wells_fargo   58

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Wells Fargo: We can't be sued for lying to shareholders because it was obvious we were lying / Boing Boing
In other words, as the LA Times's Michael Hiltzik puts it, "We can’t be sued because no one believed us anyway."

The shareholder lawsuit focuses on the efforts by Sloan and his fellow executives to conceal the auto-loan scandal from the public. While they were trying to clean up the splatter from the bank’s most prominent scandal, in which sales representatives secretly opened millions of accounts for consumers in order to meet punishing work quotas, the executives consistently stated that they were investigating high and low to make sure the bank was otherwise clean and would fully disclose anything they discovered.
Wells_Fargo  lies  scandal  scam 
10 weeks ago by Quercki
Wells Fargo cuts 26,500 jobs, shutters branches, declares "excess capital" and drops $40.6 billion on stock buybacks / Boing Boing
Wells Fargo is America's most scandal-haunted bank, which is quite an accomplishment in a heavily competitive field; now the bank has started closing its branches and cutting jobs (after pressuring employees to commit mass fraud on pain of being fired and blacklisted from the industry).

The company has also declared itself to have an "excess of capital" and has committed to spending $40.6 billion on stock buybacks -- a form of financial engineering that drives up stock prices without improving the company's underlying financials or business. Some of Wells Fargo's largest individual shareholders are its executives, who've effectively just voted to give themselves massive, multi-million-dollar raises.

It is notable that Wells Fargo’s CEO describes the company as having an “excess of capital,” despite the fact that it is laying off workers, outsourcing jobs, and continuing to pay its employees nearly poverty-level wages. A fair wage for front-line bank workers is a critical part of the improved working conditions required to create an accountable financial institution that Wells Fargo has committed to being. Fair pay for workers helps companies attract and retain a qualified, committed workforce. It also provides economic security and autonomy, preventing workers from living paycheck to paycheck and being forced into a dependent work relationship that keeps them from speaking out when executives, like those at Wells Fargo, push them to commit fraud.
Wells_Fargo  evil  Trump  bank 
10 weeks ago by Quercki
Wells Fargo Discloses Tax-Credit Probe, Accidental Foreclosures - Bloomberg
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Wells Fargo & Co. disclosed another round of lapses and potential scandals in a quarterly report Friday, saying it faces a U.S. inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners.

Government agencies are examining how Wells Fargo negotiated and purchased “certain federal low-income housing tax credits in connection with the financing of low-income housing developments.” The San Francisco-based bank didn’t identify the agencies in the filing.

Separately, the bank said an internal review found it failed to grant about 625 customers modifications to mortgages even though they qualified for relief -- and that it ultimately carried out foreclosures on 400. The bank said it erred when calculating attorney fees for changes between 2010 and 2015, deeming some applicants ineligible. It set aside $8 million to make customers whole.

The disclosures add to almost two years of revelations about probes, misconduct and other lapses that have taken a toll on the firm’s reputation, business and relations with regulators, who in February imposed an unprecedented cap on the bank’s growth. In some cases, the firm discovered problems itself as part of a broad review its businesses and efforts to overhaul internal controls.
Wells_Fargo  crime  bank  house  car 
august 2018 by Quercki
Wells Fargo fined $1B for stealing cars and jacking houses / Boing Boing
Wells Fargo defrauded 800,000 car loan borrowers, forcing 274,000 of them into bankruptcy and stealing ("wrongfully repossessing") 25,000 cars; they also ripped off mortgage borrowers by failing to send them their paperwork until after the deadline for filing it and then fining them for not filing it on time.

Now, the Consumer Financial Protection Bureau has hit the bank with a $1 billion fine, in what may its last-ever action. That's because Trump appointed Mick Mulvaney to run it, and Mulvaney is on record as wanting to shut it down, requested no money from Congress for enforcement, and has launched no new investigations since Trump took office.

But they sure took a bite out of Wells Fargo, America's crookedest bank.
Wells_Fargo  steal  house  car  loans  criminal  20180420 
august 2018 by Quercki
Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back / Boing Boing
Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders.

Wells Fargo made its fraudulent deductions directly from its depositors' accounts, but the refunds will come by check, and only to the estimated 50% of customers who open bulk mailouts from their banks.

