Wells Fargo was one of the more colorful of the big banks - there's a Wells Fargo stagecoach on exhibit in Los Angeles that I assume is genuine. It's too bad that the top management did not stick to original principles such as being of service to their customers. This won't kill the bank, and if any lessons have been learned, it may prosper again. Of course, there's a Chase office on every other corner around here...
Why is anyone or any corporate, LLC or small business still doing business with this crooked bank? Why aren't any of these folks in, or headed to jail? Grift on a multi-national level.
1
Why wasn't the entire board replaced?
2
I just finished closing my accounts at Wells Fargo. The local branch had very fine people but I was disgusted with the top managment. Jail time is the only truly effective way for this behavior to stop.
2
The Ayn Rand acolytes like Paul Ryan and Alan Greenspan still dwell in the fantasy that these companies would regulate themselves far more effectively than government agencies could, because when their reputations are at stake common sense would compel them to do the right things voluntarily. We see the fact again and again that absent hard constraints these thieves would steal the last dime from the people whose trust they seek.
5
Is the Fed holding the Directors "accountable?" Not really, accountability would consist of being led from a courtroom in shackles to serve a long term for gross negligence and willful blindness. The Directors should serve in the same federal prison as the bank executives with whom they colluded to complete massive fraud over a period of years.
2
Holding bank executives "accountable"? Laudable but laughable.
3
John Dugan's tenure as Controller of the Currency and his libertarian laisse faire attitude toward regulating financial institutions (i.e, enforcing regulations) set the tone for high risk banking. Of course, he was not alone. Start with Ayn Rand accolite Greenspan, throw in Paulson, Summers, Rubin, etc., etc.
1
“Wells originally got into trouble in 2016 for charging millions of customers for bank accounts they did not want and for auto insurance they did not need. The bank was repeatedly penalized and fined by regulators.” I don’t understand why some Wells Fargo employee or employees aren’t facing charges for fraud over this. I’m glad the Fed has gone up the food chain to hold the Board of Directors accountable, but the penalties imposed seem light. After this bank’s extensive and pervasive misbehavior, why is it still in business?
3
simple question: why are they still in business. They proved themselves unable to handle the responsibility of dealing with other people's money. Close them down, perhaps they should start an ice cream shop. From jail.
4
This is likely just posturing. The DOJ should have convicted a number of people for their crimes. What Wells Fargo did was legalized theft. Although, I expect the politicians and our so called justice system to be rigged for the wealthy.
What is deeply disturbing is that consumers still do business with them. Why? It's obvious that they are just stupid slaves who like a cruel master. My fellow americans are idiots who support criminality and like to be abused.
1
It's nowhere near strict enough - and says a lot about the bank's entitlement that they act so very offended that the announcement of the 4 dismissed board members hurts their feelings, because it seems like they might have done wrong.... while running a predatory bank that hurt millions of people, some severely. But it is a positive step, small as it is.
I too won't trust this bank for a very long time. Credit unions are better, and don't have these ethics problems - they were not in trouble and verging on collapse when half the banks were.
1
Government holding institutions to account? Whatever next- socialism? I jest and wish to see more action like this.
I switched from a major bank (the bankrupt Washington Mutual, not part of JPMChase) to a credit union, 10+ years ago, and have never looked back. In my opinion, these abuses should be cause for executive to go to jail. It's called 'fraud' and average people have been convicted for a lot less.
3
Is Elaine Chao still on the board? Elaine Chao, who the LATimes reports could be pulling in over $300K for rubber-stamping the CEO, is just the wife of the Senate Majority Leader, McConnell. No conflict of interest there, right? The term 'corporate governance' is a not-so-funny oxymoron. There IS no corporate governance. If there had been then the financial crisis of '07 would not--COULD not--have happened.
3
Yellen is gone. There is no indication that the Trump appointee will continue this alleged trend of holding anyone accountable when banks engage in fraud. Really holding Banks accountable would be jailing CEOs and making them pay damages to those harmed outnof their own pockets. Personal accountability, would be not allowing the "I'm just a billionaire CEO how could I be expected to know anything defense."
1
The executives and board members should all be personally at risk for fines and penalties for decisions under their control. Only people will really feel responsibility, accountability and consequences. Companies are not "people too". The execs responsible for 2008 it seems, all got away with their bonuses and retirement packages even as their companies closed or got rescued by US. Boards need to feel the heat of personal liability and accountability. Thats how most of us live anyway.
2
Well since board of directors are people too along with their companies they should be subject to our nation's laws. The 1% have gotten away with murder in this country.
1
Note: Accountable means NO jail terms for these crooks.
Corporations maybe people, but the Co. never does any time.
1
shareholders should vote on executive compensation
1
Nothing new here. Wells Fargo has been scamming customers for years. I left them in the 90s because of the way they managed to gouge my account on multiple occasions. I’ve been with the same reliable savings and loan since the Wells divorce. Much happier.
3
These boards need the heat put on them. They are way too friendly with the CEOs. Many Fortune 500 companies, not all but many, are led by overcompensated CEOs. It's time for these boards to take more responsibility.
1
I can't imagine the Trump administration, which itself has dodged accountability by hiding Trump's tax returns, will let this stand. The core of US banking is "private profit but public risk".
1
Wells certainly committed a great many criminal offenses in the last few years. But is micromanagement by the Fed, an government entity that is in itself largely unaccountable, the solution? I am sure the Sanders-Warren wing of the Democratic Party is thrilled, but this move by the Fed represents government overreach, a disappointment in the post-Obama environment. The correct response is to use the legal system and charge former CEO Sumpf and the former head of the consumer bank, Carrie Tolstedt, with crimes like wire fraud. Other managers should be charged criminally as well. The existing legal system can deal with this. The last thing we need is more Obama-Warren interference in the economy. The sight of a former CEO in jail should be all the deterrence we need.
The Wells Fargo board has 16 people. Ten have full time jobs. It's absurd to think that this group can adequately monitor a bank with over $2 trillion in assets and nearly 270,000 employees. A more effective approach is needed. The obvious solution is to rely more heavily on government regulators, which is anathema to business and free-market types but necessary in this era of banks that are "too big to fail." To do that, the U.S. has to revamp its system of banking regulation. Presently we have overlapping state and federal regulation and, at the federal level, at least ten agencies charged with regulating banks. Canada and Europe, especially, have more streamlined systems. The other change that would be needed is to better fund regulatory agencies. We should stop fooling ourselves that boards of directors are up to the task. They are not a panacea.
