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Wells Fargo to the dudes and dudettes, we got 'da clause, arbitration baby...
Wells Fargo losing more business. I don't recall whether the city/local governments of Minneapolis/St. Paul finalized their money withdrawal from WF last month; but a vote was pending, I do believe.
Read yesterday too, that new accounts opened were down 31% from their previous reporting period, as well as credit card acct. creations, and other related banking accts.
"Wells Fargo & Co. fired the head of its consumer credit-card business and three other senior managers... who won promotions as the bank’s top brass focused on cross-selling". "The bank didn’t specify... what conduct prompted the four managers to be ousted..."
But other than John Stumpf (who made such an impressive congressional appearance) all of the other "top brass" is still nice and snug, right?
I want someone to post numbers of new accounts opened at Wells Fargo vs number of accounts closed. If the former is higher, THAT is the real issue. Of course if the latter is more than zero, that's a problem as well.
People leave an underperforming mutual fund in droves because there are alternatives. It is frankly amazing to me what cluelessness or "since it has already happened it is less likely to happen at another bank" or sheer inertia, can perpetuate this sort of behavior.
Everyone needs to pledge to GO and stay FAR away from the WELLS.
@catch22. This thread has gotten so long, I missed it. I think we should have different threads, i.e. WF Fiasco March 2017, WF Fiasco April 2017, etc. And when I see pigs flying out my windows we will have one final thread - WF Stops operating as a financial institution.
Please keep publishing it. Will look forward to it.
@MFO Members: Every time another WFC negative message is posted I buy more of the stock. If it's good enough for Warren, 26.8 Billion worth, it's good enough for me. I expect a 10% increase in the stock price over the next six months, and a possible increase in the dividend. Regards, Ted https://www.fool.com/investing/2017/04/03/which-bank-stocks-does-warren-buffett-own.aspx
By Kathleen Pender, San Francisco Chronicle, April 5, 2017
Allegations against Wells Fargo spread beyond retail banking
"Wells Fargo fired at least two dozen employees in its credit card processing business for violating bank policies over the past two years and has overhauled the division after an internal probe found that some workers falsely reported customers’ sales and pushed small firms into costly contracts they didn’t understand, the Wall Street Journal reported Wednesday."
Hi @Old_Joe Your linked story is to a "him", and this link regards a lady manager who was terminated for reporting fraudulent account practices in 2011. There will be those customers who may remain locked into this bank, as it may be their only financial institution in a small community; but I surely hope those who pay attention and have other choices walk out the door with their money and others, to never walk into the WFC door to do business. Money leaving is the only reference for those high up on the management ladder regarding an apparent core culture that went way off the track. These type of cultures, many times; take a long time to correct. Sadly, some of the "regular employees, the good people" may be pushed out of a job from the ill doing of others.
@Catch22- Howdy. Not sure what you mean by Your linked story is to a "him". I ran the link and it does go to the correct article in the SF Chron, by Kathleen Pender.
Meaning that your link was for a different person. Yes, my written language descriptor wasn't well done. You linked article included: "pay $5.4 million to a former bank manager who was dismissed from his position". Tis why I stated: "Your linked story is to a "him", and this link regards a lady manager who was terminated for reporting fraudulent account practices in 2011. Having a bit of the winter blues today. The state has had a nasty low pressure system moving very slow causing loads of rain, some snow, some folks with freezing rain and very high winds. Too much rain is some areas and so other folks have or will have to worry about flooding. Temp all day in mid-30's. Sunday and Monday will be 70. Such is the fun of spring in Michigan. I need to ingest something shortly before my internal power source reads, "too low to recover normal brain cell activity". Thank you for helping me realign my writing.
"Scandal continues to weigh on Wells Fargo earnings"
"Wells Fargo’s first-quarter earnings beat estimates by a few cents per share, but its stock price fell 3.3 percent Thursday on concerns about the direct and indirect costs of the fake-account scandal that has rocked the bank."
"Wells Fargo & Co ( WFC ) may have opened as many as 3.5 million unauthorized customer accounts, far more than previously estimated ...
"The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators ..."
"The disclosure is a data breach that potentially violates a bevy of state and federal consumer data privacy laws that limit the release of personally identifiable customer information to outside parties."
“There are thousands of documents in here that the public should never see.”
