Thread regarding Wells Fargo & Co. layoffs

@1gfa+1aJrndT8 you may want to let people know you are representing Wells Fargo with this post. You are intentionally misleading people who do not go to the article. This is a new investigation, with new allegations, that have zero to do with the fake account scandals. The poster did not address the US Bank issue because he/she isn't trying to obfuscate the truth like you are. If this is old hat, then why does the article point out that WF had $2.4 billion set aside for paying off scandals, but this would bump it over $2.6 billion? WF never learned from it's fraudulent practices, and that's evident because they still employ people like you that intentionally lie and mislead.

@1duo+1aJrndT8 it's you who didn't read.

It's US Bank and WF. For WF, it covers practices at the bank from 2013 to 2018... it's of the same "era" of the corrupt prior management as the fake accounts but it's a different issue that has to do with fees and disclosures.

https://www.bankingdive.com/news/wells-fargo-us-bank-disclose-cfpb-investigations/599785/

@dmf+1aJrndT8 you didn't even read the article. This wasn't about setting up fake accounts, this was regarding freezing and closing accounts. It also relates to disclosures. You PR people need to step up your game. When this comes out, you either 1) address it head-on, explain that WF was made aware of this practice and is cooperating with the regulators; or 2) State you cannot speak on current CFPB investigations. If it's found out that you are a WF employee falsely stating what you are stating, WF can be hit with additional sanctions. Great job!

this investigation dates to issues from 2016 and US Bank was also cited by CFPB.

CFPB has to show it's still alive after being placed in a coma and gutted by the prior administration.

And yet it’s up 2.4% today…

@enj don't forget to include that prior to 1-2 years ago WF wasn't really one company, it was more like a holding company with different sub-businesses. When the threat of breaking WF came up after the fake accounts scandal all of a sudden every LOB that had operated independently from corporate/enterprise was rolled into them so that we'd be too big to break up.

So now we're a bunch of businesses that have been forced to completely rework how things are handled, and as usual, costs doubled while services were cut in half as was the known effect whenever LOB's went back to corporate/enterprise.

All so that the Board could still be in charge of a bank that's a barely mitigated disaster.

Problem is, you know who will pay for their incompetence, and it won’t be Chainsaw.

They’ll still pay Chainsaw even if he gets a copy of the home game (which is actually hilarious in a pandemic).

I mean this is what happens when there aren’t adequate control or risk functions in place. The whole bank is a bunch of incompetent folks collecting checks. Silver lining. Maybe this gets us away from chainsaw?

Every time they get the stock price artificially inflated (because face it, that’s what companies do) they shoot themselves in the foot.

There will be more. Just a matter of time. Anyone with experience would not have to dig deep to find all the many problems and questionable activities.

Here is when I know Wells Fargo is taking “cleaning up the bank” seriously: When they ask every employee to submit (without retribution) a list of risks which present a conflict of interest with our clients, with the law, or that goes against the annual Compliance training. And then have an independent experienced panel reviewing and investigating the submissions. Until they do that, it’s all window dressing.