NYJetsFan.com Forums: Wells Fargo (Wachovia) Fines $85M - NYJetsFan.com Forums

Jump to content

Toggle shoutbox NYJETSFAN BANTER

MikeGangGree... Icon : (21 July 2014 - 07:43 PM) TEH BEETS
Jetsfan0099 Icon : (22 July 2014 - 06:53 AM) training camp starts in 2 days
MikeGangGree... Icon : (22 July 2014 - 04:38 PM) Just got my tickets to the Jets/Bears game!!
MikeGangGree... Icon : (22 July 2014 - 04:39 PM) Going to the Giants and Texans game also. 2 games in 2 days. WOOOOO
Jetsfan0099 Icon : (23 July 2014 - 09:36 AM) players are reporting to camp today, tomorrow is the first practice!
Jetsfan0099 Icon : (23 July 2014 - 09:36 AM) Football is almost back!
Jetsfan0099 Icon : (23 July 2014 - 04:42 PM) FIRE IDZIK
HarlemHxC814 Icon : (23 July 2014 - 04:42 PM) You know 0099 is back in the shout box when the FIRE IDZIK drops
Jetsfan0099 Icon : (24 July 2014 - 08:46 AM) lol first practice today
Jetsfan0099 Icon : (24 July 2014 - 08:47 AM) I've been really busy lately, been working 60+ hours a week. plus there hasn't been much to talk about.
HarlemHxC814 Icon : (24 July 2014 - 08:58 AM) Yeah this has been the most dead offseason in quite some time
Jetsfan0099 Icon : (24 July 2014 - 09:59 AM) maybe people will start coming back now that camp is starting up
Jetsfan0099 Icon : (24 July 2014 - 11:46 AM) Geno had a strong first practice, went 7-10
Jetsfan115 Icon : (25 July 2014 - 02:51 PM) site's kinda been dead for years now. even during last season.
HarlemHxC814 Icon : (25 July 2014 - 03:28 PM) Yeah I know but it hasn't been this dead
Mr_Jet Icon : (26 July 2014 - 02:02 PM) When the team was winning and going to AFC Championship games the site had a lot of activity. But now after a couple of mediocre seasons, people don't want to talk.
Mr_Jet Icon : (26 July 2014 - 02:04 PM) When the team starts winning again people who have been MIA will be back saying that they never left.
518-JeTS-FaN Icon : (27 July 2014 - 07:07 AM) wats good everyone!. been awhile since i last posted anything but i always come on here to read and see whats new
ganggreen2003 Icon : (27 July 2014 - 06:33 PM) SUP BITCHES!!!!
HarlemHxC814 Icon : (27 July 2014 - 07:33 PM) Oh it's you
RetireChrebet Icon : (27 July 2014 - 08:49 PM) Harlem, great way to encourage user activity!
HarlemHxC814 Icon : (27 July 2014 - 10:23 PM) I aim to please
Jetsfan0099 Icon : (28 July 2014 - 04:37 PM) lol
ganggreen2003 Icon : (28 July 2014 - 05:36 PM) Still being a dick huh Harlem?
ganggreen2003 Icon : (28 July 2014 - 05:36 PM) Shit hasn't changed much since the 2013 JETS season
santana Icon : (28 July 2014 - 06:26 PM) yep everyone is still dicks
MikeGangGree... Icon : (28 July 2014 - 06:50 PM) .[43] Moments later, during a live post-game interview with Fox Sports' Erin Andrews, Sherman emotionally shouted, "Well, I'm the best corner in the game! When you try me with a sorry receiver like Crabtree, that's the result you gonna get
MikeGangGree... Icon : (28 July 2014 - 06:51 PM) Im the best poster on the site!! When you try me with a sorry poster like Santana, thats the result your gonna get.
MikeGangGree... Icon : (28 July 2014 - 06:52 PM) WOOOOOOOOOOO
santana Icon : (28 July 2014 - 07:48 PM) you are the best cb on the site cb of course meaning cheap bastard
santana Icon : (28 July 2014 - 07:49 PM) WOO
Chaos Icon : (29 July 2014 - 11:16 AM) any news on Amaro? havent seen anything on twitter.
ganggreen2003 Icon : (29 July 2014 - 03:56 PM) only 39 days 20 hours and 3 min to go till the JETS kick off the season on Sept 7th at 1pm against the Oakland Raiders
HarlemHxC814 Icon : (29 July 2014 - 03:59 PM) Amaro practiced today in full pads
ganggreen2003 Icon : (29 July 2014 - 08:21 PM) 42 Days 39 min till Sons Of Anarchy FINAL SEASON starts
Jetsfan0099 Icon : (29 July 2014 - 08:42 PM) Amaro has a lingering sore tendon
Jetsfan0099 Icon : (29 July 2014 - 08:43 PM) I've read that hes been up and down so far
Jetsfan0099 Icon : (29 July 2014 - 08:44 PM) Dexter McDougle has been looking really good
Jetsfan0099 Icon : (29 July 2014 - 08:44 PM) Oday Aboushi might end up starting on the OL, hes been doing good at LG
Jetsfan0099 Icon : (29 July 2014 - 08:46 PM) FIRE IDZIK
MikeGangGree... Icon : (29 July 2014 - 11:41 PM) VICK=$$$$$$
santana Icon : (Yesterday, 09:24 AM) Everyone knows that Vick = $$
HarlemHxC814 Icon : (Yesterday, 12:03 PM) I do it all
HarlemHxC814 Icon : (Yesterday, 12:03 PM) North to south east to the west
JSOTF Icon : (Today, 03:50 AM) Greetings from Germany!
Resize Shouts Area

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

Wells Fargo (Wachovia) Fines $85M If you own WFC stock sell NOW.

