West Hollywood’s City Council has ended its banking relationship with Wells Fargo because of scandals and predatory banking practices. Instead, the city will now contract with Bank of the West for its banking services.
Do you or someone you know work at Bank of the West? What are your thouts? #BetterBanks bit.ly/2JWoiJS...
Bank of America is closing 16 branches in the Chicago area this July, saying these closures are needed to help finance growth plans that involve more hiring and potential new branches elsewhere. The banks says it will offer employees jobs in other locations.
What if these new positions are inconvenient or too far for current employees? Do you think these closures are really about the changes in customer behavior? What are your thoughts? bit.ly/2wdmkNd...
The Charlotte, N.C., giant is shuttering 16 local branches in July, a task it says is needed to help finance growth plans that involve new branches elsewhere and more hiring.
Chicago is on the verge of default, banks would be crazy not to close up shop and flee as fast as they can before that city tries to shake them down. I believe they elected several literal socialists to their city council. Hopefully the populace will learn a valuable lesson when corporate jobs dry up as a result. I am not optimistic, however.
A top U.S. bank regulator said it will vet Wells Fargo’s pick for its next CEO. The Comptroller of the Currency (OCC) told Congress he would use special legal powers to review any proposed candidate. Intense congressional and regulatory review may narrow the field of CEO candidates.
Do you think this is a good or bad thing? If intense review by regulators narrows the field, wouldn't that hopefully leave candidates who don't have predatory practices? What characteristics do you think the next CEO should have? #BetterBanks cnb.cx/2LWYgZI...
If the US government had linked such a stipulation to the bailout money spent on Wells Fargo a decade ago, such vetting would have been reasonable since Wells would have had the opportunity to refuse government intervention and thus lose out on the bailout funds. It's too late for that now, leaving federal bank regulators with no ability to interfere with who a non-government private business hires or fires.
I believe this to be a good thing although I would like this to be the standard for banks of a certain size rather than the exception for bad actors. I don't know that anything significant will come of it but it's at least another layer of vetting and oversight.