From 3/2019 Sloan testimony to Congress:
https://youtu.be/q-PMQxJOyB8?t=14000
About Rep Ly--h: https://ly--h.house.gov/
I am sure he would love to hear from you regarding Wells Fargo dumping American employees in favor of Indian and Philippines employees.
From testimony:
LY--H: In your case, you robbed your customers.
You robbed your customers.
We deal a lot with this committee on financial crimes enforcement.
A lot of those cases are people hacking or cyber criminals stealing funds from strangers.
But in YOUR case you robbed your customers, the people who came to you and trusted you.
So when you say, we made a mistake, ROBBING YOUR CUSTOMERS IS NOT A MISTAKE.
There is something deeper going wrong there.
You said, we had errors in those businesses.
Robbing your customer is not an error in business in the deepest sense.
There is something more sinister in that when people come to you and put deposits in your bank and you rob them. 3.5 MILLION! Fake accounts, and fake credit cards.
And I am just stunned - I don't know if I'm madder at Wells Fargo or at our regulators that they did not just step in, remove Mr. Stumpf and appoint a receiver for Wells Fargo and break you up.
You are still one of the 12th biggest bank in the world.
2 Trillion dollars in assets
And I think your conduct over the past decade has proven that you are way to big to even manage what you have going on right now.
You say you are going to make a difference now because everything is centralized.
The robbing of your customers was centralized.
THE ROBBING OF YOUR CUSTOMERS WAS CENTRALIZED.
- 5 Million - this was not an outlier, YOU FIRED 5300 EMPLOYEES
And they were fired for FOLLOWING COMPANY POLICY
Make no mistake 5300 PEOPLE DON'T GO ROGUE TOGETHER
These employees were FOLLOWING COMPANY POLICY
Its disgraceful.
You know, we have the FDIC one of your regulators, has grounds for removal and taking over the bank and breaking it up.
- If there was a willful violation concealment of the institutions books papers or assets
- If there was a violation of law or any sound practice that weakens the banks condition
- that's you, that's you all over, in terms of your bank
- If the bank was found guilty of any federal criminal money laundering offense
One of your employees was doing deals with the Sinaloa Cartel, allowing them to buy an aircraft and funded it thru Wells Fargo
https://en.wikipedia.org/wiki/Sinaloa_Cartel
You basically qualify for all the things that qualify the FDIC to remove the CEO and take over that bank, and I don't know why they haven't.
If you really wanna do the right thing? Put this bank on the right path - break it up. Decide how you would dismantle this so you wont lose all the jobs.
You are way to big, your conduct has been disgraceful, and I think you would serve your customers and serve the financial system and the country much better if you agree to just break up the bank in functioning pieces that are able to be accountable to their customers and to the general public.