…. for it’s role in turbocharging the opi--d crisis which has ki-led hundreds of thousands of Americans. This is in addition to the nearly $600 million they paid 4 years ago to settle with a coalition of state attorney generals for the same.
The story:
https://www.npr.org/2024/12/13/nx-s1-5155962/mckinsey-purdue-opi--d-prosecution-doj
Wells Fargo’s management consulting firm, McKinsey, has been described as “A Blight on the World”. They have been either directly involved in, or closely associated with, a number of notable scandals, involving the Enron disaster in 2001, an insider trading scandal with Galleon in 2009, fraud at Valeant in 2015, Saudi Arabia in 2018, China in 2018, ICE in 2019, and multiple conflicts of interest among others. Major news outlets, including The New York Times and ProPublica, have raised concerns about McKinsey's business practices.
——————————
I’ve read that McKinsey is involved in nearly every facet at Wells Fargo: shaping the strategy; managing enterprise-wide risk; advising on the build-out of Corporate and Investment Banking; blueprinting the new operating model; marketing and sales; the offshoring of IT and back office functions; WFH and RTO policies; heavily driving all the DE&I; and they have been intricately involved in downsizing to reduce overhead costs.
One has to ask why at least one of the brilliant minds on Wells Fargo’s Executive Team isn’t astute enough to question the bank’s ongoing reliance on a criminal and toxic company like McKinsey.
And I do not have an MBA from a prestigious school like NYU, therefore I probably do not possess all the critical thinking skills reportedly taught there - but why is it necessary for Wells Fargo to pay billions for outside expertise and skills?? Isn’t that what our executives are being paid their very large salaries for?