Reminder: WF may be bad; Citicorp and BoA have their own big problems too. Most large banks straddle the edge between lowering headcount and getting a compliance fine. Sometimes they fall off.
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Bank of America was fined over $1.2 billion by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) for failing to properly monitor transactions and report suspicious activity related to money laundering and other illicit activities. This fine is the third-largest in the Treasury Department's history. Additionally, the bank received a $750 million penalty from the Office of the Comptroller of the Currency for its deficient compliance program.
So it is pretty close to $2 billion.
Always interesting how the fines are much less than the benefits the company receives from these activities.
Now we know where some of the people ended up that got layoffs from Wells.
Graziani said on CNBC that the action came with only a fine—no “leash.” Asked what he meant, he replied: “A leash, like they did with Wells Fargo—an asset cap.”
I nearly asked my AI drawing tool for a government-owned dog on a chain and leash, named “Wells Fargo.”
This is d-mb
*1.2 billion lol
That's some crazy rounding up
Who said they didn't?
This is just whaboutism to run interference for WF for some odd reason