Tons of employees are getting laid off because the company isn't allowed to grow. The business is forced into a situation where they have to get into niches that use less headcount and what headcount they have they ship off to India. It also hurts the customers, who have one less very large place to get a loan. Right now the market needs as much help as it can, and what the Fed is doing is not only wrong its morally wrong at this time. The consent order should be lifted.
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The bulk of us apparently remain delusional.
Those accounts didn’t create themselves. Those cars owned by military members didn’t repossess themselves. The bank didn’t exceed the 6% max interest rates without most bankers, the bank didn’t flout community lending regulations without lots of lending staff. Wells staff failed to tell courts that borrowers were active-duty when it asked for evictions,
There are actually a almost a dozen more. The consensus on this board is “I was just following orders”. No where have we seen that before? You don’t check your ethics at the door... you do that you lose your humanity.
It is always the little people that pay for mistakes, not the fat cats that make bad decisions. Look no farther than the criminal enterprise which worsened the pandemic.
The decade of corruption was morally wrong. The cleanup is a good and morally beautiful turn of events. Support our leader. Charlie was not here for the corruption party. He is here for the cleanup.
Dddx
The problem with Wells Fargo is they are not competitive they are in effect a zombie company. Either upper management cannot determine how to operate a corporation meaning they are incompetent or they don't care it's either one or the other. It's probably best they concentrate on the loan side of the business and sell off the other parts of the bank. After all probably over half the employees don't have any confidence or trust in upper management after all which has transpired
Learn about the Anderson scandal a few years ago.
The government should punish a lot of bad actors far more harshly than they do, but they're aware that taking down a criminal corporation ends in massive layoffs.
Be glad the feds didn't give Wells what we deserverd, which was to be broken up into small pieces, with perp walks for a lot of execs.
The downside of the feds going easy on companies like Wells is that we'll continue to have white collar criminals criming and getting away with it, but the upside is most of us will keep our jobs.
chainsaw, this site is for grunts, you can just use email for these types of things. Its better to work direct with the agencies as I doubt they will check this site.
Lots of non employees posting on this site.
Be glad the government didn’t close WFC down. That is what happens to other criminal organizations.
Op people are getting laid off cos of the consent order.
They are getting laid off because no bank needs a quarter of a million employees to run efficiently
If an almost $2T asset bank can’t make enough money, it’s not because they can’t grow. The asset cap is being used as a smokescreen, and I don’t understand why no one really challenges this.
@tqr+
I agree. What was done 5-10 years ago to some customers was dead wrong. There's always some who would game incentive plans and the management should have taken action quicker when it was discovered. However that was then this is now. Every customer who had any negative impact has been reimbursed. The gov't has gained billions in fines. We're at a point where employees are between a rock and a hard place and are starting to lose their jobs no fault of their own. And good luck to the consumer looking for a loan in times like this, when its most needed.
Opening customer accounts without their knowledge or consent, charging customers fees for accounts they don’t know they have, and then ruining their credit for not paying fees they don’t know about on accounts they don’t know they have is morally wrong.
Obama era regulations in the wake of the financial crisis made it very hard for traditional savings and loans business units to profit, which is why the focus has shifted elsewhere. Even without the additional regulations, it was very difficult going in the low interest rate environment which is why all banks started closing branches en masse, because they were no longer profitable, and self service investment as well as set it and forget it company retirement investment sure hasn't helped. There used to be a lot of banks WF could loan to as well, but these were all wiped out or consolidated by the financial crisis. WF's secular environment hasn't been one of growth for a long time, just the funny money helicoptered by the Fed gave banks the illusion of growth.
Maybe. In theory, that business not going to WF is going somewhere else, so there should be more jobs available at other FIs that are picking up the slack. It's hard to argue that WF didn't deserve significant punishment after the run of scandals.
That said, anytime you punish a company, the rank & file are going to bear the brunt of it, so that s—s. I'd feel better about it if some of the executives that left faced some jail time.