Wells Fargo fined $185M for dubious account openings

Discussion in 'Wall St. News' started by dealmaker, Sep 9, 2016.

  1. dealmaker

    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)
     
    #61     Sep 27, 2017
  2. Overnight

    Overnight

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


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    #62     Sep 27, 2017
    dealmaker likes this.
  3. When a company or organization or person talks about "together"...I kind of just assume they are full of shit, o_O

    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,
     
    #63     Sep 27, 2017
  4. Sands

    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.
     
    #64     Sep 27, 2017
    dealmaker likes this.
  5. dealmaker

    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)
     
    #65     Feb 27, 2018
  6. Can anyone else enlighten on this story - Employee - Staff at the Firm - Customer Opened Account holders not asked for.
     
    #66     Mar 10, 2018
  7. dealmaker

    dealmaker

    #67     Mar 26, 2018
  8. dealmaker

    dealmaker

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    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)
     
    #68     Apr 6, 2018
  9. dealmaker

    dealmaker

    ""
     
    #69     Apr 9, 2018
  10. dealmaker

    dealmaker

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    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)
     
    #70     Apr 25, 2018