#1 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,885
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 21 July 2011 - 08:48 PM

Wells Fargo’s $85 Million Fine

Posted on21 July 2011. Tags: $85 million, 12000 individuals, 85 million dollars, banking, banking industry, Board of Governors, Board of Governors of the Federal Reserve, borrowers, employee contracts, Fed Reserve, Federal Reserve, high priced loans, John Stumpf, loan applications, loans, The Federal Reserve, Wells Fargo, Wells Fargo & Co., Wells Fargo Financial Inc., Wells Fargo mortgage


Wells Fargo & Co., in an official statement, announced that it had reached an agreement with the Board of Governors of the Federal Reserve on the subject of accusations that company’s financial unit (Wells Fargo Financial Inc.) maliciously lured borrowers into getting significantly high-priced loans while also being lax (or deliberate) in regulating loan applications that were fraudulent or had falsified information.

As a result, Wells Fargo has been fined 85 million U.S dollars in civil penalties, the largest fine that the Federal Reserve has ever dished out to a company in history.

The Federal Reserve has even barred 16 individuals involved from ever working in the industry again.

Wells Fargo’s Chairman and CEO John Stumpf stated,


http://inewp.com/?p=8160

“The alleged actions commited by a relatively small group of team members are not what we stand for at Wells Fargo . . . Fair and responsible lending practices have been at the core of our culture, and they will continue to guide us as we work closely with the Federal Reserve to provide restitution to customers who may have been harmed, and to reinforce our internal controls so they further reflect Well Fargo’s commitment to helping customers succeed financially.”

Despite the consent of Wells Fargo in paying the $85 million, the company does not need to admit to ever doing what the allegations accused the company’s financial unit of.

Before and during the investigation, Wells Fargo terminated its employee contracts with those involved and provided some forms of financial compensation to those negatively affected.

Now that the investigation and agreement is over, Wells Fargo must continue compensating those harmed which is estimated to exceed a total of 12,000 individuals.
Posted Image
0

#2 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,885
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 21 July 2011 - 08:51 PM

When I worked at Wells I saw this happing first hand. I just shook my head. The sad thing is the people who did it really did not get any real incentive. There sales culture is so heavy that you just wanted to show numbers so you didnt have to listen to your manager.
Posted Image
0

#3 User is offline   SecondHandJets Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 7,488
  • Joined: 28-November 05
  • Gender:Male

  • NFL Team:

  • MLB:

Posted 21 July 2011 - 09:05 PM

f***! I'm closing on two deals next week and both buyers are bieng financed by Wells! I hope this doesn't affect them.
0

#4 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,885
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 21 July 2011 - 10:11 PM

View PostSecondHandJets, on 21 July 2011 - 09:05 PM, said:

f***! I'm closing on two deals next week and both buyers are bieng financed by Wells! I hope this doesn't affect them.


Probably not. This issue is not new just now being resolved.
Posted Image
0

#5 User is offline   santana Icon

  • I'm batman
  • Icon
  • Group: Admin
  • Posts: 7,758
  • Joined: 03-June 05
  • Gender:Male
  • Location:Washington DC
  • Interests:Keeping this place from breaking... and titties.

  • NFL Team:

  • MLB:

Posted 22 July 2011 - 09:01 AM

Wells fargo sales people = douchebags

i serviced a couple offices last year in the dc area and got to know a few


DOUCHEBAGS
Nyjetsfan.com Jets Fan Forum and Chat
0

#6 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,885
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 22 July 2011 - 12:43 PM

I was there for 5 years. Here is a typical day for a store manager

7:45 Sales teleconference with DM (distict Manager). You would report how many appointments you had set for the day and what you were doing to hit plan. Usually if you did not have at least 3 per banker set you would get greif.

8:30 Sit with your PBs and Service manager to see what there plan is to hit there goal. If they did not have a plan you would have to either give them greif or help. PBs needed 10 sales a day and the Service Manager had to make sure each teller had 2 sales.


11:30 Follow up with Bankers and SM to see where you stand for the day.

12:00 Teleconference with distict Manager to say where you are. Hopefully you have #s to report otherwise you will get grief and have to be on the 2:00 harrasment call.

1:00 you might get a lunch break but dont plan on it.

2:00 On teleconference if you did not have your numbers @11:00 this was a call you did not want to be on. It got ugly.

6:00 Nightly call with DM. You would report your numbers for the day. If you did not hit your goal you had to share your plan on how to hit your plan the next day. If you were not on track for the month you would be required to stay and make sales calls (cold calls) until you set appointments.

Also If you were not at your X-sell target or any particular metric you would have a weekly harrasment call with your Regional VP and DM. This was a call that sucked. Basicly you had to explain why you suck and why you did not sell that college kid 2 checking accounts or 2 savings accounts or any other product they did not need.

Wells Fargo B of A Citi all suck. Stay away from the big banks. They are after nothing but your money. I am fortunate to work for a smaller regional bank now that trusts there people and treats there customers right. The day I gave notice at Wells a branch about an hour north fired there whole staff for sales integrity.
Posted Image
0

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users