In a regulatory filing Oct. 31, Wells Fargo revealed that it was once again under investigation, this time by the Securities and Exchange Commission (SEC).
The investigation relates to advisory account cash sweep options, according to the filing.
https://www.thestreet.com/banking/wells-fargo-confronts-a-whole-new-problem-for-account-holders
There are many reasons why people hate Wells Fargo. See these links:
https://www.reddit.com/r/personalfinance/comments/cy6wt5/why_does_everyone_hate_wells_fargo/?rdt=65222
https://www.quora.com/Why-does-everyone-hate-Wells-Fargo
https://www.facebook.com/ihatewellzfargo/
No surprise. Once corrupt always corrupt
In-person work showing it's truly value once again!
Advisory accounts are highway robbery. They benefit the brokerage firm over clients in most instances, except for those clients who trade often throughout the year. And bank sweep programs paying 0.15% interest on cash in this interest rate environment is the highest form of customer exploitation in all accounts, but especially advisory accounts.
Whatever rules are changed, purportedly in the customer’s best interests, I have full confidence that Wells Fargo will find a different way to continue to exploit our customers.
You would think with all of those well written policy manuals, all of those "business execution consultants" and all of that extensive testing this would have been caught. Wells Fargo is scandal to scandal.
Oh ... all of the banks are up today. Whole market is up. Yields are down. Something about a goldilocks' job report. Harder to get a job now means more pain for us laid off workers. Somehow this translates that the fed will not raise interest rates and thus no recession. Soft landing.
We just can't seem to get out of our own way. At least the market doesn't seem to care today, up >2% as I write this. This is probably what CS warned about during the earnings call