3
What a shame to see a once leading bank in our country come on such hard times. I worked at the bank before graduate school and the company was one of the best run banks in the nation in the 1980's. The CEO of Wells Fargo was considered a leading banking expert and was an advisor to Presidents.
Now, the bank appears to be stuck in an ethical quagmire of its own making. Executives are 'incented' to screw over customers and tell their staffs to pursue profits over relationships. We all know this is a recipe for disaster.
The CEO will resists stepping down for the next year but he will be forced out due to inability to corral the various problems. Time for a 'fixer' from outside the mess!
1
Time for the CEO to go to jail!
1
People in these comments like to disparage bitcoin. But, this is exactly the kind of trouble bitcoin can solve for everyone.
1
So, go from an inadequately regulated bank to a totally unregulated currency backed by nothing that has recently lost billions?
Nope, bitcoin isn't the solution to anything other than how to move drug money around without being caught.
2
Bravo to Janet Yellen’s last act.
4
Holding the Boards of banks accountable?! Now I know why the stock market is tanking.
2
The replaced directors will probably get their safety net perks and go to other banks to do their voodoo again.
The only way to stop this behavior is to send them to jail.
4
Notice it is never actually executive management who made mistakes? This was 'middle management'. In VW's case, it was 'a group of software developers.' It is insane to believe these employees were not getting pressure to makes sales better or cheat.
Everyone knows better, including The Fed and Well's Board, but just a wink and a nod will make it better.
1
It is about time. Now, maybe we can also add some social responsibility language too the enabling legislation for corporations.
Unless there is jail time they are not being held accountable.
3
I fired Wells Fargo 4 years ago after after a 30 year relationship. I caught them one time too many taking mom money. Bank error? When I studied probability and statistics I was taught that random error distributes evenly on either side of mean point. These "errors" were always in the bank's favor somehow. Therefore they are not errors but something else and that something is not good.
Fire your big bank and bank locally or with your credit union. It will be better for you, the economy, and your country. This is your country. Don't let the Rich Man take it away from you (as they used to say during The Depression). They have been fighting and winning class war since Regan. Don't kid yourself otherwise.
5
A slap on the wrist does not equal accountability.
2
Until long jail sentences are handed out to these people, including the CEO, they will keep doing this. I would bet my house on there being similar behaviour from another bank (and it could be Wells again) in a few years. Send them to jail. If it's good enough for blue collar criminals then it's good enough for white collar criminals.
3
Two letters saying ‘you are very naughty boys’ and capitulation to WFB’s definitoon that no increase in investments will mean averaging increases and decreases? Truly holding corporate boards to account has a long way to go
1
this company is rotten to it's core.
1
I for one am thrilled with the accountability and prosecution of all of these white collar criminals. It's LONG overdue. Time's up for all of these (mostly) white males.
1
Accountability? That typically isn't in the criteria for massive executive payouts. Jerks.
Drain the Wells Fargo swamp!
A sad day when we have to rely on the Fed to do what our politicians are supposed to do - but are too afraid to bite the hand that feeds them. And this is bipartisan corruption - the Obama administration went easy on Wells Fargo, too.
3
Obama and company went too easy on all Financials and their CEO's. He was also happy taking their money too. Liars and hypocrites oh and spineless.
2
Yes
how about trying these guys on RICO charges?
I see that Wells Fargo officials were "irate" with the Fed's news release that stated that four Wells Fargo directors would be replaced. Good. Now they have a little idea of the anger felt by the millions of its customers when they learned that Wells Fargo had established bank accounts in their name without their consent. I suggest that the group of top Wells Fargo executives that met with the Fed at an "upscale surf-and-turf restaurant near the White House" now meet with each of its victimized customers at an "upscale restaurant" to apologize.
2
Oh no, a 'scathing letter,' ouch. Such draconian punishments. That'll show them. Being removed from the board is only slightly more.
What about clawbacks or felony convictions? That's being 'held accountable'
2
Almost as good as Hillary Clinton telling those big bad financial guys to "Knock it off"................
2
Wells Fargo should have been run out of business. That would been a clear message about how a company should be run.
1
Can someone explain to me how having to leave a million dollar job for another one is considered being held "accountable"?
I thought going to jail was holding someone accountable.
3
Big shift by the Fed?
I'll believe it when even one of these crooks actually goes to prison.
2
It is quite remarkable that crimes of this magnitude have never led to jail time for the perpetrators.
It seems the classical Marxist view of utter corruption by the agents of capitalism is correct, much to my surprise, after decades of my fighting that view.
Let's say the obvious: grossly fraudulent behavior by large corporations should be punished as it should be for people. Jail time.
Criminal intent is proven by hosts of emails and plans.
It is truly remarkable that this slap in the face (gentle as it is) is considered a
step forward.
If we in our individual behavior, spent other people's money without their consent, the consequences would and should be severe.
These banks should be attacked as criminal enterprises by the RICO statutes. Look them up in Wikipedia.
Wells Fargo and other banks that have been involved in MULTIPLE frauds
are obviously rackets.
They are protected by politicians and prosectors they support, usually legally, always unethically (i.e. with methods that would be illegal in the UK and the EU).
RICO is designed to deal with rackets.
The Marxist view of our capitalist society will be true until the
banks are exposed as racketeers.....and sent to jail.
I should live so long, as my grandmothers would say.
3
Swelling and then receding is great if you’re a wave watcher but a nightmare if your house is on the cliff above.
Sorry, but NONE of this (summary below) really seems close to the level of "accountability" that a repeat-offender Big Bank like Wells merits for its repeated fraud, deception, and basically corporate criminal conduct.
If corporations are "people," then why not hold some of the people there accountable in terms of criminal punishments, including jail, for criminal conduct? Until that happens again (cf 80s and Milken / Boesky, etc.), corporate criminality will continue unabated!
"Holding corporate boards accountable... The Fed ... wanted to send a message to the Wells board that it would be held responsible for the company’s behavior. … Wells Fargo, one of the country’s largest banks, was banned from getting bigger until it can convince regulators that it has cleaned up its act … the Fed and Wells said the bank would replace four members of its 16-member board"
1
Call me underwhelmed, but the “penalty” was that Wells Fargo cannot grow larger until it changes its culture?
Like what we saw under the Obama administration the people who are in charge of rouge banks like Wells Fargo will not see any jail time and will only receive a slap on the wrist and golden parachutes.
