That in their aggressive cost-cutting efforts: Wells stops providing work-related cell phones, takes away Bloomberg, and forces us to use Wells Fargo-owned non-intuitive Symphony for instant messaging; and then gets busted to the tune of $200 Million for employees using WhatsApp??? 😏
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@ced I wouldn't call Morgan Stanley or JPMorgan or Merrill Ly--h a small or medium firm.
As has been said on other violations, these bank CEOs all chase each other around without much independent thought and then they all whine “But everybody else was doing it!” I think if we’re paying $24.5 Million per year to our CEO, and his new improved C-Suite pals are worth their exorbitant salaries - we shouldn’t keep getting caught with our pants down.
At some point the Offshoring shoe is going to drop and I will be among the first in line to say “I told you so!”
@xdi+1o0X784I
No, NOT all of our competitors. It was all small and medium firms. WF was the only large firm who violated the rules. So our actual competitors (large firms) all complied while once again WF wasn't following the rules.
OP you do realize this is an industry wide thing from the SEC right? ALL of our competitors in brokerage have been hit with this one. Several FA’s at different firms have been barred from the industry because of texting. Can’t blame this one on Chuckles and crew. We have Hearsay to use for texting because the firm can retain and monitor those.
$200 mil is just a "cost of doing business" charge. Forget the reputational damage. If Verizon can survive it, we can, right? Right? Do these guys take the annual ethics training like everyone else?
Well life has a funny way of sneaking up on you
Water always flows in the path of least resistance.