WF is increasing use of 3rd party vendors offshore for products, tools, and support at high velocity increasing risk and security issues. Hard to believe regulators are silent , not to mention WF leaders approving these moves, and the press and public. Look really hard at the vendors.
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Agree OP! The gov’t should make every bank create their own products for everything they do. They should create their own Workday solution for payroll and HR functions, create their own ticketing and service management tools, source code repository, and so on. We should also discontinue our reliance on vendors like Fed Reserve, Bloomberg, etc
I continue to be shocked by how many US jobs are having employees displaced and functions moved to India or the Philippines. Shocked regulators haven’t dug into that issue, but seem to not care. Maybe WF gives regulators so many things to look at that this has not registered yet.
Very true. Former regulator now at Wells Fargo. There is a lot of back and forth, which is why the OCC, FRB and FDIC were forced to pay more than the general schedule.
I think the OP brings up a valid concern, but nobody (in Authority) cares. The only thing that matters is "providing value to the shareholders."
Regulators? This is laughable. Bank regulators are to banks what the FDA is to pharma. One team.
Bankers leave for regulator jobs. Regulators leave for banking jobs. It is all incestuous. They don’t really care about any of this. It is all window dressing.
Wells Fargo just slipped up and got caught when a politician was looking for some clout with her voters.
This is new to WF. Other companies have been doing this for almost 20 years. Not a big deal.
Maybe because every other company already does this?
This is a legitimate concern.
There are so many crackpots on this board.