Meanwhile, the pressure on the employees of all banks to sell products in an unethical manner still continues in a more subtile manner because banks continue to base so much of an employee’s salary on the insanity of sales, instead of good customer service.
1
And the Oracle of Omaha is silent once again on his lucrative investments in the unethical firms he invests in. Pays better than a 3G dividend.
Amidst banking scandals in Sweden in the early 1990s, Sweden sent the culprit CEOs to jail. Seems Sweden has had few such bank scandals since.
I would prefer the people at Wells Fargo who dreamed up and carried out these criminal schemes on unsuspecting customers go directly to jail (do not pass Go and do not collect any money).
The top bank officials who are responsible and accountable to bank customers should be fined heavily and fired. If any top bank officials knew about the schemes and turned a blind eye, they too should go to jail.
Reorganize Wells Fargo's top supervisory structure, but don't penalize all Wells Fargo employees who knew nothing about the fraudulent activities or who knew and tried to do something but were ignored.
We closed our Wells Fargo accounts after we heard about the flagrant fraudulent schemes and wrongdoing to customers. We transferred our money to a university credit union and are very pleased and glad we did.
1
All these fines are a joke, and just a cost of doing business. If only I could do the same thing as individual - break the law, get truckload of money, and then pay 2% fine from profiles as the "consequence"! Great business!
1
It's about time that Wells Fargo was censured. There should be no change to Dodd Frank towards these big banks, with one exception:
The principals at the top should be prosecuted like everyone else in the United States who has committed these types of crimes, convicted and go to jail.
...And their cell mate Bubba would teach them some respect for the law and society.
4
Somewhere along the way, corporations and banks turned away from focusing on their customers (who give them money) and shifted to caring more about their investors.
The money-chase and making profits to please investors (and enhance the "marketability" of CEOs) became the name of the game. And now we can see why that orientation encouraged fraudulent activity and got this country into one financial and criminal mess after another.
Money is a means to an end, not an end in itself, but such is our current business model and this is why it is doomed to fail in the long run. But then, where is the incentive to care about the long run?
3
Janet Yellen's Fed has done a great job; holding executives accountable was something that didn't happen in 2008, severely damaging the government's credibility. President Trump and the Anti-globalists have benefitted accordingly. The anger at the bailouts started by Bush hasn't gone away, despite the government getting back the bailout money when interest is included (see ProPublica's Bailout Tracker for details).
There is more to do, so we never repeat the crisis of 2008:
1. The top 5 banks have about 46% of the commercial banking assets; this has climbed from below 30% in 2000, with most of the increase in the 2003-2007 period prior to the crisis (go figure). Let's break up banks like Wells Fargo and separate investment and depository banking, to keep that concentration under 30%.
2. The Fed should directly control the required down payments on first and subsequent mortgages, as several other countries do. We should have a default goal of 20% for first homes, 40% for other homes, to prevent the speculation that drove the 2008 crisis. Those numbers can be marginally adjusted by the Fed as conditions warrant, but +/- 5% at most.
3. It looks like Wells has separated is Chair and CEO roles, but this is not the case in some other big banks. It is the board that is selected by shareholders to oversee management. To have the CEO and Chair the same person is asking the proverbial Fox to guard the Henhouse.
4
"Draconian?" Hardly. Once again, it is made clear that there are two levels in this supposed "Nation of laws": One for those of us who are just getting by and try to be decent, honest people, and another for those who are confident that they will never be held accountable for their illegal actions- other than a "scolding" and, perhaps, a mandated move from one comfortable board room to another, having resentfully negotiated a less favorable fine- still a tiny fraction of the company's profits.
I think our law, and policy, makers still do not comprehend the level of rage generated by events like this. If they did, and if they gave some thought to the country's future, we would be seeing a few well-coifed, handcuffed bank executives taking the walk they thought would never happen.
If the Democrats really want to be swept into power, this year and two years hence, one of the things they could do is make it clear that we would see such sights. Will they do so, biting (in many cases) the hands that feed them? We'll see.
6
Thank goodness misconduct is not illegal. What would happen to the financial industry if it was?
"Well, Wells Fargo will be more than happy to pay the fine. Will a check do?"
1
It's about time Wells Fargo and the other Robber Baron-owned banks are held accountable. Too big to "fail". NO - Too big to stay in business.
The investment community desperately wants to replace OUR government with their craps tables called "markets". Markets are supposed to SERVE business and governments, not own them. It is centuries past time for "investors" to be required to consider negative social ramifications before they can invest in any company or entity and it is time to regulate the hell out of them to keep them honest..
3
Janet L. Yellen, the Fed’s chairwoman, is right on the mark stating: "We cannot tolerate pervasive and persistent misconduct at any bank.”
Hallelujah - it has been long overdue.
Wells Fargo & Company Executives actually deserve jail time but that's not happening with Corporate America with their lawyers and lobbyists who know exactly how and what to do to prevent it from happening.
4
I fail to see how replacing only 4 of 16 members of the board is "holding Wells Fargo accountable". Secondly, why is the former COO (Sloan) who is now CEO not culpable in the scandal?
What has led our banking system to become so corrupt? Maybe it is well past the time to re-visit how top executives are compensated. Their appears to be several lacking elements in their performance criteria; honesty, trustworthiness, protection of the brand, etc. To me, this is more important than growth (in the stock price, in the assets) at any cost.
For example, this is actually the work of Norwest Corporation not Wells Fargo; the Wells Fargo "name" is all that is left of the unhealthy mergers between Wells Fargo and Norwest, and then "Wells Fargo" and Wachovia in 2008. How do you say "too big to fail"?
What is stopping us from another financial collapse like 2008? I am not sure if anything is. All you have to do is look to the uncontrolled mortgage industry, banking industry, student loan debts, credit card debts for a hint.
3
While dramatic, this is a toothless punishment. The fired directors will move to another “good ole boys” club while proclaiming the “injustice” of it all. There is no evidence that Wall Street “gets it”. These actions always end with clauses that state “no admission of wrong doing”.
These farces corrode the national psyche. Jail time with personal fines are needed.
3
Wells Fargo is a criminal enterprise. Not just one but multiple parts are guilty of heinous crimes against its customers. Why any state or local government has anything to do with it is a mystery.
3
When regular people commit crimes, they go to jail. That is accountability. Wells Fargo had committed fraud after fraud, (Google wells Fargo Moorgate fraud, for example), but the board of directors is not going to prison.
