CEO of Wells Fargo was ordered by the board of directors to return his $41 million bonus. Yes, $41million. As the scandal of the illicit activity of the bank, i.e.. opening and closing customer accounts simply to generate sales, on his watch, has mushroomed into something much bigger. It underscores the flagrant disregard for the rules and for ethics, both of which seem to be missing in the finance community these days. The head of community banking will also lose her bonus, even though she has already retired.
So, here we go again? Banking business is a contributor to: 1) economic stress, 2) growth limitations, 3) stagnant business climate, 4) mistrust of banking system, 5) mistrust of government regulators, 6) mistrust of elected politicians, 7) lack of hope for change in inequality among workers and management.
Even Mr. Trump said that we are in a bubble Monday night during the debate. Hard to say what he really thinks, but he said it as opposed to Hillary who clearly stated that we are growing, albeit, slowly.
Wells Fargo has 265,000 global employees. Is it hard to manage them all? Of course, but that's business. You're either in or out. Man up, Mr. Strumpf: retire, quit, resign, whatever. Just leave, you are an embarrassment.
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