Page 34 - Wells Fargo Bank (C) Teaching Note

Wells Fargo is having difficulty accommodating regulatory
demands and may even have more scandals to be

sanctioned for e.g. the July 2018, $2.09 billion penalty for
alleged misrepresentation of loan quality.

One would think that WFB is unlikely to fall much further,

as regulators may be hesitant to pursue the company

with even more drastic punishments beyond just fines.

However, the Department of Justice, may still look at

other businesses within the bank such as its Business

Banking unit – one bad apple?

Nevertheless, for at least 2018 and later the bank will be

focussed on trying to fix what appears to be a deeply

troubled business culture.

Perhaps the last word should be left to a dark, fictional

business icon:

Gordon Gekko: The point is, ladies and gentlemen, that greed, for
lack of a better word, is good. Greed is right. Greed works. Greed
clarifies, cuts through, and captures the essence of the

evolutionary spirit. Greed, in all of its forms, greed for life, for
money, for love, knowledge, has marked the upward surge in

mankind and greed, you mark my words, will not only save Teldar
paper, but that other malfunctioning corporation called the USA.
Thank you very much.

Wall Street