Wells Fargo should be closed and its board arrested and tried. That is accountability, not early retirement on a golden parachute.
4
It is very little very late. Yellen did NOTHING until she was virtually out the door. ALL banks that led the country into the 2006 recession should have had their growth capped and others allowed to pick up the slack. As it stands now, we still have the same 'too big to fail' group of banks.
The only thing that will keep them honest is holding individuals - not their corporate employers - accountable. Bannings for life and jail terms would give the country a far better financial system.
1
Criminal penalties for corporate wrongdoers (and their enablers) would bolster, not undermine, investor confidence. Why isn't that the most obvious thing in the world?
3
"The future of the bank’s board was a thornier issue. Wells had already replaced about half of its scandal-era directors. ... That would leave no more than three directors who had been around during the misconduct." It's deja vu all over again: " ... due to the instances of corporate malfeasances and accounting violations, the SEC recommended changes of the stock exchanges' regulations ... the New York Stock Exchange announced a new governance proposal, which was approved by the SEC ... The main provisions of the final NYSE proposal include: All companies must have a majority of independent directors. Independent directors must comply with an elaborate definition of independent directors. ... In addition to its regular sessions, the board should hold additional sessions without management." (Wikipedia) The year? 2002, after the Enron scandal.
1
So many well heeled criminals, so little punishment. The heist of the century, by several magnitudes, is pulled off in 2006-2008 and what do we get? Martha Stewart and Bernie Madoff. What do they get? Boat loads of cash. Crime and punishment are calculated by your address.
5
Well, Madoff is still in jail, so there is that consequence.
Could someone enlighten me about a report some time ago about Wells Fargo Bank and its enabling of corrupt use of private airplanes? I cannot find it by "googling". I do not recall the details but it seemed to me as I read the news item that it was another example of Wells Fargo Bank corruption.
My husband and I recently closed our Wells Fargo Bank savings and checking accounts.
1
There needs to be serious prison time for upper level managers in addition to claw back profits paid to them as a result of their malfeasance. Nothing sobers the mind like a stint in federal lockup
4
Wells Fargo stole from its customers multiple times. They fired employees who tried to protect those customers. They continued to bonus themselves. Wells Fargo is a corrupt and criminal entity. Where are the criminal charges?
9
The board members of big corporations get paid a lot of money and are responsible for what happens in the company. Therefore they should be held accountable personally and that notion might make for tighter control or regulation on the goings on.
5
You could think this is a strong move by the Fed to hold Wells Fargo accountable for its massive crimes against its customers. Well, until you read the final two sentences of this article:
"In a hastily convened conference call on Friday night, Mr. Sloan, Wells’s current chief, tried to reassure analysts and investors that the bank would be able to maneuver around the asset cap by selling certain assets and continuing to lend to customers. He estimated on the call that the Fed’s order could shave up to $400 million off the bank’s 2018 profits. That represents less than 2 percent of what Wells earned last year."
And, once again, because of the pathetic cowardice and fear of the U.S. Department of Justice when dealing with criminal bankers, no Wells Fargo executive or manager was prosecuted for stealing their customer's money.
4
Excellent! Can this trend of holding white-collar professionals please continue (dear, um, Trump Administration)? There's all the folks responsible for the 2008 housing crisis, then there's the folks responsible for the opioid crisis and the Sackler family... And on and on...
1
Exactly right LAGal. BODs and executive management at public companies need to be held to the same standards as you and I. Ordinary citizens would find themselves in jail for these types of crimes.
Unfortunately, this is Fed-directed and aimed at banks and financial institutions. I doubt the Trumpistas have any interest in extending this accountability outside of the banking sector.
3
Allegedly, the bank has a board of directors, and allegedly Warren Buffet is stockholder whom knows about banks. What if anything has he publicly said? The fines WFC incurs are not small. Their preffered stock appears nearly worthless. I Will Guess a book
is soon available.
Besides the usual needed jail time, perhaps gigabanks like Hells God-No (which is how you should respond if someone recommends those crooks to you) can be forced to replace their Board with an assembly of representative director-customers, one drawn from each county in which they operate from the poorest of their customers (or target-market residents, if none) in it.
That would force them to respect the will and needs of non-billionaires, and either cut per-director pay to reasonable levels or commit their fraud in fewer counties. Then they'll either behave more like a credit union, or fall to one.
They scam their customers for years, departing senior staff who cooked up the schemes get millions in golden parachutes, and the board chair who knowingly supported the actions gets a nasty letter. If a homeless person steals a candy bar from the 7-11 next door they go to jail, or should they sell cigaretes on the street corner without a license to support their family they get choked to death.
Why is is that no matter the scale of white collar crime--Wells engaging in a years-long pattern of illegal activity, Goldman Sachs scheming to corner the aluminum market, the financial crimes leading to the 2008 meltdown, a president who runs a phony university and whose real estate deals reek of money laundering--no one ever goes to jail? And after a few "tough letters" and watered down attempts at legislative fixes the process of corporate giants bilking the public (and getting huge tax breaks in the process) just rolls along.
17
"“We cannot tolerate pervasive and persistent misconduct at any bank,” Janet L. Yellen, the Fed’s chairwoman"
Misconduct? If I, personally, presented thousands of fraudulent documents in court that claimed I was the owner of homes in foreclosure and if I, personally, opened up hundreds of thousands of phony financial accounts in my clients' names, I believe I might be on the hook for more than "misconduct" if I were caught. I believe that, if apprehended and charged with these crimes, that I'd be living in a 6x8 cell for probably the rest of my life.
It's called FELONY not misconduct.
8
Yellen sent a very strong message to WF and other potentially bad actors. For once, the punishment appears to fit the crime.
1
Ten million American taxpayers homes were stolen with fake robogsigned mortgage paper with no criminal charges. What made us think millions of cases of identity theft and stolen wealth with illegal fees would raise a eyebrow?
7
You do realize how they will make even more money and stay under the Fed’s asset cap for the year. The bank will “optimize its balance sheet” via simply pushing out the door less productive accounts in checking, savings and brokerage areas. It is perfect excuse to dump money losers. If someone complains, “the Fed made us do it.”
1
Arrogance, indifference, no real change top down or bottom up.
The litany of malfeasance of Wealth Advisors using program trading to foil clients to believe their assets are being managed, charging 1.5% for nothing is criminal.
