I’ll go first. No way.
It’s a dog and pony show. They are cleaning up just enough of what was exposed of items A, B, and C to get the asset cap removed. But new questionable money-making schemes/scams will fill those voids. Additionally, no one has put a spotlight on items D though Z. They are keeping their fingers crossed hoping no one pushes looking into those questionable but profit-generating activities.
Everyone knows it would be a career-k–ling move to start asking too many questions.
Post ID: @3csz+18Hq8Cf6
The other person calling you out in the last post is not me. Though I do agree with their comment. You should be able to tell the difference in our 2 approaches.
I still am challenging you to show some intelligence in your communications, rather than just typing insults.
@2hku+18Hq8Cf6 Actually is the clueless one. @2hku+18Hq8Cf6, did you ride Merrill Lynch the way down for 30 years and say it was great?
We need more NY auditors for sure.
Post ID: @2hku+18Hq8Cf6
Your post is vague, a one-liner, an insult, no specifics, not objective, an exaggeration.
Hopefully, someone with experience and knowledge of the financial industry, can teach you the basics of communication way during your time at Wells Fargo.
Post ID: @2hku+18Hq8Cf6
Explain why. I enjoy taking on newcomers.
You are clueless.
Sorry, but the posters here who claim WFC will be an upstanding corporate citizen when the asset cap is lifted; or 2, 5, 10 years down the road are inexperienced in the finance industry. I admire your loyalty or innocence or positive attitude, whatever it is. But you are the employees who will someday let the fraud occur under your watch, because you don’t know what to look for. And, I dare say, you have to have a suspicious mindset to catch the wrongdoing. If I have a manager like you, who assumes everything is as it should be, I know I will be able to pull the wool over your eyes every day of the week. You are a fraudster’s best asset.
Maybe. IMO it's not about how closely the regulators watch us or how many controls we have, but if our culture changes. We still set unachievable goals and managers don't look at how they are achieved. I still see bulling managers rewarded.
Define ‘clean’, then tell me how many banks meet your definition. And i’m not referring to not being caught or getting caught and swept under the rug.
Yes I have no doubt it will be clean. The regulators are all over us watching and questioning our every move. And it will be like that for years and years to come.
The asset cap won’t be lifted until the regulators are satisfied that we have built the most comprehensive and waterproof risk and control infrastructure the financial system has ever seen. They have expressed this and this is one of the highest priorities at the top.
Sloan himself even knew this, was not moving fast enough and got the boot. The message was received loud and clear by the new leaders.
So yes it will be clean because we are being put through the ringer to make sure of it and anyone who would even think of trying those shenanigans again would not get even 1% as far as the previous execs did.
Post ID: @1gqh+18Hq8Cf6
Anger and insults is a weak response for 3 reasons:
It shows you take the post seriously.
It suggests that there may be some truth in the post.
It displays a lack of emotional intelligence.
Most of the people on here are actually trolls. I bet half of them were never employed at Wells Fargo.
Post ID: @1gqh+18Hq8Cf6
Why consistently take the time to attempt to discredit “pointless posts”? You sure do spend a lot of your time trying to counter attack anything anyone says against Wells Fargo. More so, I’ve noticed,, when the posts are true.
So new year but same old sh*t posts.
Let’s stick to posting info around layoffs and enough of this “but mommy I want a turn with the microphone” stuff
Honestly OP, your post is absolutely pointless.
Post ID: @1wzj+18Hq8Cf6
Not buying your attempts to discredit employees. We’ve seen it all before and are familiar with the strategy.
Employees of WFC are use to tactics to deflect and minimize the wrong-doing they are observing from the inside. And so are the regulators. This is not the place to get specific, but we certainly could throw out a couple tidbits.
You sound like you read the same playbook as John Stumpf, who similarly attempted to downplay the sales account scandal. He claimed “the organization was clean” and the issues were the results of a few bad low-level employees, certainly not systemic issues. And he ignored and discounted the Whistleblowers as unhappy emotional employees who were making baseless claims.
This thread is long on emotion and generalizations and seriously short on specifics and objectivity. I presume by "clean" you mean legal and compliant? If you have a quarter million people, some of them will be doing something wrong, that's just going to happen. The question is whether or not there are systemic problems that go beyond that. It's certainly possible that all issues will be resolved, but I doubt anyone posting here knows one way or the other so it all looks like a bunch of baseless guessing.