Wells Fargo also admits defrauding 800,000 car-loan borrowers and those suckers are also getting checks -- but only if they're owed less than $100. The people who were ripped off for more than a c-note will have to wait for the 'first phase" of payments to be processed to the small-dollar victims.
Wells_Fargo  mortgage  car  loan  fraud  bank 
february 2018 by Quercki
Judge questions Wells Fargo's $142-million class-action settlement over sham accounts - LA Times
In a filing Wednesday, U.S. District Judge Vince Chhabria asked attorneys on both sides for more information about claims made last week by plaintiffs’ attorneys that as many as 3.5 million bogus checking, savings and credit card accounts may have been created by the bank.
....
Chhabria has other issues with the proposed settlement too, suggesting that some terms will have to be changed.

For instance, attorneys representing clients in a separate class-action lawsuit over improper bank overdraft practices argued in a filing this week that the terms of the unauthorized accounts settlement could force their clients to give up their claims against the bank.

Chhabria said he thinks the settlement agreement should be rewritten to make clear that the overdraft claims are separate and not covered by the unauthorized accounts settlement.

That figure is far more than the 2.1 million accounts the bank had estimated when it reached a $185-million settlement with regulators in September.

Chhabria, in a request for additional information, questioned whether the parties have the ability to accurately estimate the number of bank customers who may be eligible to participate in the settlement.
Wells_Fargo  fraud 
may 2017 by Quercki
The Department of Labor's Wells Fargo whistleblower site has disappeared / Boing Boing
Shortly after Donald Trump was sworn in as president, the Department of Labor's whistleblower site -- for Wells Fargo employees who wanted to report fraud in the ongoing scandal affecting millions of Americans -- disappeared.

Donald Trump owes Wells Fargo more than $500,000,000.

The findings have not been made public, but a person familiar with the review said that OSHA’s San Francisco office, which handled the bulk of the Wells Fargo complaints, faced a particularly high caseload-to-staff ratio.

The review also found that OSHA does not have an effective case management system to track what is going on in the field, the person added.

Warren’s concerns could become an issue on Feb. 7, when fast-food executive Andrew Puzder is expected to appear for his confirmation hearing to become the next labor secretary.

Wells Fargo whistleblower site vanishes [New York Post/Reuters]
Trump  Wells_Fargo  conflict_of_interest  whistleblower 
january 2017 by Quercki
Your tax dollars subsidized $125m executive bonus for Wells Fargo exec who led massive fraud / Boing Boing
Normally, companies that give "performance pay" to their execs can only write off the first $1M: but when Wells Fargo gave $125M to Carrie Tolstedt (shown above receiving American Banker's 2010 award for being "the most powerful woman in banking") as she "retired" after overseeing a 5-year period in which Wells Fargo's top brass were aware that their employees were opening 2 million fake accounts in their customers' names, Wells structured the payment as a "bonus," meaning that the company took a $78 million off its taxes, pocketing $27m in savings.

This taxpayer-funded subsidy went to an executive who watched as the company fired multiple whistleblowers who reported the fraud, which ripped off and lowered credit ratings for millions of Wells Fargo customers. Under Wells's own rules, the company is entitled to claw back some of Tolstedt's bonus, but they have signalled that they will not do this.
Wells_Fargo  bank  fraud  taxes 
september 2016 by Quercki
Consumer-Friendly Checking Account Practices Vary Wildly From Bank To Bank
This chart (click to read at full size) shows the overall best/good practices scores for the surveyed banks. As you can see, no one is even close to perfect.
Unless you’ve been hiding under a bed for the last six years, you probably know that the banking industry isn’t exactly beloved by many American consumers. As a reaction to public sentiment (and threats of regulation), a number of banks have begun phasing in some more consumer-friendly practices, but a new study shows these changes are not industry-wide and that several banks are still years behind.

In the latest Safe Checking report [PDF] from the folks at the Pew Charitable Trust, researchers looked at disclosure, overdraft, and dispute resolution policies for the nation’s largest banks to determine if these institutions are being upfront, fair, and honest (or as upfront, fair, and honest as banks can be expected to be) with their customers about the ins and outs of their checking accounts.

Surprisingly, some of the most publicly reviled names in banking, including Bank of America and Citi, were among the institutions with the highest number of best and good practices. But let’s not go patting anyone on the back yet.

DISCLOSURES
Click on the image to see how each of the surveyed banks fared in the Disclosures categories.
For decades, reading and understanding all of the terms and disclosures for a basic checking account has required a magnifying glass, a dictionary, and several hours of time to spare.