Customer service at all levels revolting: Hey, We are Wells Fargo, more important than our clients.
No integration with business lines means no transparency for clients.
Wells's CEO, Mr. Sloan, estimates that "the Fed's order could shave up to $400 million of the bank's 2018 profits." So, the banks total 2018 profits could be estimated as: 0.02X = $400 million; where X = 2018 Total Profits. So, X = $400 million/0.02; or X = $20,000 million, which equals $20 billion. If Wells's assets are limited to $2 trillion; then its return on Total Assets for 2018 could be estimated as: [($20 billion in Profit/$2 trillion in Total Assets) x 100 = ($20 billion in Profit/$2000 billion in Total Assets) x 100] = ($2/$200) x 100 = 1.0% Return on Total Assets; or an ROI of 1% on Total Assets.
For 2017, Wells reported about $20.6 billion in Profits with a total asset base of about $1,951 billion, or about $1.95 trillion in Total Assets. Its ROI on Total Assets for 2017 could be estimated as: [($20.6 billion/$1950 billion) = 1.0%]. Yet, Wells reported a return on its stockholders' equity of about 11.53% for 2017. Its assets were financed with debts of about $1.74 trillion; leaving stockholders' equity of about $207 billion [($1.95 trillion in Total Assets - $1.74 trillion in Debt) = $0.21 trillion, or $210 billion) in stockholders' equity funding. And, the ROI on stockholders' equity can be estimated as: ROI = Profit/Stockholders' Equity = $20.6 billion/$210 billion = $9.8%].
So, via the wise use of debt, termed leverage, Wells's CEO drove a 1% ROI on Total Assets into about a 10% ROI on stockholders' equity in 2017.
[JJL 2/5/18 11:10a Greenville NC]
If they committed a crime, and the board was complicit, they should be fined and serve time in prison in a manner appropriate to their crime. But of course, some bank attorney somewhere will review the Holder memo and look for a "too big to fail" opportunity to get them off with a fine.
Apparently it's necessary to point out that you can't just prosecute people because you think they're crooks (even if they obviously are), and need to be able to point to a specific law they've probably broken.
But then, it's apparently mecessary to point out that you can't GET specific laws against these sorts of financial crimes with right-wing loons controlling Congress.
Heck, those guys won't even go after Trump, and that guy's been lining his pockets in violation of the Constitution in the most obvious ways possible.
1
I work for Wells and I love it here. Yes, we had one division that did wrong, yet not all 271,000 of us did so please try to remember that. I can tell you many of the people who have been here 30 or more years are saddened that this happened and are glad we are being held accountable. We all know we need to help fix this yet some of the comments make it hard.
Also, please try to remember that our current Secretary of Transportation, and Mitch McConnell's wife, was on our board while all this was going on. Only reason she left was she got a new job.
29
It wasn't one division. Google wells Fargo frauds to see fraud in many divisions.
So because one of the most corrupt members of the GOP's wife was on the Wells Fargo board, that makes Wells Fargo's fraud OK?
The article starts with a detailed menu, included to outrage readers about those evil rich people and how they live. Very poor reporting and completely off target.
"That reflects a shift from regulators’ historically hands-off approach to corporate boards, and the boards’ role is likely to grow in importance as regulators appointed by President Trump and Republicans in Congress generally loosen the reins on big banks." So for decades, regulators have had a hands-off approach, but now that Trump is president, the reins will be loosened? If they've never really regulated the board, why is Trump even mentioned? Oh, I know why.... again, shame on these writers.
But the real question is why, when we have laws and regulations a apply to the board where they are to oversea the company and stop misconduct, why are those laws never applied? Why have boards not been culpable in the past. We know they haven't - just look at Freddie and Fannie. Boards have a fiduciary responsibility to the company and to the stock holders, these should not be mutually exclusive. But what happened at Wells Fargo where employees cheated the system to gain a larger bonus - that's on the board? Can anyone prove the board knew, and if they did, why weren't they already fined and fired. When an employee(s) goes rouge, it is the employee that should be fined and jailed. The logic used here is like that used by ATL teachers - 'we cheated because we'd get bigger bonuses; it wasn't our fault.'
The bank officials ate seafood on ice and sipped cocktails out of copper mugs? What a stupid way to begin a financial article. Would it be better if they ate at KFC. Also, how does the author know what they ate and if they enjoyed their crab legs? Who reviews these articles before they are published? Why not just say they ate cake while the masses starve.
1
Lying, cheating and stealing are current business models and practices today.
No biggie. They will get off Scot-free as white collar criminals usually do.
Crime DOES pay. It pays very, very well indeed.
2
Holding them accountable should mean putting them in jail when their "governance" allows for illegal and/or highly unethical activities to occur.
10
We closed our accounts at WF in 2010 and signed up at the local credit union. Credit unions have a nation wide system of ATMs. In addition they pay dividends every month on both checking and savings accounts. Ours just deposited over 500 dollars of rewards points from our credit card into our savings account. There are no charges when using an ATM in Europe unlike regular banks. We won't do business with any for-profit bank ever again. The ridiculous bonuses they pay their CEOs are the reason they nickel and dime their depositors for everything and try to sell unnecessary financial products. Thank you Janet Yellen for standing up to the crooks at WF. The bank is too big to fail and should be broken up. If it was smaller it would have been shut down.
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I, too, got out of the banks and hightailed it to a local credit union in 2009. Instantly, I reaped the rewards. Overdraft fees disappeared, which proved that my bank had been manipulating transactions so as to trigger them. Over the years, my credit union has helped me financially and provided sound advice and resources. I don't feel like prey.
Banks used to be like this. I recall one bank clerk I had, back in the 90s, that would actually call me up to warn me that I needed to make a deposit lest overdraft occur. Something changed with the banks and they won't reform.
1
We did the same thing and couldn't be happier with our credit union!
Totally agree regarding credit unions. If all you want is straightforward, every day banking it is costly to go to any commercial banks.
Reading our local credit union newsletters and updates, it is like being taken back in time. Here is the management doing its best to run the union for the benefit of the members and employees - just think of that!
I ended up with an IRA at Wells Fargo due to mergers and acquisitions.
This past year I called them up and told them that with all of the shenanigans going on there, I could no longer justify leaving any of my future retirement in their care.
I closed my account and rolled the funds over into another plan at a different institution. The Wells Fargo people were flabbergasted that I would do such a thing and offended with my attitude.
Need I say more?
