Is it me or does this place spend 95% of its time trying to made some gov't entity happy. Customers wonder why the focus isn't on better customer service etc... it's like all the resources here are focused on keeping gov't entities and the related bloat happy. I've floated around the bank in a number of roles and this always seems to be the case. If the bank doesn't have the knowledge they hire consultants who feed off the place by typically never fixing the problem but by giving the illusion of working toward a fix. I think that's the problem with the place there's so little time to focus on the customer and their needs, resources are all wasted on filling out paper work, doing projects to make the gov't happy, or creating internal programs for political reasons. Nothing is simple, everything has to be complex, bloated and slow.
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I said OFAC when I meant OCC earlier, blasted compliance courses got me confused on which acronym goes with which.
It wasn't all that long ago that the OFAC found several other big banks engaged in the same behavior as Wells Fargo, but they chose NOT to name them. Wells Fargo is a scape goat. By not naming the others, the "feds" can protect the illusion that the industry is just fine. Instead of treating those other corrupt institutions the same, Warren and those in the feds, just dish out the punishment to Wells (not saying Wells is innocent).
In 2020, the average lifespan of a company on Standard and Poor's 500 Index was just over 21 years. As companies get bigger, they spend more time servicing themselves. Regulations, internal things and less time on their customers. Then they fail, smaller company thats still hungry and customer centric takes over. Cycle repeats
Wait! What! We're supposed to be a "Bank"....?
Nothing that I do in my job has ANYTHING to do with the financial industry. If anything, my job is nothing more than busy-work about other busy-work.
@1sbq This is incredibly naive. The culture here is rancid and there are still plenty of unethical and criminal elements that persist.
@loy+
Kinda doubt you work here but let's get something straight, there's no criminals here. Anyone even remotely associated with wrong doing was fired like a lifetime ago. Your running around slandering innocent people of being criminals. Do you not understand the harm you're doing? Your worse than even the former executives here.
Maybe Wells should focus on not committing crimes instead of whining that others also commit them.
Tye funny thing is that all the banks practically do the exact same things as Wells. They just under the microscope. Wells is like an ATM for the government.
DEI is more important than serving our customers.
"...so as you can see, Senator, Wells Fargo's problem is that we're actually too good at obeying the law."
@gjv+
you must be working at another bank. All I see is gross over spending and massive budgets on meeting endless regulator demands. The problem is the regulators have been corrupted by political theatre. If you think this place is bad.. Please just have a look at JPM or B of A, those are 30 times more corrupt. The worst part is we're now managed by ton's of ex JP Morgan management, worse than the mafia, it makes it almost hard to believe the regulators were so short sighted.
Charlie is more into lining his own pockets than pleasing regulators. He is putting in the bare minimum effort to improve anything at the bank.
Are you seeing any meaningful procedural improvements in your area that prove his dedication to integrity, ethics, improving customer trust in the bank? All I see are cost-cutting measures that make it more difficult to do things correctly: zero improvements to technology, vowing to send a lot more work along with customer private data to third-world countries, lay-offs leaving departments extremely short-handed, encouragement to not come down too hard on profit-centers. The joke is on the regulators (as well as the employees and the shareholders) as far as our CEO is concerned. This is just a big money grab for him.
Banks make money off lending the feds money. Who do you think they're going to answer to?
Just wait, all these non-bank financial places are about to get slapped with regs. They aren’t going to be able to continually hide behind, “but, but, but we aren’t a bank…” anymore.
If you don’t like it, go to a credit union or credit card company like Discover.
That's what happens when you sc--w over and harm customers for years and pay billions in fines for it. You then get things like consent orders, mras, mrias, etc and then all you do is answer to the government because you're no longer running a bank but answering to regulators. This is the part that you, former failed executives and many don't get. This is a regulated company, don't run it well and you'll be under the regulatory thumb. It kinda works like the criminal justice system, if you can't effectively manage yourself and business and commit crimes against persons, the system will manage you and you'll lose freedom to self govern.
The critique isn't wrong, but it's how things work at any too-big-to-fail bank. Process and compliance now takes more of my time than actual productive work for my internal clients. It wasn't that way 10 years ago.