WELLS FARGO INVESTIGATION CONTINUED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Wells Fargo & Company - WFC
https://finance.yahoo.com/news/wells-fargo-investigation-continued-former-025000864.html
Pretty sure that this probe is gonna get to Elizabeth Warren monetizing our misfortunes.
@1fnw+1dIOndSY thinking any one person could turn this place around in 2 years is really out there. He's made progress but the issues run deeeeeeeeep.
As for me still working here, yup, you're right. Now would be a silly time to go with my 401k max match and bonus in the balance. I've given this company great solutions to the problems they have me working on despite the obstacles of clueless partners, management that pushes back against change with all their might and technology that is more suited for 1999 than 2021.
I'll take these successes to my next employer in 1Q22 with a clear conscience knowing I did my best while I was here.
Post ID: @qer+1dIOndSY
Well your post doesn’t sound like you’re much of a fan either. And you still work here? I think we’re all victims of Wells Fargo’s failure to lead ethically and responsibly: employees, customers, and shareholders.
Yes - I certainly do think for $24 to $30 million salary per year - a competent CEO should have this bank in much better shape after 2 years at the helm. He has, thus far, failed on his promises to “operate the company with the highest standards of operational excellence”. And he has failed on his promise to “make meeting regulatory his top priority”. Apparently, the OCC, the Federal Reserve and Senate Banking Committee agree.
@qer+1dIOndSY. Great post. Completely agree
@xqh+1dIOndSY the virtuous money left the stock long ago. To your point, anyone investing now knows exactly what they're getting . I would hardly call them victims at this point.
Same for those who still work here. You're part of the so-called ongoing fraudulent activity - if you believe that. Charlie is being honest about setbacks. Everyone from the outside thinks they can come in and clean it up. Then they get in and see the piles of issues that are there but not big enough to be a headline or reg finding. Decades of technical debt, groups that overengineered processes for the sole purpose of making themselves indispensable to support "kingdom building", legacy leadership full of mediocre talent who got where they are through nepotism and the good ole boy/gal network.
Can all that be fixed? Not really. So dress it up, dump as much of the excess as you can then break it up. It's the only workable solution.
I heard tech was impacted too
Post ID: @mts+1dIOndSY
How many billions of $ in regulatory fines and sanctions does it take for you to believe that Wells Fargo is not properly managed and there are “victims” resulting from ongoing fraudulent activities? Denial doesn’t work if you’re actually reading the news. Even Scharf has acknowledged that more regulatory setbacks are likely.
Better watch out-when you call out their BS fake news links they often come back with "That's what the MSM doesn't want YOU to SEE!"
And has what to do with layoffs?
It's a nonsense article. Just some ambulance chaser trying to get a class action suit going.
It's a press release, not a headline. Look at source: PRNEWSWIRE. I really can't believe people working at WFC can't tell the difference between news and and a press release that is essentially a free commercial.
That firm is looking for "victims" they can make a buck off of. If what they were claiming was true, and provable, there would be a law enforcement or regulatory response. Not the equivalent of a stockholder ambiance chaser "investigation".
It's really no wonder we're in the shape we are.