- Jan 2019 “CEO Tim Sloan expects the bank to operate under the asset cap through the end of the year.”
- Nov 2019 “Wells Fargo CEO Charlie Scharf was hired in 2019 to resolve the lender’s regulatory growth restrictions.”
- Dec 2020 “Top WFC executives expect the sanction to stay in place until late 2021 at the earliest.”
- Dec 2020 “CEO Charlie Scharf said ‘I can’t speak for the regulators, but it is our top priority.’ “
- April 2021 “Bloomberg, citing anonymous top Wells Fargo executives, says asset cap could run in to 2022.”
- Sept 2021 “Fed’s Powell says asset cap to remain in place until bank fixes it’s widespread and pervasive problems.”
- Dec 2021 *If we don’t hear significant news about Wells Fargo’s progress in 2022, I would be very concerned how long the asset cap could stay in place.”
- Mar 2022 “Bringing in crisis management teams to repair Wells Fargo’s reputation is akin to placing bandages on self- inflicted wounds. Shuffling execs in an out of slots won’t do it.”
- Sept 2022 “Scharf emphasized enhancement and implementation of appropriate risk and control is the company’s #1 priority.”
- Dec 2022 “Wells Fargo closer to asset cap liftoff with 3.75B CFPB Settlement.”
- Jan 2023 “4Q22 Financial Results Expectations assume the asset cap will remain in place for 2023.”
- Later in Jan 2023 “Wells Fargo acknowledges asset cap to remain in place in to 2024.”
- Feb 2023 “Even if you assume Wells Fargo’s current CEO acted at all times with the intent and desire to fix the bank’s problems, he has nonetheless clearly failed.”
12 replies (most recent on top)
@khk+1n7E3wHP
Who are you to say. “ We are still …under the asset cap because ALL OF YOU …START DOING YOUR JOB!!!!”
OP was being facetious. Some of you people need to take a pill.
But RTO is a top priority..
But the chomos at JP skate free after a tiny 259 million fine
@khk+1n7E3wHP
Who are you to say. “ We are still …under the asset cap because ALL OF YOU …START DOING YOUR JOB!!!!”
All caps and 4 !!!!, you are on some kind of upper…
CS was hired to get rid of the Asset cap, but he failed and should be fired accordingly. It's a lucrative deal for CS, who has collected $80+ million over 3.5 years, yet he has failed to accomplish anything except sending American jobs to India and the Philippines. The losers in this situation are the shareholders and hardworking banking professionals like us in the US.
Solution is to hire another bank's managers. They know the banking model and processes. Get rid of current management. Keep the well trained and productive US workers.
We are still under the asset cap because ALL OF YOU aren’t doing your jobs. YOU are the ones failing. Get off this site and START DOING YOUR JOB!!!!
Therefore, Charlie Scharf should be fired! He clearly failed.
They’re more concerned about his pronouns.
This shows that Wells Fargo clearly has been trained to bend over and grasp its ankles. If you are not into this sort of thing the cognitive dissonance will increase each year you work at this bank.
Anyone ever hear of Breadcrumbing?? The term is used in relation to dating, but this post made me think of it and laugh.
Breadcrumbing is a manipulation tactic that strings a potential partner (shareholders??) along via quick messages leading the recipient to believe a relationship might form when it most likely will not.
4 Warning Signs of Breadcrumbing
- A lack of substance in communication ✔️
- An avoidance of commitment ✔️
- An inability to keep plans ✔️
- Infrequent communication ✔️
Is it Friday??
Charlie isn’t on a PIP yet?🥴
Nice summary! I don't know whether I should laugh or cry.