts scandal, additional areas of fraud kept coming to light proving we didn’t have proper oversight.
- Stumpf appeared clueless and unprepared during his testimony in front of the House Finance Committee.
- Our Senior Execs and BOD were flagrantly dismissive in their response to regulators from 2016 through 2019.
Wells Fargo is the poster child for what NOT to do when a corporation gets caught with their hand in the cookie jar.
The other banks are a mess too, but Wells Fargo deserves everything that has happened to it and more. The problem is that, ultimately, it is the employees and the shareholders who are still paying the price.
Sounds good to me, that is perfect timing then for my retirement :)
@zth. They have had several rounds of layoffs over the last decade and continue to do so at various times. You are definitely just a number. I was RIFed once, had to move cities to stay around with another unit and left on my own before another layoff. You always have to train your replacement from overseas. Development is about 80 percent offshore now I hear.
@ipp+18qgrMRA, what do they do to their employees there? I thought this place was already toxic beyond belief. I have an offer at chase but maybe ill take the bank of america.
Dimon always gets his company a pass because he ingratiates himself with the current government, no matter which party controls it. It’s all in who you know.
Having worked at both, I can tell you Chase is corrupt as it can get. Very shady business practices especially with their employees. That’s why I was so sad to see so many of their execs come to WF, I could see what was coming and I thought I got away from that c-ap.
Oh please. Educate yourselves about the last 5 years of fraudulent conduct and lack of accountability at Wells Fargo before you start throwing your nonsense around. We should not even be allowed to continue to be in the business of safeguarding people’s money.
JPM self-identified the issue and corrected it, and reported it to the regulators years before the press got a hold of it. That is the big difference.
WF spent years ignoring issues, not fixing them and covering them up while lying to everyone. That’s a big big difference. Banks can make mistakes, they have to respond properly. WF spent years failing on all these factors.
170,000 errors is just a garden variety bad day at WF.
i wont use any of these banks, this is only way they have a business is by stealing from customers. I dont see this industry lasting too much longer. There will be digital currency taking over so it is easier between countries. I give your jobs another 10 years in the obsolete banking system.
I never got it myself, JPM makes WF look like a monastery. Has there even been one year over the past 20 something massive hasn't shown up JPM. Just this year it was precious-metals and treasury market rigging. I mean every year its something, London Whale, hiring Chinese leaders kids for kick backs etc... You won't hear a word of it from politicians because Jamie has them in his back pocket. Don't worry though, after Jamie's heart gives out in a year or two, JPM will implode. Warren still thinks WF shareholders some how made out on the bank opening a bunch of zero balance accounts, her type aren't very good with math.
Warren and Waters have a hard on for Wells Fargo, that's why other banks don't get the death penalty like us.
‘ Jamie Dimon, the CEO of JPMorgan Chase & Co., has in recent years pushed the bank’s online presence and a corporate mantra “Mobile first, digital everything.” Chase encourages consumers to find a screen and open their own Total Checking accounts.
With a few clicks, a new Chase customer can choose to receive an account alert for everything from low balances to suspicious transactions. Customers who rely on online banking might rarely have cause to visit a Chase branch.’
But, but, but why are we laying off bankers and closing branches?