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Wells Fargo slammed with $1B fine

By POLITICO

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  • Dominic Chu
    Dominic ChuMarkets Reporter at CNBC

    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...

  • Vidya S.
    Vidya S.

    A mere slap on the wrist - seems like no one is facing criminal charges for their negligence.

  • David Yakobovitch
    David YakobovitchAI Professor at Galvanize

    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.

  • Jing Cao
    Jing CaoQuartz

    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.

  • James Morgan
    James Morganvoter at Deplorable

    The fine should be more than the profit made.

  • Kwame Som-Pimpong
    Kwame Som-PimpongCofounder at CultureBanx

    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.

  • Andrew Riley
    Andrew Riley

    A Bil sounds like a lot, but they’ll get it back in the next 5.6 days of normal business.

  • Laurel Touby
    Laurel ToubyManaging Partner/GM at Supernode Ventures

    They deserve it.

  • richard marsiglia
    richard marsiglia

    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.

  • Bill M
    Bill M

    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.

  • Penny  Bishop
    Penny Bishop

    Wells Fargo should had been fined way more ~ 🤔

  • Kyo Kaku
    Kyo KakuVice President at China-Japan J/V

    wealth far gone...

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