Turns out, I think those at the top need to be lectured about reducing expenses, not the worker bees, because there goes another $250 million dollars. Cost of doing business folks! Think of all the things that billions and millions in fine monies paid in recent years could of gone to - more resources for team members, saving some jobs, etc. etc. What a shame.
All of this over the years is collective evidence the bank is just too big to manage. But when will the regulators ever realize that?
Wells Fargo pays penalty total $21 billions since 2000 but Wells Fargo executives, managers just ignore and escape from the problems of their own doing while they still collect fat paychecks, bonuses, stocks and promotions. Those Wells Fargo people in management from top down across all businesses and groups have zero credibility stop bullshitting. What do they do to deserve a six-figure salary position in Wells Fargo? All those Wells Fargo people should face immediate firings since they are obviously ineffective in actual jobs. Because the little people like us are subjugate to meaningless performance reviews from Wells Fargo HR CPD bureaucrats and evil managers make up lies to force ranking and threat about layoff/termination. Extremely disgusting Wells Fargo is full of hypocrisy, deceit and double standard at work.
Yep this is getting embarrassing. There was a proposal back in 2016 to give every customer some amount of money and just be done with it, but Sloan balked. So here we are… everyone I know who is working on remediations is miserable.
The real risk bloat is in second line. Total clown show. 10 overseers for every doer.
"When one consent order expires, two shall take it's place. Hail Hydra!"
It's absolutely ridiculous that the company can't gather the information required to address the issues. The data is out there and in many cases in the right systems to figure this out. Problem it the company often can't out of it's own way.
I'd also add that getting anything done is absurdly convoluted, involves way too many people, and takes way too long.
@odm has the correct answer
I thought the same thing when I read about the new fines. What a waste, especially during a time when we're cutting staff - the people who actually do the work.
Just imagine the incompetence of Government Affairs and Risk groups in this company!!!
How difficult is it to pay off victims of fraud as required when you've made more than enough to do so in a single quarter.
This is a quarter of a billion dollars down the drain.
It is time for heads of these incompetent executives to be on the chopping block.
Charlie and his team just love self inflicted wounds, be it putting their feet in their mouths or ..........too many to list, let me stop here.
Risk groups at bofa are not that much smaller. That is a lie.
Corporate Risk has shrunk 30% in the past past 2 years.
Front line risk is super bloated. Something will happen there.
I disagree, other banks like BOA have a balance sheet 50% bigger. They also have Risk Departments about 1/2 to 1/3 the size of WF. A big problem is 3rd party consultants don't want these orders to end, they make hundreds of millions off leaving things un fixed or making them take a decade to resolve. Contracts need to be directly tied to resolution quickly. Mandy and most of Risk should also not be paid a bonus till the house is in order, they play games to keep a over inflated headcount and as a power grab and the rest of the bank suffers endlessly picking up their expense tab.
That's roughly a decade of Charlie's salary, so we've now paid 12 years salary for 2 years of horrible performance.
Charlie should rename himself Doug Wilson.
They still have too many worthless execs and board members who's only purpose is to suck out as much money for themselves. That's the root cause of the issue.