If you're banking with the San Francisco-based mega-bank Wells Fargo (WFC) - Get Free Report, you've likely noticed that the company just can’t seem to stay out of hot water. The last few months have seen the bank's name in headlines for a lot of very no-good reasons.
https://www.thestreet.com/investing/wells-fargo-faces-huge-fine-after-latest-scandal
Read the article referenced. Appears past issues from CFPB stemmed from WF auto lending. So yeah, let's just move the whole darn operation to India - that'll solve the problem! Below is from this exec''s LinkedIn post:
Sumit Sukhramani
• 3rd+
CIO - Head of Auto Lending Technology, Consumer Lending Technology at Wells Fargo
2w • 2 weeks ago
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The time spent with Consumer and Auto Lending business and technology team in Bangalore and Hyderabad was incredible. The customer focused solutions, adoption of banking product and platform architecture, learning journeys and innovation resonated loud and clear in every conversation.
Another highlight was having the Head of Auto Lending, Tanya Sanders and Head of Product & Innovation, Puneet Chandra join me on this visit. The level of excitement and engagement from teams was high and it was evident from the floor walks and Q&A at the combined townhall. Yes, we all dressed up in Indian ethnic wear!
We have exciting things lined up and #oneteam - product & technology is positioned for delivering customer delighting products #bankontech
In Hyderabad, the Consumer technology team spent time volunteering at Anudip Foundation. It is a skills and career development center which provides computer, finance and business training to marginalized youth. Our time was spent conducting mock interviews and coaching on - soft skills related to leadership and communication. This is an uplifting initiative and I applaud the support provided by Wells Fargo.
It the old joke updated. Why do people rob banks ? It's where they keep the money. Why do politicians fine banks ? It's where they keep the money, and the "big guy" gets another 10% plus glowing press from his sycophants.
I’m so Zelle and then the interviews with diverse candidates…. Sure we can pay something for those.
But 1 billion?! There wasn’t anything close to that much damage. It seems like we’re paying repeat fines for stuff we’d already paid for.
Can’t believe these regulatory bodies are able to bully us around like this. What garbage.
I can't tell you how frustrating it all is, WFB has not only lost the confidence of the consumers.....but also it's employees!
This latest nonsense opens the door to two things.....employees will be paid less to compensate for the fines assessed against the firm, and even more.......it opens the door to even more invasive spying on employees.
this is old news, why do you think we took a billion dollar charge last quarter?
This bank is so scr-wed. Charlie is a complete joke and an example of the worst CEO possible. God help us all to get through this.
How hard can it possibly to just make money honestly, do the right thing, as we are constantly reminded is our duty. Just makes me so sad. I have not admitted to working here for a long time either. I feel like a software engineer enabling a bunch of crooks.
Another billion dollar fine incoming. LMAO.
Noone else wanted the job as the board is focused on efficiency, aka reducing head count. Noone else wanted to be the axe man.
Surely there has to be a talented executive out there who wants to make a name for themself by turning this bank around, rather than another CEO who sees an opportunity to line his own pockets.
Everyone acts like we’re too big to turn around quickly. I think that is total bs. It really shouldn’t be that difficult to get someone ethical in here who knows how to lead, how to motivate and how to generate profits honestly. And for those of you who keep saying “Charlie is just doing what the Board wants him to do”, then we need a new Board.
It has to come from the top.
Frustrating to say the least. I stop telling people I work for this company. Fear losing friends.