Wells Fargo to pay $575 million to settle probes in every state plus DC - Sensationalist Headlines

https://www.chicagotribune.com/business/ct-biz-wells-fargo-state-settlement-20181228-story,amp.html Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating fake accounts opened without the knowledge of customers and a string of other dodgy practices. Under the agreement announced Friday, the bank will also create teams to review and respond to customer complaints about its banking and sales practices. The bank has been under a cloud since 2015 when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals. It has also said that it sold auto insurance and other financial products to customers who didn't need them. Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations. The company has announced plans to lay off up to 10 percent of its workforce over the next three years. California, the bank's home state, will get more than a quarter of the settlement funds because of the number of Wells Fargo customers residing there. California Attorney General Xavier Becerra called the bank's behavior "disgraceful.” "Wells Fargo customers entrusted their bank with their livelihood, their dreams, and their savings for the future," said Becerra. "Instead of safeguarding its customers, Wells Fargo exploited them, signing them up for products - from bank accounts to insurance - that they never wanted. This is an incredible breach of trust that threatens not only the customers who depended on Wells Fargo, but confidence in our banking system."

SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported net income of$6.0 billion, or $1.13 per diluted common share, for third quarter 2018, compared with $4.5 billion, or $0.83 per share, for third quarter 2017, and $5.2 billion, or $0.98 per share, for second quarter 2018.Oct 12, 2018

Companies will never pay a threatening amount unless we, the people physically take it from them.

Don't forget that when coupled with the previous penalties they're facing a combined payout of $1.775bn. But that's still not even one third their previously-reported net quarter.

Wells Fargo has already been ordered to pay more than $1.2 billion in penalties and faced stricter regulations Did you miss something? Not only that, but they also have a number of other lawsuits they're still facing, are subject to more regulation, and was sanctioned by the Fed (holy shit). This isn't even accounting all the non-government backlash to this fiasco, their stock has been devalued more than their peers and nearly all of the people involved have been demoted or fired. Also, April is the big day whether the stockholders will oust Sloan or not, and most think he's fucked.

make wells fargo pay for the wall

I've seen a lot of their "We're starting over again for your benefit" adds from Wells-Fargo over the year. Seems like they're still cleaning up from the old mess, though.

what's more they probably have insurance for this exact purpose that covers this amount. So basically its almost nothing for them.

Wells Fargo is a shite bank anyway. Nothing of value lost.

I remember doing HVAC work on a Wells Fargo here in town. The roof was absolutely horrifically disgusting. Dead pigeons, rotten pigeon eggs, pigeon shit, everywhere. They showed little to no interest in paying anybody to clean that mess up. And these motherfuckers wanted an economizer installed. (economizers bring in outside air for cheaper cooling)

@The Golden God Care to elaborate on your position how a bank which committed mass fraud, opening around 1.5 million checking accounts and 0.5 million credit cards using the info of existing customers, isn't a shite bank? Also @Zero-Point That's absolutely disgusting. Did you guys at least charge them extra for working in a hazardous environment?

That was not within our authority. However, the joke's on them: every time that economizer fires up they're getting a HUGE whiff of that nasty shit.

Nothing says "we want to sodomize your finances" more than the aroma of assorted rotting pigeon detritus while you're signing a mortgage.

i find it funny how you're calling me out based on a simple disagree rating, but i'll respond to you. i "hold this position" because i've been using them for years and haven't had any issues personally. they have branches in every state, i can deposit cash into their ATM's, and I can send / receive money to/from friends instantly with their awesome mobile app, as well as on their website. i find them superior to competing banks in my area, and haven't had one single negative encounter with them. that being said, this is admittedly purely anecdotal and a personal incident. i'm sure the people affected have a different opinion. as for me? they've been my bank of choice for years and they handle my money just fine. and i have a good interest rate.

I wasn't "calling you out" I was curious as to why you disagreed with me.

i rated you disagree and you tagged me and asked me to elaborate. this is calling me out.

I mean he made a general statement about a bank, you used your anecdotal and personal experiences to contradict that It's fine your banking experience was nominal, but it's a fact that Wells Fargo is a bad bank because of their policies of signing people up for credit cards, fraudulently. Had this happened to you, you surely wouldn't say they're a fine bank.

i completely agree! i'm not saying they're a good bank overall. i'm saying they've been a good bank to me, personally. that's all. had i been affected I most certainly would be shit talking W.F in this thread instead