Plans to fix compliance problems are still “inadequate, incomplete and insufficient to prevent” future abuses. Wells Fargo is defrauding investors who buy the stock, Congress and Regulators, because they continue to misrepresent how broken and inadequate the Compliance program is. Employees have spoken up about the problems and we are being told just do your job, your just a cost and we won’t need you a year from now... it really is awful. Charlie and his cronies just want to paper over the problems, so they can severely cut the risk department and invest the money in technology. Problem is in no way are they building an effective and sustainable Compliance Program. I have never seen anything this bad and I have worked a lot of big banks.
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High-five!
Charlie won't make 2 years. That was part of the plan going in and the company will likely be in sell-off mode by then.
The public face of this company is a total fraud, from diversity, to community investment, to no layoffs during pandemic because "WF cares".
The 401K company match is a joke... have you looked at the numbers? It's virtually worthless. All the time spent at WF is time that could be spent at a thriving company, not a dinosaur on life support.
Don't waste one more day. They don't care about you, so why should you care about them?
Gotta ditch the Maxine Waters fixation. No way to personally monetize it so no interest.
They run around and say how inefficient wfc is (omg its total beurocratic nightmare, so ya) but also how its also extremely heavy on expense side.
For anyone keeping score, part of reason its so heavy on expense side is because managers f—ed up royally and wfc got caught, so extreme fines from regulators.
These expensive fines hit the efficiency ratio.
Same goes for not vetting 3rd party risk when adopting technology that was patented elsewhere (aka mobile deposit), getting sued, and losing big time - so big you owe f– ton of royalties going back nearly a decade.
This is all indicitive of poor management.
But who pays in the end? The employees will be the sacrificial lambs as charlie and cronies get absurd salaries as they gut american workers to send jobs to india who work for literal peanuts (and curry).
This company deserves every bad thing coming to it.
Lets see it survive the capital build and inevitable dividend cut. I hope charlie loses his stupid payday.
The only reason they raised the minimum raise to $15 per hour was because Maxine Waters put the screws on them. Bank of America raised it for the same reason. The only reason they do anything is to make money or appease the Regulators and Congress. Scharf is touting his regime as the needed change, but he is dirty like the former executives, because he grew up in the industry (Diamond protege), and is part of the old regime and old way of thinking. I can clearly see he is not the right person for the job. He will get pushed out in the next 3 years, but unfortunately is going to do a ton of carnage in the mean time through layoffs and creating an environment of toxic fear!
Agreed. Wells is all smoke and mirrors. They have mastered the craft of artful deception. More interested in the illusion of ethics and virtue, rather than buckling down and actually fixing the ethics issues. Publicly “giving back to communities” while quietly sending US jobs overseas for years. How much money did they blow on the ad campaigns after the scandals, trying to convince the public they had fixed everything. “Trust. We’re holding ourselves accountable to find and fix issues proactively, because earning back your trust is our greatest priority.” They were too soon and didn’t ring true, but the execs were too arrogant to see it. Publicly so proud that they raised minimum pay to $15/hour (really?) while cutting medical benefits behind the scenes. Gave employees 50 shares of stock at near all time highs (but we couldn’t sell it for 2 years - sorry!) while they quietly cut severance packages knowing lay-offs would be coming. I could go on and on. Bottom line is- they think they’re the smartest guys in the room and everyone else is a bunch of hicks.