Wells Fargo

(09-09-2016, 04:32 PM)Behappyalways Wrote: 5,300 Wells Fargo employees fired over 2 million phony accounts
http://money.cnn.com/2016/09/08/investin...index.html

waos... integrity issues here.... not suitable for banking liao...
wonder what warren buffet will say about this?

Yes, an integrity issue indeed, but not on Well Fargo, but the 5,300 staffs. Total staff number is 265,000, thus 5,300 in few years, was less than 1% of its staff. It is more of an exception than a norm in the bank, IMO

(not vested)

Pressure is intense at any bank to perform better. Especially sales.
The ones who dont meet targets will have to figure a way out.
It is not unexpected.

I do not own this bank but I do think fundamentals are sound.
Some damaged is done but bigger picture is that it is just a small hiccup along the way.
It will take a while to repair its reputation and gain back trust.
If you can't trust your bank, the relationship wont work.

(09-09-2016, 07:12 PM)CityFarmer Wrote: Yes, an integrity issue indeed, but not on Well Fargo, but the 5,300 staffs. Total staff number is 265,000, thus 5,300 in few years, was less than 1% of its staff. It is more of an exception than a norm in the bank, IMO

(not vested)

true, going by statistics, it's not a meaningful %...
think WB will have to say something,

(Don't seem like a nice place to work in...)

Wells Fargo Opened a Couple Million Fake Accounts
https://www.bloomberg.com/view/articles/...e-accounts

(10-09-2016, 01:04 PM)brattzz Wrote:

(09-09-2016, 07:12 PM)CityFarmer Wrote: Yes, an integrity issue indeed, but not on Well Fargo, but the 5,300 staffs. Total staff number is 265,000, thus 5,300 in few years, was less than 1% of its staff. It is more of an exception than a norm in the bank, IMO

(not vested)

true, going by statistics, it's not a meaningful %...
think WB will have to say something,

Using total staff doesn't make sense. I would use Sales Staff as a base.
They may have decimate the sales team.

(10-09-2016, 09:13 PM)Behappyalways Wrote: (Don't seem like a nice place to work in...)

Wells Fargo Opened a Couple Million Fake Accounts
https://www.bloomberg.com/view/articles/...e-accounts

if this is true, then this the co. managers are not managing well... think WB should ask for inquiry since he is the major shareholder too...

(09-09-2016, 07:12 PM)CityFarmer Wrote: Yes, an integrity issue indeed, but not on Well Fargo, but the 5,300 staffs. Total staff number is 265,000, thus 5,300 in few years, was less than 1% of its staff. It is more of an exception than a norm in the bank, IMO

(not vested)

That's actually 2% of total staff  involved in blatant cheating. As Cory said, how big a part is that of the sales force? I will further ask what level of staff are involved? Are there any cases of less blatant cheating outside of this 5300?  I did not follow this case closely, maybe these questions have been answered, but I figure that if this is a Chinese company we will be asking more questions.

The Chinese cheat out of pure greed. Americans cheat because the system put so much pressure on short term performance. The Japanese cheat because of peer pressure. Which is more scary?

(11-09-2016, 06:01 PM)touzi Wrote: The Chinese cheat out of pure greed. Americans cheat because the system put so much pressure on short term performance. The Japanese cheat because of peer pressure. Which is more scary?

The most scary one, is the statement, which is stereotype at best, or discrimination at worst  

I will say, all cheat, is out of greed (for wealth, power, recognition etc), and having same level of scary, IMO.

In MNC culture, top level can cheat in a way that convince themselves and others they are not cheating till the problem surface in the media. Just ask volkswagen. And you will be really really surprise top level directors who were usually level headed will sing the same tune as the CEO suddenly.