Unfortunate Wells Fargo CEO: Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are...

jerryc41 Loc: Catskill Mts of NY

Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are banks paying on savings accounts?

https://www.washingtonpost.com/business/economy/labor-dept-launches-top-to-bottom-review-of-wells-fargo-sales-practices/2016/09/27/2f1ccb64-84c2-11e6-92c2-14b64f3d453f_story.html?wpisrc=nl_rainbow&wpmm=1

lamiaceae Loc: San Luis Obispo County, CA

jerryc41 wrote:

Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are banks paying on savings accounts?

https://www.washingtonpost.com/business/economy/labor-dept-launches-top-to-bottom-review-of-wells-fargo-sales-practices/2016/09/27/2f1ccb64-84c2-11e6-92c2-14b64f3d453f_story.html?wpisrc=nl_rainbow&wpmm=1

I don't feel sorry for any banking crooks.

Interest on savings accounts? Is that what that is, it only seems like an intensive that offsets the fees a bit. Passbook accounts seem like they get negative earnings today. Even CDs are a joke.

After the big bank bail-out, they should all be working for us and paying us for their jobs!

sarge69 Loc: Ft Myers, FL

It costs more to process the interest payments on savings accounts than the payment made.

I just got a letter from Wells Fargo that my special Premier Checking Account I set up with a $ 50.00 deposit now had a $30.00 charge because the balance in my Savings fell below $25,000.00. The Premier Account allowed my interest rate to be raised to .15 rather than .01 or something like that.

We closed the Premier Checking immediately because we actually don't use it. Our normal checking is fine.

Banks are funny places.

Sarge69

Swamp-Cork Loc: Lanexa, Virginia

jerryc41 wrote:

Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are banks paying on savings accounts?

https://www.washingtonpost.com/business/economy/labor-dept-launches-top-to-bottom-review-of-wells-fargo-sales-practices/2016/09/27/2f1ccb64-84c2-11e6-92c2-14b64f3d453f_story.html?wpisrc=nl_rainbow&wpmm=1

A few like this and maybe others will think twice about their policies!

Jack47 Loc: Ontario

jerryc41 wrote:

Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are banks paying on savings accounts?

https://www.washingtonpost.com/business/economy/labor-dept-launches-top-to-bottom-review-of-wells-fargo-sales-practices/2016/09/27/2f1ccb64-84c2-11e6-92c2-14b64f3d453f_story.html?wpisrc=nl_rainbow&wpmm=1

They are paying lots. Just not to you🤑

MikeMck Loc: Southern Maryland on the Bay

jerryc41 wrote:

Just because of some bad publicity and people snoopy in his bank's business, this CEO is losing $41,000,000 in bonuses. Remind me. How much interest are banks paying on savings accounts?

https://www.washingtonpost.com/business/economy/labor-dept-launches-top-to-bottom-review-of-wells-fargo-sales-practices/2016/09/27/2f1ccb64-84c2-11e6-92c2-14b64f3d453f_story.html?wpisrc=nl_rainbow&wpmm=1

I spent 40 years in the banking industry. I installed accounting systems. Most of the people I met and worked with were the most honest people in the world. This piece of sh&t is a disgrace to the industry. Believe me, not everyone in banking gets that kind of pay.

Fstop12 Loc: Kentucky

Goldman Sacs online banking pays 1.05% https://www.gsbank.com/en.html

DEBJENROB Loc: DELRAY BEACH FL

MikeMcK wrote:

I spent 40 years in the banking industry. I installed accounting systems. Most of the people I met and worked with were the most honest people in the world. This piece of sh&t is a disgrace to the industry. Believe me, not everyone in banking gets that kind of pay.

you spent 40 years in banking .... do you really think that the CEO knew what was happening in the branch system ..... do you really think that the same problem does not exist in other banks ..... maybe not to the same extent, but it is there ..... problems like those at Wells Fargo happen when the Marketing Manager does not have any idea as to the nature of Branch banking .... as for Wells Fargo ... it was considered one of the best managed banks in the country .... in fact they were forced to take bailout money ....

MikeMck Loc: Southern Maryland on the Bay

DEBJENROB wrote:

you spent 40 years in banking .... do you really t... (show quote)

If the CEO didn't know what went on in the branch system, he is an idiot and worst of all the head of the retail branch system should have kept him informed. For wells fargo the branch system is huge and large part of their bottom line, if the head of the bank didn't know what was going on, shame on him. He certainly didn't earn any bonus for being stupid.

Impressionist

July 14th one can only dream.

FrankR Loc: NYC

Setting up accounts and credit cards for people without their knowledge and consent is not bad PR and snooping. It's unethical, immoral and if it isn't criminal, it damn well should be. Have we forgotten already what these bastards did to the world economy in 2008 so soon? If this guy agreed to giving up $41 million, you can bet your posterior end he made a lot more than that while this was going on. As for him not knowing about it, he should have, he's the guy in charge. Remember Truman's sign? He and several others like him should go to jail, maybe some of this crap will end.

mas24 Loc: Southern CA

I find it astounding that 5300 employees were fired for misconduct. It must have been a culture that became acceptable without guilt. I would love to know if any of the 5300 fired employees got other jobs in banking?

revhen Loc: By the beautiful Hudson

Setting such outrageous goals for all the branches had to have the approval of the CEO. If he didn't know he's guilty of misfeasance. If he did know he's guilty of malfeasance. Of course, those who attempted to follow the policy, the little people, took the fall. They lost their 30, 40, 50 thousand a year jobs. He keeps his millions job with a token loss of 41 million. Breaks your heart.

PRETENDER Loc: Micanopy,Florida

My heart bleeds for him and his cronies. They should all be strung up by their assets. Why is this any didderence then falsifying credit card info.

JCam Loc: MD Eastern Shore

Jerry, I disagee. As an ex-bank director, I maintain that he established a stupid policy that incentivized crossing the line between ethical and rewards, and suspect also kept it hidden from his Board of Directors. If they, or some of them knew, of his 'Sales Policy' and didn't put a stop to it, they should be forced to resign too.