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How did the Fed restructure incentives? Because that will get the job done, not restricting WF from growing. Two things: 1) The slow growth policy will probably harm employees as much as any other group in the medium and long term; and 2) This article contains the intimations of a belligerent relationship between the Fed and the bank, possibly setting up WF as a darling of the hard right who believes there should be no regulation of anything, ever. What could possibly go wrong?
It seems the incentive issue for directors and those in the C-suite should center on compensation and stock ownership. If the Wells Fargo board behaves like a bunch of short timers and short-term thinkers, incent the long view by making stock option vest five years after they are awarded. And yes, the geniuses who came up with the "let's rob our own customers" plan should face criminal penalties.
But the ultimate review of the Fed's lousy options is visible in the fact that Janet Yellen closed this deal as she was literally walking out the door. The banks owned her, enough to severely restrict her ability to punish outrageous behavior, they own us, and they will never be brought to heel. Bet on all these sanctions being lifted by June.
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Congratulations to the Fed for having the courage and conviction to stand up for what is right. Large banks even without the help of the Trump administration were again heading down the path that lead to the 2007-08 recession. With no consequences for those in charge. The people at the top were responsible for that catastrophe then and for promoting the idea that making money at all costs no matter who gets hurt is the goal here. Clearly the Trump administration wants to deregulate everything and in so doing will hurt the American consumer. The former Fed Chair and the new Fed chair saw this coming and took action, again congratulations.
15
Individuals must be held responsible for criminal acts they order. The current system only enforces fines against the corporation. The fines have no effect because they are anticipated in the institution's budget and don't cause any damage to their bottom line. Only individual culpability and the real threat of incarceration would wake up the executives and directors.
This institution has a history of "bad acts." The public must be protected. No bank is to big to fail.
7
Too little, too late, not often enough. And what happened to the golden parachutes and retirements of the perpetrators ? They should be only on Social Security after a stint in an orange suit. Our unequal justice system sows a lot of discord in society.
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Oh- the poor Board of Director members who will be removed- they will miss their annual stipend for about a minute and move on with their lives. I have yet to see any reporting on the after effects on the lives of those low level employees fired by Wells when they reported the scams created and managed by their superiors. It was called "willful blindness", and every year all of the bank employees had to certify they understood what this meant. I continue to see the names of people who were Market Managers and Area Presidents who drove these obscene sales practices in LinkedIn getting promotions. These Fed penalties have yet to put one person in jail- or hold them criminally responsible. The actions these people took are the definition of a criminal enterprise- yet they go untouched. Poor Stumpf and Tolstadt- getting let go- as multi-millionaires. Crime does pay.
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Good work, Janet Yellen, but buckle up for the deregulation, and loss of independence that will ensue for the Fed. It will be typical tRumpist.
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The only difference I see between Wells Fargo and WorldCom or Enron is that Wells Fargo wasn't losing money and lying about it; they were making money through lying, cheating, and stealing.
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This story just shows how deeply the biggest banks and other financial institutions control our government.
Wells Fargo, for years, in an ongoing, organized way, committed what can only be described as criminal fraud on a grand scale.
Who among its managers and directors that sanctioned this scheme are going to prison?
That a temporary cap on further growth and swapping out a few board seats is considered "draconian" is a joke.
2
Does anyone really think directors should do some thing beside collecting big checks and stock options.
Wells Fargo is a criminal enterprise, they have knowingly stolen from their customers for years. They have flouted several attempts at reform and been caught cheating again and again. The latest "sanctions" are simply the cost of doing business. The only way to stop further crimes on Wells part is to hold the officers personally responsible. The CEO should be arrested for fraud, running a criminal enterprise and violation of the corrupt practices act. If found guilty, he should be sentenced to a long prison term. When the 'banking bosses' know that they are personally liable, you can bet that you will see a clean bank. Any thing less than that is only so much bloviating.
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TERRIBLE LEGACIES
Attorneys General, Eric Holder and Loretta Lynch, left a terrible legacy while serving under President Obama by not bringing charges against those who precipitated the financial meltdown in 2008. Their inaction paved the way for continuing abuses like Wells Fargo's opening phony accounts for millions under then CEO, John Stumpf, because he could feel confident he would suffer no consequences. He and the Wells Fargo board members should face criminal charges because it is inconceivable they didn't inquire into the source of millions in new profits as a matter of course and should have discovered and stopped the fraud behind them. Instead, John Stumpf was retired with $133 million dollars.
Unfortunately, Holder's and Lynch's prosecutorial lethargy was probably condoned because of Mr. Obama's and other Democrats' need for corporate campaign donations that would have dried up if CEOs, Board members and other executives were held accountable for theft as are ordinary citizens. The corrupting effect of corporate campaign donations, allowed by the Citizens United decision, is a terrible legacy of the John Roberts' Court.
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Perhaps you could explain exactly which laws Stumpf and the other crooks broke. Be specific, please.
It seems only fair for you to do so, given that it's no mystery which ethical rules, parts of the Constitution, and Federal statutes against collusion Trump's being investigated over.
What I find most discouraging about this article is, the restaurant the CEO and others were having dinner at the evening before a meeting with the Fed. How crass, steaks, lobster tails, drinks from copper mugs. Clearly they haven't learned a thing from this black mark on Wells Fargo. All put on an expense account and paid for by the employees and shareholders.
They should have been eating at a fast food restaurant. But they never learn!
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I agree with most sentiments expressed below that the Fed's need to be even more harsh.
I have a Wells Fargo account and I remember that bank fondly from my student days in California and subsequent life of a few years banking with them while living in California.
But there is something rotten when no one at these banks seem to take responsibility for any actions.
Heck, even our politicians are resigning after owning up.
It's time to do what we did to the Wall Street so long ago, send in the Fed's and have some of these executives to a "terp" walk out of their offices in handcuffs - in broad daylight.
Why is enough is enough still not sufficient.
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The Federal Reserve only functions as a regulator and does not have any prosecutorial powers. They have issued the harshest punishment they are allowed. This ban will have a direct impact on how Wells Fargo can do business.
It would take lawmakers need to investigate and forward request for criminal charges to the DOJ and the Federal Courts. Either that or private lawyers can build a class-action case to bring before a federal district court.
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The new Super Bowl stadium built in MN around the concept of sustainability is a perfect example of turning negatives into positives. How would the public and shareholders react if Mr. Sloan and the Board announced that Wells Fargo was going to divest from all fossil fuels?
