The problem with Wells Fargo is rather simple. We are trying to be the Walmart of financial services. A nationwide one stop shop for everything financial and that’s simply not possible. There are too many state specific regulations for products and services not to mention the amount of good employees you would need to execute this model.
I truly believe most Wells Fargo employees want to do the right thing but honestly aside from the egregious ethics problems how are they supposed to know what they are doing is wrong? Once wells pinpoints the key regions they do business in and the products/services they can manage the bank will be in a better place.
I think a large reason we are being made out to be an example is so other banks don’t try to be Walmart