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5,300 Wells Fargo employees canned for creating false accounts

Discussion in 'Economy' started by Biker, Sep 9, 2016.

  1. Biker

    Biker Administrator Staff Member

    5,300 Wells Fargo employees fired after 2 million fake accounts discovered

    Words fail. And how they were able to perpetuate the practice for so long is mind boggling. You just KNOW that management knew about this. They'd have to with all those freaking penalty fees being assessed.
  2. ethics

    ethics Pomp-Dumpster Staff Member

    As an employee of Bank of America, this is awesome. :)
  3. SixofNine

    SixofNine Jedi Sage Staff Member

    I was trying to find out the name of the "third party consulting firm," but none of the news stories I have read names them.
    ethics likes this.
  4. Allene

    Allene Registered User

    I don't like that bank. We had to do business with them for a few months after we moved up here. They left us with a bad taste in our mouth.
  5. ShinyTop

    ShinyTop I know what is right or wrong!

    Quota to hit to keep job or qualify for bonus. Managers also had to hit quotas. So when managers discovered it they realized they would lose bonuses. And it got out of control. Happens in any business and government when there is not a robust department that checks everything and only reports to the top.
  6. ethics

    ethics Pomp-Dumpster Staff Member

  7. Biker

    Biker Administrator Staff Member

    Senators push Wells Fargo CEO on pay clawbacks after bogus accounts

    I have just one thing to say about that.

    B U L L S H I T !!!!!!
  8. Arc

    Arc Full Member

    Regarding the plethora of charges Wells Fargo is with a few exceptions guilty as charged. No doubt about it. One element of all the press and deserved venom tossed their way is that it is coming out like they are THE bank of fraud and theft and are the originators and stand alone bank doing what in the industry is known as gaming. The fact of the matter is most other major banks do the same thing. It is just Wells Fargo that is getting all of the press due to a couple of LA Times investigative stories that targeted not the banking industry but Wells Fargo. Those LAT investigation and stories started the ball rolling by some officials and the rest of the media and then the "watchers" followed from there.

    Does the fact that other banks do it also excuse Wells Fargo? Not in the least. But Wells Fargo is not the exception that they are made out to be.
  9. ethics

    ethics Pomp-Dumpster Staff Member

    Not true at all. WF has been hands off for years and has paid the least amount of penalties vs other banks.
  10. Arc

    Arc Full Member

    Are you responding to me or someone else? I don't understand what you are saying insofar as how it applies to what Wells Fargo is currently getting skewered for or the practice of gaming at Wells Fargo as well as at other banks in the industry.
    Last edited: Sep 22, 2016
  11. Biker

    Biker Administrator Staff Member

    Inside Wells Fargo, workers say the mood is grim

    Things just keep getting worse and worse within the company.

  12. dsl987

    dsl987 Member


    "The issue of workers being denied bathroom breaks is a troubling one that came up often during CNNMoney's conversations with employees. It's unclear how widespread the problem is now, but former and current employees say it's resulted in stomach-related ailments in the past."
  13. Biker

    Biker Administrator Staff Member

    Right? Any bets it's managements attempt to keep a reign on the employees to prevent them from talking to outsiders?
  14. ethics

    ethics Pomp-Dumpster Staff Member

    Wells Fargo has been the shittiest of all Banks for at least 5 years now. Trust me when I say this since I am well in depth in the industry.
    Allene likes this.
  15. Biker

    Biker Administrator Staff Member

    Wells Fargo asks U.S. court to dismiss account scandal lawsuit

    Don't see how they can get away with it as the arbitration kicks in when the customer is the one opening the account. Since they didn't open it, I'd think the courts would side with the consumer on this one.
    ethics likes this.
  16. Biker

    Biker Administrator Staff Member

    Ruh roh!

    Bank of America sued by FDIC for $542 million

    The timing smells more than just a bit cheesy with this. Dont' know what the statute of limitations would be on something like this, but 3 years seems awfully short if the feds are claiming that's the reason for filing.
  17. ethics

    ethics Pomp-Dumpster Staff Member

    If you read about the situation, there's a reason why BoA never paid anything to FDIC. A good reason.
  18. Biker

    Biker Administrator Staff Member

    Geeez. You just can't make this stuff up.

    Could you be a Wells Fargo account victim? 5 things to do

    Allene likes this.
  19. Allene

    Allene Registered User

    What a bunch of crooks!
    dsl987 likes this.

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