OCC & CFPB have recently warned Wells Fargo they may bring new sanctions over the company’s pace in fulfilling restitution. Consent orders signed w/agencies 3 yrs ago & bank has sought more time to get the work done.
Woops...
Not a good sign Chainsaw - while you too busy cuttin heads, these folks tired of your cr-p and getting ready to come for your b@lls.
Stonk go BO-M
Wells Fargo funnels over $12 billion on outside services into the pockets of consultants, contractors, attorneys, politicians and special organizations, which are their friends at McKinsey, Protiviti, Deloitte, KPMG, EY, PWC, Accenture, Ketchum, O'Melveny & Myers, Latham & Watkins and more. Those Wells Fargo corporate elites get rich, buy second beach houses and shelter monies in tax heavens. Outrageously corrupt Wells Fargo organization, rotten from the top down.
We should definitely get back to the office, pandemic or not, cause that will help, right? Plus hire lots more controls checkers.
Shorts are loading up - blood in the water - massive orders going short on this stock.
This is goin to 20 or worse.
Bad bad omen folks.
Sell while you can!
BUY!! Stock drop is temporary. This is a chance to get some back.
Come on guys.
We all work here.
Is anyone actually surprised by this news?
The fine hasnt hit yet. And its 2 of 3 regulating agencies.
They might get together with Fed and plan for a break up of bank or impose massive fines or impose buyback restrictions.
The old regime would allow bad behavior to persist.
The new one will not.
You had a chance to sell yesterday at only a 5.5% loss.
Now its a 8%+ loss, and its going down fast.
Never try to catch a falling kn--e.
Listen to Jim Cramer: "SELL SELL SELL SELL"
Think. Stock is now down over 8%. Great buy opportunity. First, it is just a rumor and second WFC will execute a buyback. I bet this was all market manipulation. I just added 10% to a 0% holding in my 401K and brokerage.
@1evz+1cBsjBER we're not wishing the company fail, we're stating the obvious that the company will fail. You can't treat your customers and employees like trash and still succeed. In case you were not aware, WF is doing everything they can to layoff tens of thousands of those 250,000 employees who depend on them day in and day out. If you can honestly say that you still think Wells Fargo is a great place to work and that you're ok with everything that's going on within the company, then you're the one that's twisted.
This is twisted. You do realize you’re all wishing a company where 250,000 employees depend on day in and day out, to fail. What is wrong with you people.
@1fjr+1cBsjBER, that dumpster is full of sh-t.
Dumpster fire or sh!t show? I just can’t decide which best describes us right now.
That's why the chairman 'retired' - after such a short tenure here. I'm absolutely, positively certain and sure the new chairman will turn things around, focus on what's important and put DEI stuff on the backburner. sarcasm intended
if designed to temporarily tank the stock price then do it in December right before we get our 401k match
Wow, stock fell 5.6% yesterday just on the rumor.
Post ID: @1oih+1cBsjBER
Same thought here. It struck me as click bait so some hedge fund with a short position could get a payday in September when everything else is pretty quiet.
How much time and money have they spent trying to make sure they don't compensate these people one more dollar than they should? If they would have just remediated them generously at the beginning it would have been over with long ago. Stepping over dollars to pick up pennies.
Maybe he can ask CFO CJ to help him out with this. Two years at the helm and the only progress you have made is making most employees despise you.
Translation: you haven't bribed us enough yet. That's all this is. Anyone that believes this is about "protecting consumers" or even "punishing crooks" is ridiculously naive. No one with any power cares about such things, but they do care about enriching themselves.
bye bye Mandy
Relax people, this is likely a designed leak to tank the stock price so someone rich can buy it cheap. Happens all the time, and it works.
Say it ain't so Charlie, you mean wokie hiring s-x and race and se-ual preference before talent isn't productive?
Lol the lunatic brownnoser is spamming the downvotes big time. You're in denial, Scharf sold you a bill of goods and he'll never able to relieve the regulatory pressure.
There’s so much added admin and useless training we hardly have any time to work.
Some people want to believe in Schart’s smoke and mirrors so badly. Guess what: being out of the dog house is always going to be just over the horizon
@rhk
There was an agreement worked out at the start of the year to have the growth order lifted, the fact that its missing a 's is irrelevant.
Little doubt consulting firms are paying kickbacks and bribes to politicians after Charlie told most them to walk and now are making a show hoping to get back in. Mandy should be fired no question.
Old news. Has already been disclosed.
What happens when you hire the woke mob to run a bank. They steal as much as possible and drive the business into the ground. Mandy should be fired tomorrow morning.
It's cute that you think the bank ONLY has one consent order 🤣🤣🤣
"according to people with knowledge of the situation" - so let me get this straight, hearsay drops the stock close to 6%? Wasn't it just the start of the year they worked out a deal to lift the consent order and had a plan that was given a nod by the fed? I think this article is junk and lack any proof or substance. Buy the dip.
Employees should sue for mismanagement. How many of us have company stock in our 401k? Many of us, more than we'd like to admit, I imagine. Management is making making it he-l to work for them NOW and they're fu----g with our FUTURE.
What the he-l .. I am not sure about the complexity of all these remediation effort .. but it has been more than 3 years and still we have not closed or resolved / satisfied the regulators. Who should be blamed - The higher ups or the folks who are doing the actual work ?
down 5.5% on the news
how much will it drop once the fines actually hit?
Will they lower asset cap further? Or break up the bank?
Could get very interesting soon.
So how long until Schart and the high priced useless OC JPM pals he brought in are shown the door and we go through this same process with a new regime?
Post ID: @qab+1cBsjBER
If EY means Ernst & Young like I think it does, I can’t stop laughing.
You would be better off with almost anyone except those clowns…or Arthur Andersen, I mean Accenture.
Didnt they just execute a massive buy back program?
At the top?
Talk about value destruction.
Wow - these cl0wns are m0r0ns.
This company will be mired in problems for as long as the cigarette and asbestos manufacturers have been. Will take 20 years to work through this mess.
If you still own this boat anchor - its time to sell.
Its going back to 20 or less very soon.
401k hammered.
To quote jim cramer "SELL SELL SELL SELL!"
may bring
Lets have a meeting. Okay, so this is how we get this project complete... Contact EY, have them bring in 40 contractors cause we sure as heck don't know how to do this, and I really don't want to work. Next.
@wdp. True. Wall Street is one of the biggest crime syndicates around.