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  1. #21
    Registered User Semi Pro Member
    Posts
    269
    The hits keep coming for Wells Fargo. From a Bloomberg report:

    California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts.

    The suspension, in effect immediately, will remain in place for 12 months. A "permanent severance" will occur if the bank doesn’t change its practices, State Treasurer John Chiang said Wednesday. The state also won’t add to its investments in Wells Fargo securities. Chiang already replaced Wells Fargo with Loop Capital for two muni deals totaling about $527 million that will be sold next week.



  2. #22
    Registered User Junior Member
    Posts
    49

    Next Up: Morgan Stanley

    It looks like the crooked behavior is not limited to Wells Fargo. Massachusetts is now going after Morgan Stanely for running "unethical sales contests to cross sell products".

    Stay tuned.

  3. #23
    Registered User Pro Member
    Posts
    554
    Just saw that Strumpf is set to retire. Effective immediately.

    All I can say is: Finally!

  4. #24
    Registered User Semi Pro Member
    Posts
    270
    Good riddance.

    I'd like to see them claw back some of his salary as well (not just cancel some options).

  5. #25
    Registered User Junior Member
    Posts
    30
    Well, I was in a Wells Fargo today for a routine transaction. They might have eliminated the sales goal bonuses. But they did not eliminate the cross-selling. Which meant taking about 3x as long to get to my safety deposit box so I could be sold on a new credit card.

    Stay classy Wells Fargo.

    I'd move, but your branch is the closest to my home. Which is really convenient for a safety deposit box.

    Oh well.

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