" When they saw that, Wells officials were irate, said the people familiar with executives’ thinking. They thought it sounded like the boardroom changes were being done at the Fed’s instruction."
Wells officials were irate?
When Wells officials are scared, we will know that the Fed is doing it's job well.
And that day can't come soon enough.
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If I was a Wells Fargo shareholder I would institute shareholder derivative actions against the people who run the company to get them to return their salaries and lucrative bonuses, which they award themselves, for doing a terrible job and messing up the company.
Companies don't mess themselves up. That requires human intervention. Those responsible should be made to account and pay for their misbehavior. This is not what the executives were hired to do.
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So, they got fired from one cushy job. How about banning them from being BOD on any public company. How about holding the stock holders responsible, like fining the company a whole years earnings. They are just doing slaps on the wrist.
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And this is Justice?
5
Matt--It's "justice-y."
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Pathetic, that the fed and the New York Bankers Boys Club would go after Wells Fargo to this degree, the only West Coast Bank of any consequence is deplorable and smacks of discrimination. The heads of Goldman Sachs, Lehman Bros. and Citi Bank, Bkankfein, Dimon and Fuld(and Fuld got Five hundred million by the way for bankrupting Lehman) got away with a little lecture in Washington and fines after bringing down the worlds economy in what can only be regarded as a criminal act, disgusting. How do you equate adding insurance to an auto loan or opening unauthorized saving accounts, many of them including mine so I could get free checking, with bundling tranches of toxic loans, peddling them around the world, the banks (Goldman Sachs)betting against them(products they themselves described as “ dog shi-wrapped in cat shi-“)after they created them, allowing a select group to cherry pick the garbage to bet against , becoming billionaires, blowing up the economy in the process, taking ten years of artificially low interest rates at the expense of average savers and the general economy to save this slime with what Stumpf did. Oh, I forgot he’s a German farm boy from Minnesota, could that have anything to do with it? I wonder what investment bank Yellen will turn up at? Beyond disgusting, the manipulation by these people is obscene, the worst thing is it’s so obvious and they get away with it, unbelievable!
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Wells Fargo was involved in the mortgage fraud too. Google Wells Fargo mortgage fraud to see.
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McGloin: Thank you, true, but it pales by comparison to the truly reprehensible actions of Goldman Sachs, Lehman and Citi that led to the Second Great Depression . Worse yet the guys who led Goldman in particular as well as Citi are still there, giving feel good interviews to The Times yet to burnish their image, disgusting.
I agree — the crimes that led to the crash in 2008 were much worse, and they have gone almost entirely unpunished.
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The bigger you are the more you get to "negotiate" your own punishment. A public letter "scolding" two former chairmen and replacing 4 of 16 Board members. The scolding probably doesn't hurt so much as you're counting your millions that remain safely yours.
Nothing will change until someone is held truly accountable in the only ways that matter: jail time and/or personal fines or forfeiture. Everything else is just window dressing.
23
Yes, and meanwhile, some senior citizen has been in jail for a year for stealing five dollars from a neighbor in his assisted living facility. Justice in our land.
By all means hold the board responsible, but jail is by far better than deciding which fellow board members have to take one for the team. No economy is stable when there is rampant financial corruption and mismanagement. I'm glad Yellin put her foot down, Trump and his get rich quicker clients have declawed the Consumer Financial Protection Bureau and otherwise have a policy of malignant neglect. The Parvenu-in-Chief hasn't a clue; it might be worse if he did.
3
The fundamental question is did anyone go to jail over these abuses? Any other individual or small business that was caught doing the same thing would have already been locked up.
What politician's don't appear to get, is that the reason folks are angry in the country is that when this kind of thing happens, the response is more likely than not a fine and "sharp" letter of reprimand. the fines are a small percentage of the profits and the letters of reprimand are a joke.
Until executives and boards are held personally accountable, this type of abuse will continue to occur.
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Yes, but this is never going to happen when criminal Republicans are in power.
Running believer, it is not a partisan issue. It is both parties in thrall to Wall Street and big money.
1
The only problem with jailing the perpetrators is enough plausible deniability at the top. Most of the people nailed will be the poor schlubs in the trenches just trying to keep their jobs.
Three quarters of the board is unchanged and unbowed. They paid no price. To call this accountability is an insult to those who were ripped off by the bank and never made whole.
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Now we understand why Janet Yellen was not asked to serve a second term as Fed Head by Trump. Her Fed was not being kind to the Fat Cats who were responsible for the Wells-Fargo mess. Can't do anything that may hurt the 1%. So Trump ousted Yellen. This is the Republican principle of Making America Great Again! Americans had best wake up and see wghat Trump and his Republican Congressional cronies are doing to their country. We will all be serfs working to keep the One-Percent happy in their mansions and luxury cars, Mar-a-Lagos and Trump resorts, etc, etc.
6
I was surprised that Trump supported the Feds actions against Wells in a relatively coherent tweet.
Pity the WF rank and file. Forced training classes on how to stop causing these problems. Plus the scary "if you see something say something" class.
A lot of the corporate malfeasance is at a relatively high level and policies and procedures presented to staff to follow. A lot more needs to change.
4
Somebody please tell me how the Board of Directors has suffered, compared to the people who were hurt by the practices that they profited from.
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Wells-Fargo’s “irate” response to the “scathing letters” sent by Mr Gibson of the Federal Reserve to two former Board Members is laughable. The tone of the correspondence seems calm, measured - almost milquetoast. It merely attempts to assign some blame for the outrageous behavior of Wells Fargo in abusing the trust of its customers.
Can bank executives really be that sensitive? Other than a small fine, there were no real consequences to this blatant criminal activity. No one went to jail, despite organized efforts to steal from depositors. Individual bankers should not be too big to fail.
It is disheartening to yet again see rich white guys walk away from the financial wreckage they have caused, while poor young black men get lengthy jail sentences for possession of a few ounces of marijuana. The first crime has impacted economic security of hundreds of thousands of Americans, while the second impacts none. When will justice reach Wall Street?
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Corporations don’t commit crimes, people do. All regulators should send people to jail, not confiscate shareholders’ money.
Monitary penalties are just a cost of doing business. Anything short of jail time is useless.
11
The company (i.e. the stockholders) may have to pay huge fines. The company will be restricted in its activities for a time. Some board members have been removed. But is anyone going to jail for the massive con games the bank has perpetrated on its investors and depositors? The notion that widespread cheating at the bank was not noticed (or even encouraged) by executives is unbelievable. That the bank's top executives go free shows the American double standard in sharp detail.
