Wells Fargo To Share (Very Small Amount) Of Tax Windfall Wealth - Dealbreaker

Wells Fargo To Share (Very Small Amount) Of Tax Windfall Wealth

In fairness, Wells Fargo employees don’t exactly deserve much more.
Author:
Updated:
Original:
WellsFargoWagon

Could maybe fix this thing up, too.

As with basically everything else these days, the Trump tax triumph has put Wells Fargo in an awkward position. Sure, the Bond-villainesque Robin-Hood-in-reverse heist is set to cushion the bank’s bottom line by $3.7 billion next year, which is definitely a good thing. But it also creates an optics problem, as there is perhaps no corporate entity in America less deserving of such a windfall than Wells Fargo. So it can’t just keep the money or squirrel it all away in a rainy-day fund to pay out a small fraction of the fines and penalties it is likely to face in the months and years ahead. At the same time, Wells’ employees haven’t exactly covered themselves in glory in such a way as to suggest they should get a nice big fat cut, either. On the other hand, President Goldfinger is rather eager to show that he’s the man that can make trickle-down economics work for the first time ever, and Wells could really use a few brownie points at the White House. So it is taking its cues from the Trump-Ryan-McConnell philosophy and letting a literal trickle of its projected tax savings make its way down to the hoi polloi.

Throw in another $400 million to charity and that should gives Wells a nice little reputation reserve to spend on the New Year’s first scandal.

Banks Are Getting a Big Tax Cut. Wells Fargo, Others Plan to Share It With Employees [WSJ]

Related

Getty Images

Wells Fargo Wealth Management Businesses Bank’s Latest Gut Renovations

Tim Sloan hopes tearing them down to the studs and combining them will make them a little less expensive, prone to allegedly improper mischief.

Getty Images

Wells Fargo Back To Being Wells Fargo

That’s two new scandals in as many days, for those keeping score.

By U.S. Treasury Department

Things Definitely Not Getting Better For Wells Fargo

In fact they're getting "I called the Wells Fargo ethics line and was fired" bad.

Wells Fargo.Insane

Wells Fargo Having A Very Wells Fargo Day

Tim Sloan probably hoped having it all drop on Election Day would keep people from noticing, but then Tim Sloan hopes for lots of things that don’t materialize.

Image adapted from Flickr User Aranami.

'Wells Fargo Loves To F*ck Their Clients': Small Business And The Little Red Stagecoach

Add small business owners to the list of people furious at Wells Fargo.

Wells Fargo.Insane

Wells Fargo Shareholders Set To Punish Board Of Directors By Re-Electing Them To Serve On At Wells Fargo

This year's Wells Fargo shareholder meeting is going about as well as you'd expect.

The last chairman AND CEO of Wells Fargo?

New Wells Fargo Boss Looks A Little Too Much Like Old Boss To Some People

Even Wells Fargo's website thinks Tim Sloan and John Stumpf are hard to tell apart.