Guess who will pay for the $575?
Wells Fargo & Company WFC has finally settled numerous investigations and legal cases it had been involved in since the fake account scandal came into light. The bank will be paying about $575 million in order to clear the claims made by 50 states.
https://www.nasdaq.com/article/wells-fargo-ends-sales-scandal-investigation-with-50-states-cm1075848
Fed rate hikes are good for banks. If leadership is saying it's not good, they are lying, most likely to try and blame addtl. layoffs on it (just like they tried to say 10% staff reduction due to "changing landscape" and drive to digital instead of the real cause -- massive fraud committed by WF and customers closing all their accounts. Nice try, Tim Sloan and gang. We're not that stupid. How about trying some honesty for a change? Or have you forgotten what that looks like since you've been lying so long? Total disrespect for your employees.
Feds raising rates are generally good things for banks the only place it hurts is more people don't want to borrow
Wells is saying that the fed raising rates it going to hurt the bottom line this year.
I have no idea if that's just making an excuse or not, but I know it's not good for my continued employment at WF.
Yeah they knew they finna settle so on top of the 10% cost they'll cut every cost possible and sell off some financial products.