Monday, September 12, 2016

Dear Andrew Brod and friends who know who they are; "Wells Fargo's community banking exec reportedly leaving with $124.6 million"

"A Wells Fargo executive is walking away from the bank with $124.6 million, according to Fortune.

Remember Envision Andrew?

Remember Amanda, Jeff Gauger, Joe, Tony and Nancy etc...? 

The bank in July announced the departure of Carrie Tolstedt, former head of community banking, saying she made the decision to "retire at year's end after a long and successful career."

You let them get away with it
by choosing to not know what you should have
and just plain cowardice

Fortune's report comes soon after officials announced last week that Wells Fargo will pay $185 million in penalties and $5 million to customers for opening fee-generating accounts without authorization to do so...

They had authorization didn't they?

No one's going to jail, just like Envision 

While Fortune noted that Tolstedt's involvement in the alleged behavior is not immediately clear, the magazine reported that she ran the related division "during the entire period in which the customer abuse was alleged, which goes back to 2011."

A Wells Fargo spokeswoman on Monday declined to comment to CNBC on Tolstedt's compensation.

A no comment is good enough for you guys, isn't it?

...She also said that leaders in the community bank worked to "significantly strengthen [Wells Fargo's] training, monitoring, oversight and compensation structure, which led to a reduction in this behavior."

Wells Fargo's 4front retention bonus via Envision
is the same thing as this only different

...The spokeswoman told CNBC that Wells Fargo believes that the changes it has made will help prevent this behavior in the future and that "the vast majority of our team members serve our customers' best interests every day in every interaction."
http://www.cnbc.com/2016/09/12/wells-fargos-community-banking-exec-reportedly-leaving-with-1246-million.html

Thanks for nothing


"Wells Fargo’s CEO John Stumpf said Tolstedt had been one of the bank’s most important leaders and “a standard-bearer of our culture” and “a champion for our customers.”

On Thursday, Richard Cordray, the head of the CFPB, had a different take, “It is quite clear that [the actions of Tolstedt’s unit] are unfair and abusive practices under federal law,” said Cordray. “They are a violation of trust and an abuse of trust.”

...Tolstedt ran the community banking division of the bank, which included its retail banking and credit card divisions, during the entire period in which the customer abuse was alleged, which goes back to 2011. The CFPB said about three quarters of the unauthorized accounts opened by employees of Wells Fargo were bank deposit accounts. 

Tolstedt was regularly praised for her unit’s ability to get customers to open numerous accounts. For a number of years, Wells Fargo’s proxy statement, which details executive pay, cited high “cross-selling ratios” as a reason that Tolstedt had earned her roughly $9 million in annual pay. For instance, in Wells Fargo’s 2015 proxy statement, the company said that its compensation committee had authorized Tolstedt’s $7.3 million stock and cash bonus that year, because “under her leadership, Community Banking achieved a number of strategic objectives, including continued strong cross-sell ratios, record deposit levels, and continued success of mobile banking initiatives.”

...the L.A. City Attorney’s office sued the bank because of its sales tactics, saying that many of the abusive practices came from intense pressure on Wells Fargo’s employees to get customers to open up numerous accounts. 

Earlier this year when Wells Fargo released its annual proxy statement, it once again said that in order to justify her multimillion dollar bonus, Tolstedt’s division had “achieved a number of strategic objectives.” But this time, for the first time in years, cross-selling wasn’t listed as one of them.

...On Wall Street, the carrots are still widely handed out. The sticks, however, remain out of sight.

http://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/
.
.
Wells Fargo Advisors INTERNAL USE ONLY: What is 4front?

.
.
"It was my understanding before October 8, 2012, that William Spivey personally profited from Envision plans created for his clients without including charged investment costs in detailed long term projected minimum financial goals for his clients, for Spivey to qualify for Wells Fargo's 4front bonus."

On September 7, 2012, in front of 25 to 40 financial advisors at the Hyatt Regency St. Louis at The Arch, Greg Shiveley, Envision Sales Manager at Wells Fargo Advisors, said “There are 441,942 households with Envision Plans of Record.” and “The overwhelming majority of Envision Plans do not include investment costs."

