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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.
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Yesterday, a major bank admitted that some bad back-of-the-envelope math about some bad back-of-the-envelope math understated the number of people it had improperly screwed out of their homes. And also that it ignored warnings that it was screwing over other customers on car insurance for four years. Oh yea, and parted ways with a top executive with an alleged penchant for condescending to female employees.

Wells Fargo.Insane

No points for guessing which one.

Wells Fargo improperly foreclosed on 545 homeowners between 2010 and 2018 due to a “calculation error”— up from a previous estimate of 400, according to a regulatory filing…. The bank’s review isn’t over yet, leaving open the possibility that more could be affected.

Several executives, including then-General Counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws in the auto insurance program that was ended in 2016, according to parts of a class-action lawsuit that were unsealed on Monday.

Mr. Welker, who is also head of the bank’s wealth-management division, was a focal point of a gender bias investigation in Wells Fargo’s wealth and investment management unit, the Journal reported in August. Some female executives said Mr. Welker often called women “girls” or told them to put their “big-girl panties on.”

Wells Fargo error caused 545 customers to lose their homes [N.Y. Post]
Wells Fargo executives knew auto insurance program was flawed: lawsuit [Reuters]
Wells Fargo’s Private Bank Head to Retire [WSJ]


Wells Fargo.Insane

Wells Fargo Still Wells Fargo

Time for your monthly installment of oh-the-humanity from Tim Sloan and co.

Wells Fargo.Insane

Mick Mulvaney To Fine Wells Fargo Nine Figures Because His Boss Said He Would

A presidential tweet has, after all, the force of an amendment to the Constitution. Sorry, Tim Sloan.

Wells Fargo.Insane

How Many Accounts Does Wells Fargo Actually Have?

Is anyone willing to vouch for more than a few dozen?

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Wells Fargo Back To Being Wells Fargo

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

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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.

Wells Fargo.Insane

Wells Fargo Takes Catholic Church Approach To Cleaning House

Apparently Tim Sloan has run out of pink slips.