Wells fargo got caught,, again, with their pants down. It seems the ForEx division was cowboying along, breaking agreements and fostering a climate of excess in their pricing of transactions for clients. They were overcharging in the fee structure. The US Attorney General's Office is opening a broad investigation, as is the Office of Comptroller of Currency and Treasury Dept. Wells says many of those involved have been fired. No names were mentioned. It seems also that executive bonuses were tied to goals and target quotas: never a good deal for clients.
I believe that big banks are TOO BIG TO OPERATE HONESTLY.
Time will tell if regulators learn anything this time around.
No comments:
Post a Comment