The Wells Fargo Board STILL Asleep at the Wheel

They were found to be scathingly negligent during Stumpf. Resisted accountability during Sloan. The Board’s Chair quit in 2020, ahead of a critical Congressional hearing, while working side-by-side with Scharf.

Reflecting an undeniable conflict of interest, Scharf is member of the very BOD whose responsibility it is to govern him.

Fast forward to 2023 and the names have changed but the failures continue. The following management failures and violations occurred under Scharf’s lead and this current Board’s failure to govern:

Ongoing inability to meet legal and regulatory requirements
Failure to win back trust of customers and employees
Fake interviews of minority and female candidates
Buying our way out of trouble, settling lawsuits yet never admitting fault
Overcharging employees for company stock in 401(k)
Zelle fraud
Illegal restriction of Union Activism
Evasive and misleading CEO
Fraudulent fees
Overcharged 11,000 clients for investment advice
Mishandling of mortgages
Mishandling of PPP payments
Forbearance violations
Racial disparities in mortgage lending
In the midst of forcing 40,000 experienced employees out, our BOD finds $60 Million to invest into a Criminal Anti -Recidivism program which just so happens to be chaired by a former WFA executive.
Anti-money laundering violations
Whats App violations
Routinely vote down ALL shareholder proposals
Sanctioned for lack of progress addressing long standing problems
Our BOD is so brazen as to approve wasting $30 Billion on a Company Stock Buyback while we’re still under a crippling Asset Cap.

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7 replies (most recent on top)

The big problem is that since most shares are held by funds, the Vanguards and Blackrocks do the voting and they just vote with management. The SEC needs to make them vote more responsibly.

Most bank CEOs are part of the BOD. They didn't allow Schart to be Chairman like previous regimes since Coach K, Stumpy, and Sloan drove it into the ground. Schart really should be fired for an undeniable lack of progress and inability to do anything other than layoff US employees, outsource to IP, and manufacture stonk buybacks to pad his own stonk options. It's all been designed with culpability under the "refreshed' BOD that had no oversight at all under previous regimes. This BOD is again clearly in bed with the CEO and the OC to pad their own bottom lines and golden parachutes at the expense/determent of hard working employees and shareholders.

@cqw+1p0aOAo7 Maybe an unpopular opinion, but I agree. I have posted on here before that all of the mergers and lack of integration over the past 15 years is the main reason why the efficiency ratio is where it is.

The 40K jobs needed to happen. This bank had/has a lot of overlap in tasks. The mergers that took place rarely had massive layoffs after them. The mergers bought in different systems and instead of migrating into one system, they let them stay. The peer banks had no problem letting people go and integrating systems and thats why they are in better shape. This bank still had cultures running in silos in different LOBs and locations (Wachovia, Norwest and AG Edwards and others) never were assimilated into one WF culture and its the reason why things are the way they are today....

Make your shareholder vote count next shareholder meeting; it's not that far away.

The ceo has the board in his pockets. When was the last time the current board took any disciplinary action against anyone?

They say the best way to rob a bank is to run one.

Thread regarding Wells Fargo & Co. layoffs

The Wells Fargo Board STILL Asleep at the Wheel

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