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Lenore's husband:
Fines & multimillion dollar settlements all beginning with, "Without admitting wrongdoing," have clearly been ineffective, & totally useless as a deterrent. The only thing that might possibly make an impression is prison time for the executives responsible. At the very least, how about levying fines against their *personal* funds, extended periods of probation (10 years seems about right) & being barred from ever working in the financial industry again?
If these steps are taken, we'll see a new phrase working its way into our lexicon, without ear and he: "Honest as a banker."
1
Lenore's husband:
Fines & multimillion dollar settlements all beginning with, "Without admitting wrongdoing," have clearly been ineffective, & totally useless as a deterrent. The only thing that might possibly make an impression is prison time for the executives responsible. At the very least, how about levying fines against their *personal* funds, extended periods of probation (10 years seems about right) & being barred from ever working in the financial industry again?
If these steps are taken, we'll see a new phrase working its way into our lexicon, without irony: "Honest as a banker."
Personal accountability on the part of directors. What a concept!
1
This barely feels like a slap on the wrist. Some fines and board members playing musical chairs after massive fraud that affected so many people. Business as usual.
5
How are these Wells Fargo directors being held accountable? All that has happened is four of them lost a sideline job. That's not much accountability.
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Pretty unimpressed with the sanctions imposed. Sad when even such a modest rebuke is seen as some sort of unusual "crackdown". The " scathing letter" to Stumpf seemed pretty mild, considering the nature and breadth of the offenses. Regulation of large banks in the U.S. reminds me of the classic ineffectual parent: "I am going to count to three and if you don't stop it I might do something". And it will only get worse with the current band of corporate shills in control of the government.
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What's missing are real handcuffs. Imagine if you or I committed a crime even one thousandths as serious as these criminals...jail, right? They got a tough letter. Ooh they must be shaking.
I'm waiting for trump the crook to step in and overturn this.
Years ago during the housing crash/ Great Recession, suddenly my mortgage was with Wells Fargo. I know banks sell paper but in retrospect I wonder if they actually held mine. I could have paid them for several years based on their fraud.
I eventually refinanced elsewhere and couldn't get the info I wanted to prove or disprove they had my mortgage. Wells was non responsive. I wish them nothing good.
3
So the Fed was appeased by Wells Fraudo's corporate-speak about its slap-on-the-wrist golden parachute dismissals of those responsible for its shameful depredation on customers.
5
The Federal Reserve is perhaps issuing the only punishment that carries weight since lawyers seem to avert the legal penalties this bank seems deserve, based upon what has been written so far on Wells Fargo.
I only wish the Fed's curse were stronger since there is little will to deal with this issue in Congress or the White House.
24
It's Wells Fargo! An American Icon and Institution! Does anyone think for one minute that Bank of America, Citi, SunTrust, or the other banking behemoths, haven't had a number of shady dealings?! Wells Fargo, deservedly is paying an appropriate huge penalty for their nonsense! Nonetheless, I have full confidence, they will be back, and stronger than ever! Hey, it's Wells Fargo!!!
1
Can the General Electric Board be held liable for 30 year of negligence or is incompetence different than fraud.
2
This is a joke to say board members are being held accountable. I have not seen or heard one report on this topic where their names are mentioned. True accountability includes being publicly identified, not remaining anonymous.
Please update the article with the names of the resigning board members.
1
Thank heavens the Fed is finally hitting decision-makers where it hurts. For a long time, corporate execs and heads of large banks haven't suffered the consequences for illegal behavior that would hit a small business owner who similarly engaged in illegal behavior and was caught. The layers of management enables the top people to say, "who, me? I never knew a thing........"
The tone is always set at the top, and it often comes to light that the bosses did know after all (like at Volkswagen). I'm glad those Board members won't be earning anymore money off of the customer's dime, but who knows if that will change the corporate culture.
10
Where are the clawbacks from the board members at the time? I'm sure they all received significant compensation for attending board meetings.
15
Given the magnitude of Wells Fargo's disrespect for customers and employees driven by failures of leadership at both the executive and board levels, the Fed's board letters seem less than "scathing" as described in the article. Wells Fargo demonstrated a pattern of unethical behavior over an extended period. Investors can demonstrate their own conclusions by selling their stocks in the bank and letting others know that they don't wish to be associated with companies where boards and executives fail to meet their responsibilities.
3
After my first bonafide career job, I chose the same local bank as the company I worked for. Somehow, I memorized that account number the same way I memorized my Social Security number, it just stuck. I did all my banking with this bank- checking, savings, CD's, money market, auto loan, child custody accounts. Then corporate junglism took over, and one bank got swallowed up by another. It started as First National Bank, then became Core States Bank, then it became Constellation Bank then First Union then Wachovia and finally, after 25 years Wells Fargo became the big fish. Wells Fargo systematically began encroaching on my small portfolio, charging fees for anything they could. What's particularly insidious is that they couched all these fee implementations with letters from the President insisting Wells Fargo would do all it could to respect the existing relationships prior customers held with their previous bank. In hindsight, its plain to see that the whole thing was staged, to manipulate and soften up the customers. This, combined with their now infamous customer-pilfering, motivated me to close all my accounts. I no longer do business with Wells Fargo, and will never again.
121
Over the years, my bank has changed names five times.
In the U.S. of A., the corporation is held legally accountable, yet those offices and employees who made the decisions within the company rarely are held legally accountable ... do those same 'crimes' as an individual and that person his held fully accountable under the laws to pay fines, all other penalties, and prison time .... That is an injustice protecting those of wealth in America.
55
You just described corporatism, and why as far back as 1828 Andrew Jackson spoke of its dangers. Because men would never dare do privately, under their own name, what they are willing to do publicly behind the faceless mask of a company.
9
Management games metrics. Directors need to be savvy enough to pick up on the tricks. Pay attention and stop wondering what you will have for dinner at that high end restaurant the board is going to at the bank’s expense.
Stigmatizing the directors is a good first start.
You want Board members’ attention: impose civil money penalties on them individually and make it clear that the fines can’t be paid by the bank’s insurance carrier.
89
Civil money penalties may get their attention briefly. Changing their bad behavior will require confiscatory top marginal individual income tax rates.
I'll never do business with this bank again. It takes a very long time to change the culture of an institution. I closed my accounts a year ago and will never return.
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