WF issued the expected response: "Wells Fargo takes the security and privacy of our customers’ information seriously."
(In fairness, WF contracted an outside lawyer who was the one that released all the info.)
Comments
https://www.tapinto.net/towns/east-orange-slash-orange/sections/government/articles/east-orange-moves-to-divest-from-wells-fargo-joi
https://www.bloomberg.com/news/articles/2017-02-21/wells-fargo-fires-four-retail-executives-over-accounts-scandal
"Wells Fargo & Co. fired the head of its consumer credit-card business and three other senior managers... who won promotions as the bank’s top brass focused on cross-selling". "The bank didn’t specify... what conduct prompted the four managers to be ousted..."
But other than John Stumpf (who made such an impressive congressional appearance) all of the other "top brass" is still nice and snug, right?
http://www.marketwatch.com/story/wells-fargo-ceo-got-nearly-13-million-in-compensation-in-2016-2017-03-15
Derf
in a very under handed way...
in a very high handed manner....
People leave an underperforming mutual fund in droves because there are alternatives. It is frankly amazing to me what cluelessness or "since it has already happened it is less likely to happen at another bank" or sheer inertia, can perpetuate this sort of behavior.
Everyone needs to pledge to GO and stay FAR away from the WELLS.
I posted this link in this thread a month ago. Take a read, eh?
https://consumerist.com/2017/02/17/wells-fargos-new-account-openings-down-30-after-fake-account-fiasco/
Please keep publishing it. Will look forward to it.
Regards,
Ted
https://www.fool.com/investing/2017/04/03/which-bank-stocks-does-warren-buffett-own.aspx
Derf
Allegations against Wells Fargo spread beyond retail banking
"Wells Fargo fired at least two dozen employees in its credit card processing business for violating bank policies over the past two years and has overhauled the division after an internal probe found that some workers falsely reported customers’ sales and pushed small firms into costly contracts they didn’t understand, the Wall Street Journal reported Wednesday."
Link to complete article
Your linked story is to a "him", and this link regards a lady manager who was terminated for reporting fraudulent account practices in 2011.
There will be those customers who may remain locked into this bank, as it may be their only financial institution in a small community; but I surely hope those who pay attention and have other choices walk out the door with their money and others, to never walk into the WFC door to do business.
Money leaving is the only reference for those high up on the management ladder regarding an apparent core culture that went way off the track. These type of cultures, many times; take a long time to correct. Sadly, some of the "regular employees, the good people" may be pushed out of a job from the ill doing of others.
http://money.cnn.com/2017/04/06/investing/wells-fargo-whistleblower-retaliation-osha/
Regards- OJ
Having a bit of the winter blues today. The state has had a nasty low pressure system moving very slow causing loads of rain, some snow, some folks with freezing rain and very high winds. Too much rain is some areas and so other folks have or will have to worry about flooding. Temp all day in mid-30's. Sunday and Monday will be 70. Such is the fun of spring in Michigan.
I need to ingest something shortly before my internal power source reads, "too low to recover normal brain cell activity".
Thank you for helping me realign my writing.
U.S. regulator removes top bank examiner from Wells Fargo
http://www.cnbc.com/2017/04/07/us-regulator-removes-top-examiner-for-wells-fargo-sources.html
"Wells Fargo’s first-quarter earnings beat estimates by a few cents per share, but its stock price fell 3.3 percent Thursday on concerns about the direct and indirect costs of the fake-account scandal that has rocked the bank."
Article in SF Chronicle, By Kathleen Pender
April 13, 2017
(Also posted as separate thread)
"The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators ..."
Reuters: https://www.reuters.com/article/us-wells-fargo-accounts-idUSKBN1882UV
"Wells Fargo Accidentally Releases Trove of Data on Wealthy Clients"
https://www.nytimes.com/2017/07/21/business/dealbook/wells-fargo-confidential-data-release.html
"The disclosure is a data breach that potentially violates a bevy of state and federal consumer data privacy laws that limit the release of personally identifiable customer information to outside parties."
“There are thousands of documents in here that the public should never see.”
WF issued the expected response: "Wells Fargo takes the security and privacy of our customers’ information seriously."
(In fairness, WF contracted an outside lawyer who was the one that released all the info.)