Wells Fargo

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#11
(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... Tongue
wonder what warren buffet will say about this?
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#11
(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... Tongue
wonder what warren buffet will say about this?
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#12
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)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#12
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)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#13
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.
Reply
#13
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.
Reply
#14
(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 %... Tongue
think WB will have to say something, Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#14
(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 %... Tongue
think WB will have to say something, Big Grin
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#15
(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
You can find more of my postings in http://investideas.net/forum/
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#15
(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
You can find more of my postings in http://investideas.net/forum/
Reply
#16
(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 %... Tongue
think WB will have to say something, Big Grin

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

Just my Diary
corylogics.blogspot.com/


Reply
#16
(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 %... Tongue
think WB will have to say something, Big Grin

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

Just my Diary
corylogics.blogspot.com/


Reply
#17
(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... Tongue
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#17
(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... Tongue
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 
Reply
#18
(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?
Reply
#18
(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?
Reply
#19
(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  Big Grin

I will say, all cheat, is out of greed (for wealth, power, recognition etc), and having same level of scary, IMO.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#19
(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  Big Grin

I will say, all cheat, is out of greed (for wealth, power, recognition etc), and having same level of scary, IMO.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#20
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.

Just my Diary
corylogics.blogspot.com/


Reply
#20
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.

Just my Diary
corylogics.blogspot.com/


Reply


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