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

Jump to content

Toggle shoutbox NYJETSFAN BANTER

Lee lee lee lee lee lee lee Lee la la lee le lee leeeee
MikeGangGree... Icon : (04 June 2016 - 07:53 PM) FIRE FITZPATRICK
MikeGangGree... Icon : (04 June 2016 - 07:53 PM) That Damn dirty street thug
MikeGangGree... Icon : (05 June 2016 - 09:43 PM) In other news the NBA finals is like A NFL team Playing a college football team.
Jetsfan115 Icon : (06 June 2016 - 11:23 AM) line is in. jets are favorites for 5 games, pick for 2, and underdog for 9
MikeGangGree... Icon : (08 June 2016 - 04:56 PM) We play better as a underdog
santana Icon : (12 June 2016 - 03:54 PM) JETS JETS JETS
santana Icon : (13 June 2016 - 09:28 AM) Update on the #Jets situation with Ryan Fitzpatrick: Nothing. … Just nothing. Doesn't seem like things will change heading into minicamp.
Jetsfan115 Icon : (13 June 2016 - 10:39 AM) yeah every day i check for an update and every day, nothing
vjdbbq Icon : (14 June 2016 - 05:43 AM) Where's Rob and his ass ?
Mario Icon : (20 June 2016 - 06:21 PM) Any Jets fan in the Kansas city, Missouri area, that will be going to the game on the 25th of September?
vjdbbq Icon : (22 June 2016 - 07:29 AM) No Mario ; you will be there alone .
MikeGangGree... Icon : (25 June 2016 - 07:15 PM) FIRE FITZPATRICK
MikeGangGree... Icon : (30 June 2016 - 12:00 PM) Sheldon Richardson suspended for 1 game for violating league substance abuse policy
ganggreen2003 Icon : (15 July 2016 - 04:06 PM) The JETS shouldn't of signed wilkerson to such a big contract
ganggreen2003 Icon : (15 July 2016 - 04:07 PM) he doesn't deserve $17 mil/year cause he is coming off an injury...he should of earned it by playing this year as the Franchise tag and then if he played lights out then you open the vault
MikeGangGree... Icon : (15 July 2016 - 04:21 PM) WOOOOOOOO
RetireChrebet Icon : (15 July 2016 - 04:58 PM) How much guaranteed money? also does this mean hes here for 6 years since he's tagged? how does that work?
MikeGangGree... Icon : (15 July 2016 - 10:20 PM) Now cut that street thug Wilkerson!!
NJAzrael71 Icon : (16 July 2016 - 03:47 AM) 54 million guaranteed
NJAzrael71 Icon : (16 July 2016 - 03:48 AM) 54 guaranteed against injury but 37 in straight guaranteed money without injury
NJAzrael71 Icon : (16 July 2016 - 03:49 AM) Should've waited till after the season to see how he comes off the injury but I guess they figure he wouldn't have signed if they waited another year
vjdbbq Icon : (17 July 2016 - 07:32 PM) Where is ROB and his ass ?
Jetsfan115 Icon : (18 July 2016 - 10:27 AM) guess that means richardson is gone after this season. Maybe we can franchise and trade him
Jetsman05 Icon : (22 July 2016 - 08:52 AM) whos running fantasy football league this year? brotana?
Jetsfan115 Icon : (22 July 2016 - 10:25 AM) darron lee still isn't signed... greedy street thug lol
MikeGangGree... Icon : (22 July 2016 - 05:31 PM) Rich is under contract for next year and we used a team option for 17 already so he's a jet for 2 more year's for sure unless we trade him.
MikeGangGree... Icon : (Yesterday, 02:38 PM) We need to quit screwing around and sign Fitzpatrick
Jetsfan0099 Icon : (Today, 11:34 AM) Jets salary cap situation is tough next season, gonna have to make adjustments
Jetsfan0099 Icon : (Today, 11:35 AM) the contract for Wilkerson is actually pretty good for both sides, after the first couple seasons nothing is guaranteed and they can cut him.
Jetsfan0099 Icon : (Today, 11:36 AM) the jets probably should trade Richardson, hopefully he has a monster season and we have tons of leverage and deal him off for ransom
Jetsfan0099 Icon : (Today, 11:36 AM) Because we cannot afford to keep everyone on the DL
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: 3,194
  • 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: 3,194
  • 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: 7,493
  • 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: 3,194
  • 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: 7,979
  • 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: 3,194
  • 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