...A; Please provide the number, inception and update dates of Envision plans created to qualify for [payment via] Wells Fargo Advisors' 4front program, [between January 1, 2009 and October 8, 2012],

...F; how many of the accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program were governed by the Investment Advisers Act of 1940,

G; how many of the accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program governed by the Investment Advisers Act of 1940 were created without investment costs included,

H; how many of the accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program, governed by the Investment Advisers Act of 1940 were updated without investment costs included,

I; how many accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program governed by the Investment Advisers Act of 1940 were created without the related accounts being adjusted to match the plan's asset allocation recommendations within 90 days of the creation,

J; how many accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program governed by the Investment Advisers Act of 1940 were updated without the related accounts being adjusted to match the plan's asset allocation recommendations within 90 days after the plans were updated,

K; and how many accounts with Envision plans created to qualify for Wells Fargo Advisors' 4front program governed by the Investment Advisers Act of 1940 were created and updated without the related accounts being adjusted to match the plan's asset allocation recommendations within 90 days after the plans were updated,

.
.
ROBERT K. STEEL and the President's Working Group


Wachovia CEO Robert Steel False Certifications and Zion Bank's fine filing, with some Matt Taiibi

.
.
Safety Save

http://greensboroperformingarts.blogspot.com/2016/11/safety-save.html

Getting closer; "Wells Fargo sales scandal extends to brokerage unit: US senators"

http://greensboroperformingarts.blogspot.com/2016/11/getting-closer-wells-fargo-sales.html

Just in case...

http://greensboroperformingarts.blogspot.com/2016/10/just-in-case.html

We are supposed to meet in early November

http://greensboroperformingarts.blogspot.com/2016/10/we-are-supposed-to-meet-in-early.html

NPR's Chris Arnold; "Former Wells Fargo Employees Join Class Action Lawsuit"

http://greensboroperformingarts.blogspot.com/2016/10/nprs-chris-arnold-former-wells-fargo.html

Awesome; "Former Federal Investigator Says Government Didn't Investigate Wells Fargo Whistleblower Cases"

http://greensboroperformingarts.blogspot.com/2016/10/awesome-former-federal-investigator.html

North Carolina's Consumer Protection Division doesn't really care about helping Wells Fargo's clients

http://greensboroperformingarts.blogspot.com/2016/10/north-carolinas-consumer-protection.html

Warren 'News and Record owner' "Buffett made billions amid Wells Fargo fraud" with the help of Allen Johnson and Amanda Lehmert among others

http://greensboroperformingarts.blogspot.com/2016/10/warren-news-and-record-owner-buffett.html

The CFPB didn't do anything about Wells Fargo until the LA Times did

http://greensboroperformingarts.blogspot.com/2016/10/the-cfpb-didnt-do-anything-about-wells.html

I received a call yesterday from the following two Department of Labor personnel

http://greensboroperformingarts.blogspot.com/2016/10/i-received-call-yesterday-from.html

Dear George Hartzman,

http://greensboroperformingarts.blogspot.com/2016/10/dear-george-hartzman.html

For a meeting with Congressman Mark Walker's office at 10:00 this morning, just in case...

http://greensboroperformingarts.blogspot.com/2016/10/for-meeting-with-congressman-mark.html

John Stumpf's Sarbanes Oxley Securities Fraud at Wells Fargo

http://greensboroperformingarts.blogspot.com/2016/10/john-stumpfs-sarbanes-oxley-securities.html

How Wells Fargo Board Whistleblower Communications didn't get to the board's ethics committee

http://greensboroperformingarts.blogspot.com/2016/09/how-wells-fargo-board-whistleblower.html

"Wells Fargo Whistleblower Claims Get New Scrutiny in Labor Review"

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-whistleblower-claims-get.html

From the comments; "Wells Fargo CEO John Stumpf has got to resign now"

http://greensboroperformingarts.blogspot.com/2016/09/from-comments-wells-fargo-ceo-john.html

Wells Fargo Securities Fraud and Insider Trading

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-securities-fraud-and.html

Wells Fargo FORM 10-Q QUARTERLY REPORT, 11 — Legal Actions = No mention of Hartzman surviving a motion to dismiss

http://greensboroperformingarts.blogspot.com/2016/09/wells-fargo-form-10-q-quarterly-report.html

Dear Andrew Brod and friends who know who they are; "Wells Fargo's community banking exec reportedly leaving with $124.6 million"

http://greensboroperformingarts.blogspot.com/2016/09/dear-andrew-brod-and-friends-who-know.html