OCC & CFPB have recently warned Wells Fargo they may bring new sanctions over the company’s pace in fulfilling restitution. Consent orders signed w/agencies 3 yrs ago & bank has sought more time to get the work done.
Woops...
Not a good sign Chainsaw - while you too busy cuttin heads, these folks tired of your cr-p and getting ready to come for your b@lls.
Stonk go BO-M
Charlie is all hat and no cattle.
What do we do now that the Board has given him free reign to replace all the higher ups and they STILL can’t get us out from under the asset cap. There should be no higher priority than getting clear with the regulators.
Secondly, this is what happens when you alienate your employees. Either you have the common sense to get the team pulling together, united towards common goals. Or you have no common sense and you pit everyone against each other fighting for their own survival.
It’s like the mob. Follow the money.
The bank still relies too much on third parties which slows down work considerably. They have no vested interest in either getting it right or getting it done fast for obvious monetary reasons. They love the gravy train from billing.
This is why companies always owned their own software until the MBA graduates convinced people to outsource everything.
And there it is:
https://finance.yahoo.com/news/wells-fargo-risks-regulatory-action-171151456.html
Remember that old dog food commercial for Gravy Train where the animated chuck wagon goes around in circles? That’s WF now.
https://news.bloomberglaw.com/banking-law/wells-fargo-risks-new-regulatory-action-over-pace-of-restitution
I have been saying for quite some time that all these new hires were doing nothing but riding a gravy train. The bank is simply too big, and now it has the extra problem of being even more top heavy than before, all while competent people who do actual work flee.
It’s because he has no idea how to do it in the trenches since it wasn’t in his MBA courses how to actually do a job.
Where are you getting this from? Is it actual news or just opinion?