Wells Fargo Hit with Another Fine (Again)

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BANKING

Wells Fargo Hit with Another Fine (Again)

Stop me if you’ve seen this before: big bank gets fined.

Wells Fargo has been hit with another fine, $1.7B + another $2B in customer settlements due to consumer abuses.

The abuses stem from the bank misapplying home and auto loan payments, which in turn led to illegal repossession of borrowers’ assets.

In a damning statement by the Consumer Financial Protection Bureau’s (CFPB) Director, Rohit Chopra, “…Wells Fargo has consistently been one of the most problematic repeat offenders.”

FINANCE

CFO Turnover Rate at 5 Year High

Compared to other C-suite executives, CFO’s have been leaving their jobs at a five year high.

MARKETS

Goodbye 2022, Don’t Let the Door Hit You on the Way Out

2022 was NOT a banner year for the markets:

• Interest rate hikes not seen in decades

• Inflationary pressure due to interest rate hikes and a global supply chain mess

• Massive selloffs in the markets leading to a Bear market

• and worries of a global recession in 2023

All in all, everyone is happy to see 2022 in the rearview mirror and try to get on with our lives.