Thread regarding Wells Fargo & Co. layoffs

Wells Fargo: A Lesson in the Importance of Trust & Fiduciary Care

Wells Fargo keeps struggling to reinvent itself. Starting in 2016, reports started surfacing about millions of fraudulent bank accounts being opened by branch employees, who told authorities they were under intense pressure to boost their sales numbers. That was followed by revelations about abuses in its auto lending and mortgage operations.

https://www.ifa.com/articles/wells-fargo-struggles-reinvention-trust

by Anonymous
| 899 views | | 3 replies (last September 20, 2023) | Reply
Post ID: @OP+1oGINP1q
Comment! It's anonymous!

3 replies (most recent on top)

@tfa+1oGINP1q
The points:

  1. Wells doesn't correct its mistakes in over the last 7 years. Management does not establish tested and review processes that would stop this.
  2. Wells is creative in repeating its mistakes. This time they took the "making client unauthorized credit card accounts" to "making client unauthorized bank accounts".
  3. This continuing fraudulent practice is exposed to the regulators. Competitors use this to get and retain clients.
  4. Wells continues to be fined as it lays off people.
by Anonymous
| | Reply
Post ID: @1irv+1oGINP1q

Such a wild coincidence that our hapless leaders never blindly let issues continue for years which advantage customers and disadvantage the bank. Or that our innocent blunders never happen to fall in the customers’ favor in the first place 😏.

“Oh what? We had ‘no idea’ we were overcharging 11,000 accounts from 2014 through 2022 uhhh that was a legacy issue- yeah…”

by Anonymous
| | Reply
Post ID: @hif+1oGINP1q

Wha is the point here? We all know this…

by Anonymous
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Post ID: @tfa+1oGINP1q

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