You get the sense that time heals all wounds...Wells Fargo banking franchise likely survives this...and gets even bigger in the years to come...
A mere slap on the wrist - seems like no one is facing criminal charges for their negligence.
In the banking world, it’s always a number of sales and how to quickly monetize customers’ information into products. What Wells Fargo keeps doing is making mistakes by improperly handling customer accounts. While they are being stripped of autonomy from an executive leadership perspective today, the majority of the individuals and teams that launched these products are still scheming at the banks.
I’m curious whether the reputation hit Wells Fargo took was temporary — whether consumers have forgotten and are still using WF services at the same or higher levels.
The fine should be more than the profit made.
I think the problem with WF is that it's wounds aren't getting time to heal. It feels like a slow drip of bad news.
A Bil sounds like a lot, but they’ll get it back in the next 5.6 days of normal business.
They deserve it.
the fines go to the government as always. the fines should go to the Wells Fargo account holders who were affected by the underhanded practices.
Love that number BUT, you know the company was steadily setting money aside to pay the fine. Banks deal in money - no emotion. We just lust on the “Justice”.
Forced-placement of auto insurance is usually affirmed in the loan contract (disclosure). When the lender receives notice that their collateral is not covered, they place coverage and notify the borrower to produce proof of collision coverage.
Wells Fargo should had been fined way more ~ 🤔
wealth far gone...
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