How long have we been at step 3 now?!? Since 2018 - 5 years!! I think the OCC has been more than patient with the a$$-clown who claims to be in charge of this “too big to manage” bank. Doesn’t help that $hitty Scharf is also an incompetent manager.
https://www.thestreet.com/banking/u-s-government-suggests-wells-fargo-big-banks-could-be-broken-up
The acting comptroller made it clear that sometimes when a bank grows "too big to manage," that can only be fixed by simplifying its operations "by divesting businesses, curtailing operations, and reducing complexity."
Hsu and the OCC use a four-level escalation framework that decides whether a bank should be broken up.
- Issue a non-public supervisory finding.
- Issuing public "enforcement actions, such as a consent order, which, depending on the infraction, could be paired with a civil money penalty," Hsu said.
- Put a growth limit on the bank.
- Breaking up the bank.