for their roles in the sales scandal. The OCC also barred former CEO Stumpf from ever working at a bank again and ordered that he pay $17.5 million for his role in the scandal.
Wells Fargo claims that it has enacted measures with the goal of earning back the trust and confidence of its stakeholders, including clients, employees, investors and regulators. The bank intends to cease sales goals for its products and services, change the company’s compensation structure, so that it's tied to the best interests of its customers, and strengthen oversight of the large organization.
Dick Bove, a veteran Wall Street research analyst, believes that the bank faces a challenging future. Bove, “The turnaround of Wells Fargo is likely to take a minimum of three to five years. There are much better investments. Sell.” Bove maintains that about 20,000 employees—representing 10% of the workforce— may be downsized. Wells Fargo’s wealth management brokerage division saw a huge decline in its ranks.
A group of people may benefit from this fiasco. Compliance, legal, risk, audit and related professionals will see more job openings due to the settlement. The bank, pledging to increase its oversight, will most likely need people with a fresh perspective to join the bank to ensure this type of scandal doesn’t occur again.
They RIP off people for billions...get charged millions and lol all the way back to the bank.
Garbage bank always said
Not Enough !
Not enough
Shut them DOWN.
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