For example, in 2011, Pew developed a model summary disclosure box that shows banks how they can concisely list the key fees and terms of a checking account in an easy-to-understand format. While 18 banks have since adopted a form based on the Pew model, only eight of the 50 largest banks — JPMorgan Chase, Bank of America, Citibank, Wells Fargo, TD Bank, Capital One, Fifth Third Bank, Webster Bank — have instituted this level of transparency on disclosures.

The rest of the banks are hit and miss in this category. For example, PNC is transparent about its overdraft transfer and penalty fees, but does not clearly disclose the opt-in policy for overdrafts. Meanwhile, Pew says that First Niagara Bank is not transparent in any of these categories.

Given the lack of standardization in the industry, Pew is asking the Consumer Financial Protection Bureau to require that banks provide information about checking account terms, conditions, and fees in a “uniform, concise, easy-to-read format that would be available online and in financial institutions’ branches.”

OVERDRAFTS
Click on the image to see how each of the surveyed banks fared in the Overdraft categories.
When it comes to actually overdrafting, Pew has several standards that fall under its best practices umbrella.

First, there are the banks that do not allow checking account customers to overdraft (or don’t charge a fee for overdrafting) at the ATM. Only six banks — Citibank, Charles Schwab, USAA, Ally, First Republic, and City National Bank — get a star here.

These same six banks plus Bank of America also have policies that keep basic checking account holders from overdrafting when they use debit cards to make purchases at the point-of-sale.

An even bigger concern — and one that is the subject of pending legislation — is the order in which banks process customers’ transactions. Many banks will process transactions in order from largest dollar amount to smallest.

For example: Say I have $125 in my checking account and the bank has three transactions — for $90, $15, and $50 — to process. If the bank processes these transactions in descending order, I will have overdrafted after the second transaction, incurring a $35 twice (for the $50 purchase and the $15 purchase) in addition to the $30 in actual overdrafts I will have incurred. So I’m now $100 in the hole to the bank.

If those transactions are processed in ascending order, I won’t overdraft until the third transaction. I’ll still have overdrafted $30, but will only incur one overdraft fee for $35, and thus only be $65 in debt to the bank.

According to Pew, the following banks do not engage in the practice of processing transactions from highest to lowest: Citibank, U.S. Bank, HSBC, BB&T, Charles Schwab, USAA, Bank of the West, Ally, First Republic, City National Bank, Frost Bank, OneWest Bank, Associated Bank, Zions First National, Signature Bank, Susquehanna Bank, and Bank of Hawaii.

Some banks — JPMorgan Chase, Wells Fargo, First Niagara, Fifth Third, TCF National, Comerica, Union Bank — only engage in limited reordering of transactions, a practice the Pew folks admit is better than nothing, but still not as consumer-friendly as it could be.

Other not-bad practices at some banks include set a threshold before charging the full overdraft penalty. Thus, overdrafting your account by a dollar or two at the following banks may not result in a whopping $35 fee: JPMorgan Chase, Wells Fargo, U.S. Bank, PNC, HSBC, BB&T, SunTrust, Capital One, Fifth Third, Charles Schwab, USAA, Bank of the West, Ally, City National Bank, Frost Bank, First Tennessee, OneWest, Zions First National, Webster Bank, TCF National, and Bank of Hawaii.

And the following few banks give customers a grace period to cover overdrafts, so that the customer might not get dinged for a fee if a transaction is processed the day before his paycheck is deposited: Wells Fargo, U.S. Bank, PNC, HSBC, Capital One, Fifth Third, Charles Schwab, Bank of the West, Webster Bank, and Bank of Hawaii.

DISPUTE RESOLUTION
Click on the image to see how each of the surveyed banks fared in the Dispute Resolution categories.
How banks handle complaints and disputes is one of the reasons many consumers have a distaste for the industry, which has a long history of staring blankly at customers with valid issues to resolve.

And it’s only gotten more complicated in recent years with the rush by all big companies to slap mandatory binding arbitration clauses in their contracts, stripping consumers of their right to challenge a dispute in the courtroom.

So it’s not surprising that only a handful of banks — Bank of America, PNC, TD Bank, HSBC, Capital One, Fifth Third Bank, RBS Citizens, Comerica, Bank of the West, Ally, First Republic, Commerce Bank, Signature Bank, Susquehanna Bank, and Bank of Hawaii — don’t currently have forced-arbitration clauses in their terms for checking account customers.

There are two additional banks — Charles Schwab and Associated Bank — that have arbitration clauses but don’t use these clauses to ban class-action lawsuits. However, it’s worth noting that Schwab’s decision to not ban class-action suits may be temporary, as the bank appeals its right to do so.