No problem at all. We’re happy to keep posting the news articles to update you. Understood that it is difficult to see outside of your silo, but don’t stick your head in the sand... prepare.
@qgm+18Hq8Cf6, this just isnt true, there are other options
Do people here really think that all the other banks are squeaky clean? WFC is just the only one under the microscope.
Here’s why I know Charlie/Wells Fargo will fail:
Charlie is not a strong enough/emotionally intelligent enough/strategic enough leader to get everyone on the same page. The exceptional leader wins because he/she can achieve buy-in from the team. He needs to raise his profile and increase his visibility. Get out in front and lead the team. And he needs to relentlessly communicate his goals to the ranks so that we are all in sync and believe in the cause and are working in unison towards that cause. Right now, it’s every man for himself.
Charlie will ultimately fail due to his arrogance in thinking he can solve Wells Fargo’s problems without engaging with and unifying his team.
I’ll never know why people keep claiming that the bank will be sold to other banks. The two biggest and most profitable portions of WF are Consumer and Commercial. There is no bank other than an existing competitor in the big bank space that could absorb these operations.
Regulators are never going to allow additional consolidation because of anti-trust issues and FDIC deposit caps.
This is exactly why the company has been given so many chances and so much time to fix problems, there is literally no other option. If there was another option, they would have used it already. It’s in the financial press that management is expecting the cap to remain in place until late 2021.
Post ID: @aio+18Hq8Cf6
Anyone who has been in the finance industry long enough would realize how inexperienced you sound. That might work in your favor at Wells Fargo, though. Basically, they need employees like you who believe what they hear and don’t know enough to look beneath the surface. Not being critical of you, just saying you don’t know what you don’t know.
New execs are not automatically moral execs, unfortunately. Charlie and his boys just needs to make it look good enough to get the asset cap lifted and then he moves on to his next gig, claiming the short-term victory. I am witnessing bad decisions taking place right now in the name of cost-cutting. Previously, managers and leaders needed to promote questionable activities to bump up the profits. Now they are making questionable decisions to prove to Charlie they are on the cost-cutting train. People are doing what they have to do to save themselves.
I never hear anyone ask the question “Is this for the good of the customer?” The question is always “How does this benefit Wells Fargo?”
The feds don’t always know what to look for. They often have people like you working for them who aren’t experienced enough in the area they are responsible for investigating. Incompetence is not just a Wells Fargo specialty. They are the same people who think our annual compliance classes are adequate. How do you think Bernie Madoff got away with his pyramid scheme for 20 years? There were people trying to convince the SEC for years that something was wrong- he was good at covering it up. Read about it -it’s interesting.
So, I don’t need people to agree with me. And you don’t need people to agree with you.
I was just curious what others are seeing.
The correct answer:
1) The new regime will correct most all of the issues to the regulators’ satisfaction
2) Most LOBs will be sold to healthy, ethical and competent banks
3) The asset cap will never be lifted, at least for whatever remains of Wells.
Working at Wells, it can be difficult to see the forest for the trees. Wells needs to be dismantled carefully for the health of the U.S. financial system.
Op,
Let’s break down your logic...
All the previous execs and mgmt are gone. The scandals cost them their careers and their reputations.
So we have an entirely new regime brought in to clean the house and fix all the problems. All while the fed are watching us like hawks and insisting we put in systems and checks so there can never be a repeat again of our sins.
But you are implying the new regime are intent on going straight back to shady, unethical and illegal practices the moment that they can...because that is the only way for a bank to make money?
So the new regime, according to you, are just as corrupt as before, and will put their careers and lives on the line to scam customers every chance they get, as soon as they can.
Do you have any idea how asinine your post is...
That's cute; you think the asset cap will be lifted. Not with the half-baked work being done on the resubmission items. It's being done by the same inept Compliance people who 'overlooked' all the transgressions in the past. Compliance people, don't even go there to defend your competency. 1) your efforts failed as evidenced by the 11 outstanding MRAs (plus those under a tolling agreement with the OCC to keep under wraps) ans 2) No one outside your self-absorb group sees you as anything but a joke.
The drive to dramatically cut costs + the need to increase profits + the goal to get the stock price back up so the execs can all make money on their stock options + executive arrogance + too many people making too much money by looking the other way + too few Subject Matter Experts = NOPE!