KNX News Radio – Why does Wells Fargo keep getting into trouble?

Why does Wells Fargo keep getting into trouble?  

It’s a matter of systematic failures that the bank consistently had over the past couple of years when this first started in 2016. 

These harsh economic times are pushing people to do different things, but for Wells Fargo in particular that has been the case well before the pandemic. 
There is nothing wrong with being creative and trying to figure out how to get more value for corporate shareholders, but with Wells Fargo, it’s arguably criminal. 

This shows that you can be one of the biggest, most regulated jurisdictions and if you are a bad establishment you are still going to find a way to do bad yourself. It’s all about cost-benefit opportunity. If the penalties are low and the reward is higher, then unfortunately many banks may decide to take that risk.

From a risk management perspective, you must perceive problems before they happen – which is the problem in general for #riskmanagers, they wait until the problem happens, and then everyone finds a solution.
Try to have that one-on-one personal relationship with your #banker. If you are having problems accessing money from your bank account or if you are having issues with that bank then that is a sign you need to find a better bank.

The issue will continue unless there are criminal charges that they should consider.

Source: KNX News


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