Does anybody here believe that any of the many, many things we are being dragged for day and night by everybody under the sun don't happen at other big banks? They do! Everybody knows this. Yet it's always Wells Fargo that's the subject of articles, reports, investigations, and whatnot. Can somebody please explain to me why that's the case?
23 replies (most recent on top)
Some people here need to spend some quality time on the WF wikipedia page, where there's a pretty good list of about 30 WF crimes and scandals.
Then check on a few other too big to fail outfits.
Wells was dirty, is dirty, and will always be dirty, because it gets the stock price up.
Post ID: @2vwc+1h5164Xo
Yeah, just ask Arthur Andersen, Facebook, Philip Morris, etc.
The only way to put a stop to it is to ditch the Brand.
In the minds of the public, WF means "old, tarnished gold". The company needs to be renamed something that resonates with the current generation. Call it "The Rainbow Bank" or something.
Sure it will still be as crooked as ever on the inside, but the kneejerk public assumption that "It's WF so it must be bad" will go away.
Is it a coincidence that, of all the people I know, the one I’d consider the most dishonest and unscrupulous (by a wide margin) works at Wells? I’ve also known some truly decent folks at Wells, but of those, two were squeezed out and another is ready to quit.
You’re right that the competitors across the street are doing the same things.
The difference is Wells is massively disorganized and sloppy with the execution. And management and execs have made everyone so miserable below them that there’s no sense of loyalty and the willingness to drop a dime to the media is greater
We provide cover for the rest of the financial industry. When another bank gets caught doing something, they can say, "But look at WF! We're not as bad as them!".
Wells Fargo is the best shitshow on the Planet. That's why.
"Poor wells fargo, always getting blamed for the crimes they commit."
@OP must be a GOP congressman.
Yep, definitely others fault we do wrong things. “All my friends do it”
Same reason McDonalds and Apple get dragged through the mud. They pick one example from each industry. McDonalds was picked on for employee wages. Never mind the fact Burger King, Wendy’s, and every other fast food place pays the same.
Can't imagine why new scandals keep emerging here when this place employs the kind of people who think that they're actually a witch hunt by the deep state, which was offended by Wells Fargo's incorruptibility lol
All started around the time Di-k Kovacevich was CEO. A little history, he basically set this bank on course to be the most valuable bank in the world, which it was for a very short time. This place was known for a decade plus for being the best run and managed bank in the world. When JPM and BAC had 90 Billion in fines this place had like like 6 billion. A number of events happened where the management team came off as acting like they knew better than big gov't, perfect example is this place saying they didn't need the 25B in bank bail out money but would take any hoo haa. So when this sales scandal broke under Stumpf, its turned into a windfall as easy target for politicians who already hated the smug management to also pick up votes from those who hated banks in big part because of the housing crisis. You ever wonder why JPM can rig metal markets or Libor or help Bernie Madoff, list is a mile long and that get's zero attention.. and we're still stuck on a decade old event about a bunch of empty accounts and endlessly in the news for being racist etc.. easy, they pi---d off the deep state.
Anyone pretending this started in 2016 hasn't been paying any attention and is just pushing an agenda. We've been a failed institution for much longer and we're being called on it well before this.
I was not part of the thievery that went on at Wells Fargo, as I luckily worked other areas. All I can say is that Weak-kneed Charles is not the answer.
Because we are caught up in a circular loop of unfathomable incompetence at the Executive Level. I see no path out unfortunately until such time as the organization begins to re-engage with those doing the work....rather than ordering tasks from outside of a position of experience.
While their historical family status or Ivy league schooling may place them in an Exec role (as we have seen top down), you don't know sh-t if you're not engaging with those really running the business below or having grown your career from there.
Wells Fargo put enormous pressure on the rank and file, ordinary people, essentially demanding they cheat their customers, more ordinary people.
If they had ripped off multi-millionaire investors in complicated schemes ordinary people don’t understand and have no access to, it might have been swept under the rug.
But they broke the trust of the general public with easy to understand rip-offs, thereby becoming a public enemy.
So now there’s no place to hide.
Wells is the low hanging fruit. The tree of financial institutions of enormous size. All began in 2016. JPM is scandalous in their ways of late but ignored as they are in the center of love (D.C. - NYC - Boston) triangle.
Wells Fargo is a dumpsterfire of a bank. No comparison to other big banks. No real leadership, just leeches suck profits until the end.
Too big to manage...Also when they merged other institutions, they never really had heavy layoffs. They tried to keep "everybody" and it came back and was their downfall. All those merged entities only had the WF name but was ran like separate firms which equal separate cultures. Hence why you have legacy Wachovia/ First Union questioning what legacy Norwest folk are doing vs Legacy WF we coast culture. Its just a mess.
Because it's poorly managed, poorly marketed, and lacks innovation.
WF has a self infected bullseye. Our senior leadership continues to blame the prior administration. They publicly promise to root out the cause and fail to deliver. At the same time they take on raises, bonuses, etc. Then, they push middle management to cut costs.
Senior leadership and the new BOD act just as bad as the previous folks. There is too much to be made for themselves. Every once in awhile they sacrifice a manager as token to the government.
The fact that we are lead by the flotsam and jetsam of another bank hasn't bothered any regulatory authority is astounding.
When the next banking crisis occurs, we will be the next in the sl------r line. Ever wonder why all the new systems are just like another banks?
Makes it easier to absorb.
A good 50% of us are just waiting for the package. This place forces everyone to look out for themselves.
If you know you’re going to dragged through the coals over it, then why do it? If you know you are the main target of bad publicity and governments, why continue the same behavior of peers. Rise above, do things the right way, let someone else be in the papers.
Too big to manage.