Wells Fargo receives another $250,000,000 fine - this time by OCC - for failing to address mortgage issues

Hey Chukkie - this is a bad look.

Thats a little less stonk buybacks eh?

https://www.wsj.com/articles/wells-fargo-fined-250-million-for-problems-in-its-mortgage-business-11631223671?mod=e2tw

Regulators fined Wells Fargo & Co. $250 million for lack of progress in addressing longstanding issues in its mortgage business.

The Office of the Comptroller of the Currency, one of the bank’s top regulators, said the lender had failed to fix problems it first identified in a 2018 order, in which the bank was found to have harmed home lending customers. That order asked the bank to offer restitution to customers and improve risk-and-compliance management practices.

Comment! It's anonymous!

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@ 1ixg you do realize that the people in "risk" oversee certain programs and activities and try to mitigate (recommend really) what could be mitigated or controlled but THE BUSINESS is responsible for their activities and the risk they generate. So if anyone should be seeing cuts, sorry it's the front line business that may need to spend more time reading those silly policies they complain about having to implement.

Nice eh??

https://www.cnn.com/2021/09/10/business/wells-fargo-fine-occ-scandal/index.html

Don't worry y'all. Charlie said in his email today that there was some down news and some up news. By the way, could the OP message be the down news? I am not as smart and slick as Charlie.

and yet the stick is up 1.50 in premarket trading. this fine is already built into hit we took last week when the Bloomberg report hit about it. 250MM is a suitcase off the queen Mary, the market cares more about the consent order expiring and rightfully so.

I am ready for a nice spanking from Chain Saw.

Good

FFS, will people quit saying "stonk", it makes you sound like a compete mo--n and casts doubt upon any point you are attempting to make.

Risk should have their bonuses slashed big time. They fail and fail again, their bonus should be 0% for this year and every year after until this is resolved. How many years are we going to play this game. They're already overstaffed about 4:1 compared to other banks this size. Mandy should be fired.

Don't worry Mandy will dye her hair another color and get a crew cut, everything will be ok.

Cant we all just get along?

I feel like Rodney over here

Everyone in Risk should have this taken out of their bonus.

Does this come out of Mandy's paycheck?

$250M only, not a big deal ... cha ching!

Hey, where’s the A ho-e who always yells fake news anytime this story was posted?

Smells Fartgo saved 10xx this fine skimping on raises this year "big woop cost of doing bisness" WFC STOCK TO THE MOOON

Thread regarding Wells Fargo & Co. layoffs

Wells Fargo receives another $250,000,000 fine - this time by OCC - for failing to address mortgage issues

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