Wells Fargo fined $185M for dubious account openings

[dealmaker]

Federal judge dismisses suit by Wells Fargo 401(k) participants
A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income Security Act. The lawsuit stemmed from an action Sept. 8, 2016, when the federal Consumer Financial Protection Bureau fined Wells Fargo $100 million for its employees opening unauthorized deposit and credit card accounts without customers' knowledge.(Pensions & Investments)

 

[Overnight]

Think they whipped the heck out of their horses back in the day?

 

[lawrence-lugar]

Think they whipped the heck out of their horses back in the day?

When a company or organization or person talks about "together"...I kind of just assume they are full of shit,

Everyone just mainly, primarily looks out and cares for Numero Uno. themselves.
It's been like that since the beginning of time,

If you think someone cares for you, or your best interests...you're the sucker in the room, as they say,

 

[Sands]

I read almost the same article about HSBC too. Many of these sales teams aren't run with the rules in mind only to hit their numbers and get paid. Unfortunately then their due diligence responsibility gets shifted to others often if the onboarding loop isn't well set dodgy stuff gets through. im never surprised anymore to see this stuff come out. If people knew how their retail banks were run they'd keep their money under the mattress.

 

[dealmaker]

Warren Buffett says Wells Fargo 'incentivized bad behavior'
San Francisco-based bank Wells Fargo "incentivized bad behavior" for its employees, investor Warren Buffet said, which lead to an internal culture that made it more lucrative to meet sales quotas than help customers. Despite the bank's rocky last two years, Buffett told CNBC that he believes Wells Fargo's current CEO Tim Sloan has worked to rein in misconduct.(San Francisco Business Times)

 

[peter matthew matty]

Can anyone else enlighten on this story - Employee - Staff at the Firm - Customer Opened Account holders not asked for.

 

[dealmaker]

Wells Fargo shake-up continues with departure of four execs
Wells Fargo is making more changes to its risk management across the bank, just weeks after it was slapped with an enforcement action from the Federal Reserve. Wells Fargo told employees that four of its top risk-management executives are retiring and laid out a reorganization to manage risk.(Wall Street Journal)

 

[dealmaker]

Wells Fargo plans to integrate corporate, investment banks
Wells Fargo & Co. is planning to further integrate its corporate and investment banks in an effort to reduce costs and better serve its clients, people familiar with the matter said. The bank’s plans, which could lead to layoffs in the future, will affect some industry coverage groups, advisory teams, equity and debt capital markets origination and certain corporate-banking relationship managers, some of the people said.(Wall Street Journal)

 

[dealmaker]

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https://twitter.com/x/status/983420720754647041

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[dealmaker]

California treasurer calls for Wells Fargo CEO's ouster
California State Treasurer John Chiang called for the ouster of Wells Fargo's CEO Tim Sloan at the company's heated annual shareholder meeting in Des Moines, Iowa. Chiang was among Wells Fargo critics who spoke at Tuesday's meeting after a year of regulatory black eyes. Sloan has repeatedly said he is the right person for the job, and he reiterated the "significant" progress Wells Fargo has made. (Charlotte Observer)