This is following WF moving Triage and a large number of risk employees overseas to India. Not surprisingly, they’ve had huge issues with employee fraud since then. Good thing USB does everything that WF does…
https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-99.html
Wells leadership knows it can do (or in this case, not do) whatever it wants and life is still better than working somewhere like USB.
As long as USB runs their day to day operations out of India, consumer privacy is out the window. That will legit not change until they bring it back in house, in the US, with LOTS of security and oversight. Until then, customer data is a free for all commodity to sell.
USB has already been there done that with AC at the helm in 2017 when the sum of $613 million was paid over to the OCC, the Fed and the NYDFI for AML/KYC deficiencies, they will end up there again with services provided in the U.S. from overseas low cost bid locations, but when you can't afford to run your bank in the country it was originally chartered, there are much, much deeper problems to be addresses by the regulators and the shareholders