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No surprise with Jew Scharf.
To the last poster who spoke about WFAS and other oversight groups, the fix is in. The business has an upper hand on educating the auditors and then deflecting any issues they might stumble upon. There is no air cover from WFAS management as they are even less educated about the rules and regulations. Its all about reporting and metrics. The second line of defense actively works to derail any issues from being written, and Compliance in general, from the top down, has a mandate to squash all issues and make sure MRAs pass testing. Wells has no real compliance. Charlie if you read this post, look at your compliance function and swing the hatchet. Its not the rank and file its the Managers from Nancy on down that need to go.
During this time why isn't Senior Management focusing on the Bank’s Regulatory issues instead looking at ways to cut it expenses by laying off team members. It is so clear Senior Management has no idea on how to even start auditing the Banks books to identify Operational Risk deficiencies or implement Policy and procedures. It is basic Banking 101. You overcharge a customer you audit all of the the similar transactions. Not just a year of the transactions but every single year that the company had the same transaction occurring. You refund ALL of the customers EVERY SINGLE PENNY you owe them. You implement policies and procedures, HIRE/TRAIN the necessary staff to continual audit and identify any non confirming transaction, immediately correct non comfirming transactions on a daily basis. That is what the Regulator’s are requesting. This needs to be done for every single department in the Bank. From my experience every single department I worked in at the Bank there were no Operational Risks in place. No dual control on computer entries or gl entries, no Loan collateral or financial exceptions reports (by or loan officer or branch), HUGE RISK loan secured by commercial property and collateral not perfected. Credit Risk rating invalid. What about Loan Loss Reserves? Not sufficient by any call. How many loans in that bank are not perfect???? Who knows there are no reports? Staff doesn’t even know what they are. This is just the tip of the iceberg. Ask the team members that have been there 30 years about loan collateral exception and financial exception report loan trail balances by branch or loan officer, monthly renewal reports and they look at you like you are crazy.
WF is being sold off on pieces. It started months ago (non-core; e.g., insurance) and we have a roadmap for CORE business selloff.
It's been in the works for quite some time. But the buyer list keeps getting shorter with each blow (self-inflicted and otherwise).
It is the Titanic. The music is getting louder each day. Don't let COVID-19 delay lull you into thinking you can wait to grab a lifeboat. You can't.
And WF will do everything possible to avoid paying severance and unemployment. Don't say you weren't warned (unless you enjoy being PIPd out the door).
Your CEO's compensation is directly tied to things that are diametrically opposed to TM employment interests. Be prudent and get out while you can.
I've been hearing the same rumor. Where there is smoke, there is fire. Remember we heard about Wachovia a LONG time before it actually happened.
While I doubt that GS will outright "buy" WF, I do expect that they will acquire selected business units, particularly ones that are the most profitable.
The asset cap would remain with Wells Fargo, as would unprofitable business groups and other dead wood (such as the tainted "Wells Fargo" brand, and certain low value properties). The remaining husk of Wells Fargo would soon take it's place on the ash heap of history.
Not too big to fail. Think Wachovia and Merrill Lynch and others. Those brands are around, but the companies failed and were forced to merge. Even old Wells Fargo and Old Bank of America are gone. They are just brands today. Wells Fargo's only asset was its brand recognition. That is now garbage so it is very likely these are the end of days for Wells Fargo as we know it. Would be so good for America to see this bank gone in some capacity.
its not constant anger. it's the truth. WF has been run into the ground. must be nice to be a 20 year WF old timer satisfied with the status quo and then angered and surprised that the business is in fact a business to run and that is accountable to shareholders.
the arrogance and entitlement of many people who work here (mainly our old timers who have been here 20, 30, 49 years) disgusts me.
So much bitterness on this board. How does it feel to be constantly angry? There usually is a light at the end of the dark tunnel. Please do not give up hope or seek help......
Very unlikely
The brand is dead and the asset cap will never truly be lifted. The bank is a lost cause. It will sell / merge.
Maybe. Whatever pads Charles’ in Charge’s pocketbook
Purchase would be impossible, merger maybe. It seems like the regulators wouldn’t sign off on this. If they do, and you have money on deposit with WF, run. Goldman wants access to consumer deposits for gambling money for trading and investment bank.