Wells-Fargo: Bringing America Together

Deckel · Sep 29, 2016

Been watching the testimony of the Wells Fargo CEO today. In an election year with radically polarized parties, nothing is bringing the Congress together like ripping this guy a new butt hole. Unfortunately they will eventually kick him to the curb and continue on bilking people out of billions, but it is at least good to see for a day the radical left and the radical right united on something.

waltky · Dec 13, 2016

Regulators place Wells Fargo under limitations...

Wells Fargo fails 'living will' test, faces restrictions: U.S. regulators
Tue Dec 13, 2016 | U.S. officials on Tuesday limited Wells Fargo & Co's ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy.

The ruling crowns a dismal year for the San Francisco lender roiling from a scandal in which bank employees created as many as 2 million accounts without customer authorization. Chief Executive Officer John Stumpf resigned in the wake of that controversy. Tuesday's ruling means the bank may not establish international bank entities or acquire non-bank subsidiaries, regulators said. On Tuesday, regulators determined for a second time this year that the Wells Fargo "living will" fell short.

A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado

Wells Fargo is one of eight leading banks that must outline how they would be unwound in an orderly way in bankruptcy. Wells Fargo was one of five banks to fail an initial assessment in April. State Street Corp (STT.N), JPMorgan Chase & Co (JPM.N), Bank of New York Mellon [BKNYK.UL] and Bank of America Corp (BAC.N) passed on Tuesday. Wells Fargo may submit an amended living will by March 31. The restrictions may then be lifted if the Federal Reserve and Federal Deposit Insurance Corporation allow. "We believe we will be able to address the concerns raised today in the March 2017 revised submission," the bank said in a statement.

TOO BIG TO FAIL

Living wills were conceived in the wake of the 2008 financial crisis when the downfall of several Wall Street banks sent shockwaves through global markets. U.S. taxpayers had to prop up banks that were deemed "too big to fail" and Congress vowed that such a rescue would not happen again. Now that it has failed to satisfy regulators, Wells Fargo is on a regulatory path that could end with the bank being ordered to shrink in two years.

The lender will have several chances to harden its business in the meantime and avoid such a measure. Regulators signaled that Wells Fargo's securities and investment banking unit is an area of concern and they threatened to cap its size if Wells cannot right itself. That business has grown increasingly important at the bank, but still accounts for just a fraction of total revenues.

http://www.reuters.com/article/us-usa-banks-wills-idUSKBN1422P7
Click to expand...

waltky · Dec 24, 2016

Whistleblower to testify in Wells Fargo probe...

U.S. Justice Dept. orders whistleblower to testify in Wells Fargo probe
Dec 23 2016 - The U.S. Department of Justice has subpoenaed a high-profile whistleblower in its criminal investigation into Wells Fargo & Co's opening of accounts without customer permission.

U.S. prosecutors in San Francisco have asked Wells Fargo banker Yesenia Guitron, who lost a private lawsuit against the fourth-largest lender, to testify before a grand jury in San Francisco on Tuesday, according to a subpoena dated Dec. 12, which was seen by Reuters. A Wells Fargo spokesman declined to comment.

Guitron is among at least five Wells Fargo employees who sued the bank or filed complaints with regulators alleging that they were fired after reporting the opening of customer accounts without their permission, according to a Reuters review of lawsuits and complaints to the U.S. Labor Department. The suits and complaints, filed between 2010 and 2014, raise questions about how early Wells Fargo knew about such allegations and how it handled them. San Francisco-based Wells Fargo reached a settlement with U.S. regulators and the Los Angeles city attorney in September.

The Justice Department subpoena directs Guitron to bring all documents related to her employment at Wells, including any related to sales practices, discipline "or other form of retaliation taken against you by Wells Fargo or Wells Fargo employees." Guitron and her lawyer were not immediately available for comment. A spokesman for the U.S. attorney for the Northern District of California, which issued the subpoena, declined comment.

A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois

The bank has acknowledged opening as many as 2 million accounts without customer permission, and it fired 5,300 employees for the behavior. Former staffers have publicly described a culture where they were pushed into hitting unrealistic sales targets and opened the sham accounts to do so. Wells Fargo chief executive John Stumpf resigned in October after intense questioning before Congress. Beyond the Justice Department probe, Wells Fargo is facing others from various lawmakers and regulators, including a criminal probe by the California attorney general's office.

Guitron and another personal banker, Judi Klosek, filed complaints with the Occupational Safety and Health Administration, as well as a joint federal lawsuit in 2010, claiming Wells Fargo retaliated against them for blowing the whistle on similar conduct. Guitron alleged that managers responded by falsifying a paper trail that purported to document her poor performance, forbidding her from taking family medical leave and firing her improperly. A federal judge ultimately dismissed all of Guitron's claims, saying Wells Fargo was justified in firing her because she failed to meet sales quotas and refused to meet with management.

http://www.reuters.com/article/us-wells-fargo-accounts-whistleblower-idUSKBN14C234
Click to expand...

Log in or Sign up

Wells-Fargo: Bringing America Together

Deckel Well-Known Member Past Donor

waltky Well-Known Member

waltky Well-Known Member

Share This Page

Log in or Sign up

Wells-Fargo: Bringing America Together

Deckel Well-Known Member Past Donor

waltky Well-Known Member

waltky Well-Known Member

Share This Page

Useful Searches