Thread regarding Wells Fargo & Co. layoffs

What are the crac* dealers gonna do if their clients don't have the scratch

why is p - o - v - e - r - t - y censored?

@fev+1b3P1Yoz I think the other poster's point was that those businesses are located in low income areas, where the population is often seen as trapped in generational cycles of poverty. It would be similar to opening a cantina in the desert and charging 20x the national average for a bottle of water. No one is denying the need, but exploitation of the need is what has always gotten WF in trouble.

Is Wells a bank or a non profit?

Folks, we can’t expect to get the high net worth clientele or even Joe and Jane prudent budgeter until we are again a trustworthy institution. Its not looking like we are going to be viewed in a positive and honest banking option for many years… if we work hard and are lucky. It doesn’t seem like a credible path for us. I think that we are here to sell off business lines and gracefully exit banking. Regulators would be cray cray to let us stick around.

@beh+1b3P1Yoz Wow get out, an ignoramus that defends WF also repeats NRA propaganda, who could have seen this turn of events.

@zsp+1b3P1Yoz

"Products" don't take human lives, people do.

You either stand by the principles you CLAIM to represent or you are a hypocrite. I think we all know where this company stands...and several of its people.

Yes, actually, it's good that we "discriminate" (lol), against companies whose profits are made from products that take human lives or are ruining the planet, or in this case, trap our own countrymen in endless cycles of predatory debt. There is more to life than making your shekels number go up.

@hjb - Who referred to pawnshops and payday lenders as "fine institutions"? I think you're making that up.

The discussion here is whether banks should discriminate against legal businesses based on the personal beliefs of the bankers. This is a slippery slope.

As I type this there is a congressional hearing underway about banking. One of the last questions was whether banks should provide banking services to the fossil fuel industry. In past hearings they grilled the banks about providing services to g-n manufacturers. The woke may cheer this type of discrimination right now. One day you or businesses you support may be on the receiving end of that discrimination.

@xdj+1b3P1Yoz tell me, what areas are those fine institutions usually located? Who are their clientele?

I can see both sides to the issue. Everyone should be allowed access to financial services and there is risk associated to lending money to those who don’t have good credit, therefore higher interest rates. Having said that - there are certain parties, who take gross advantage of those people, by charging extraordinary (predatory) rates and fees.

Wells Fargo is just nasty. Actually, probably all the big banks are. We keep taking advantage of people, to the maximum extent possible, until someone calls us on it. Then we apologize, promise we’ll change, and keep our fingers crossed that we aren’t caught on all the rest of our shenanigans.

@oku - "Amoral"? Wow.

I take it that you don't use pawn shops or payday loans. Based on your woke elitist attitude it sounds like you're saying that no one should be allowed to use those services. "I know better than you. I know how you should live your life." Or something like that.

@sop and @dzc - valid points. One could argue we are serving a need. But we are also trying to repair a damaged reputation. A guy with 3 DwI’s gets his license back. Sits in a bar drinking and the judge is their. He gets in his car with a .06 BAC. Legal. But not a good look

And predictably this thread brought out the typical amoral WFC defenders. The “all about the benjamins” mentality is why the bank has the reputation it does.

Pawn shops and payday loans are legal. Why would those businesses be banned from receiving banking services? It's not "all about the Benjamins". It's about not discriminating based on personal opinions.

So long as it's not illegal and they pay back the loan, no one should care. We should service all customers.

I think it is well established that this bank finances several things that are controversial. It’s all about the Benjamins folks.