Of the banks that do have forced-arbitration clauses, there are six that do allow customers to opt out by notifying the institution in writing — JPMorgan Chase, SunTrust, KeyBank, Sovereign, First Niagara, and TCF National.

Additionally, 26 of the surveyed banks (see above chart for names) do not include a clause in their account agreements requiring consumers to pay the bank’s loss, costs, and expenses no matter the outcome of a dispute. And 34 of the banks have an arbitration exception that allows for certain disputes to be handled in small claims court.
Uncategorized  all_over_the_place  banks  overdrafts  overdraft_fees  jpmorgan_chase  bank_of_america  citibank  td_bank  capital_one  fifth_third_bank  Webster_Bank  wells_fargo  cfpb  from google
may 2013 by gingernormal
Your Retirement Plan – Wells Fargo
This site works best with Internet Explorer. [111912]
RETIREMENT  WELLS_FARGO 
november 2012 by jack33
Уровень зарплат в банках
Недавно я показывал средний уровень зарплаты в Citi. В продолжение темы рассмотрим оставшиеся банки. Глядя на Голдман, у вас должен произойти разрыв шаблона )) Бытует мнение, что банкиры сейчас одни из самых несчастных людей на планете. 350-360 тыс баксов в год говорят об обратном. Это средняя зарплата за год с учетом всех типов сотрудников. Трейдинговое подразделение может и по миллиону легко брать. В лучшие времена средняя зарплата была под 700 штук баксов! Так что есть резерв для экономии )) Горевать можно будет, если зарплаты упадут до среднего уровня по экономике, который составляет чуть выше 40 тыс в год.Даже с учетом резкого падения бонусов в GS, уровень оклада все равно сильно выше, чем в Morgan Stanley. . Там же номинальные бонусы с 2007 года не изменились. В Morgan Stanley получают в среднем около 250-270 штук баксов. Здесь правда стоит учитывать то, что в инвест.подразделениях сотрудники получают не только наличность, но и акции банка или опционыВот, сколько получают в JPM, BAC и WFC. Здесь на несколько порядков меньше, чем в инвестбанках.То, что так сильно подскочили доходы сотрудников в Bank of America связано во многом с тем, что было объединение с «элитными» и дорогостоящими сотрудниками из Merrill Lynch в 2008, что отразилось на конечных доходах. У Wells Fargo было слияние с Wachovia, хотя сотрудники этого банка никогда не отличались высокими доходами. Тем не менее, по факту выходит, что номинальные зарплаты с 2007 выросли более, чем на 20%. В JPM сотрудников особо не балуют.Далее покажу интересное соотношение – эффективность сотрудников.Допустим, Голдман платит сотрудникам по 350 тыс, но этого бы никогда не было, если бы они не приносили кратную пользу.Следующий коэффициент показывает соотношение доходов банка на одного сотрудника к расходам на зарплату на одного сотрудника. Если коэффициент равен трем, то на каждый доллар бонусов/зарплаты, сотрудники приносят банку 3 доллара. Т.е. приносят банку в 3 раза больше, чем банк им платит за работу (Голдман заплатил по 350 тыс, а каждый сотрудник в среднем принес Голдману чуть более 1 млн) Наиболее вменяемая кадровая политика сейчас в Citi. Они отжимают от каждого сотрудника почти по 4 бакса. Наиболее неадекватная кадровая политика в Morgan Stanley. В этом банке доходы сильно упали, а расходы на зарплату выросли – вот и результат. Раньше на каждый уплаченный доллар на зарплату, банк получал по 5 баксов, а сейчас чуть более двух баксов. Примерно аналогичная ситуация в Bank of America.В принципе, в последние 3 года есть прямая зависимость. Если сотрудники хотят увеличить свои бонусы на 20%, то они должны увеличить доходы банка примерно на 20%. Если доходы банка сократятся на 10%, то на аналогичную величину сократятся зарплаты сотрудникам. Особо четко это прослеживается в Голдмане. Там бонусы прямо привязаны к эффективности работы.Так же стоит отметить, что несмотря на "тяжелые времена" у бангстеров, бонусы по факту не сократились и кризис на сотрудниках практически никак не отразился (не считая инвестподразделений, которые понесли наибольшие потери и некоторых трейдеров). разумеется это относится к тем, кто сохранил работу. Нагрузка, ответственность выросла, но кто говорил, что будет легко?
morgan_stanley  citigroup  boa  goldman_sachs  зарплаты  jpmorgan  wells_fargo  from google
august 2012 by ktoeto

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