Insider Claims Wells Fargo Is About To Collapse?
Heads up folks!
You’re going to want to pay close attention to this and don’t say I didn’t warn you!
Actually, first a disclaimer…I’m simply reporting on a video I just saw going viral on Twitter. I cannot confirm any of what this man is saying, but he put it out there and he claims to have some knowledge about this as well as a track record of successfully predicting events like this, so I’m reporting on it. You will have to decide for yourself what you think.
Let’s just get right into the video and then I’ll break it all down below.
Watch here:
#Bankingcollapse2024 #BankRuns2024#BuildBackBetter2024
Is Wells Fargo Bank about to collapse 🤔??? pic.twitter.com/tHFlyiPIOc— 🏴☠️ |🪝 Mr. Inte■■■■■■■■l (@fabian70813) February 16, 2024
Backup here if needed:
Wells Fargo is next to collapse?
LISTEN TO WHAT THIS MAN HAS TO SAY
More here: pic.twitter.com/vS9i6CSquc
— DailyNoah.com (@DailyNoahNews) February 18, 2024
Ok, so as I said before I cannot independently confirm or corroborate what he is saying, but he’s putting it out there and I thought he deserved to be listened to.
And if he’s right this will be absolutely incredible to look back on.
But I don’t want to just leave it there, I’d like to actually dig into some facts, sound good to you?
This man IS right and factually accurate when he talks about all the troubles Wells Fargo has had recently.
In fact, there have been so many bad things I lost track, so I asked Grok for a list just over the last 2 years and this is what it told me:
Over the past two years, Wells Fargo has faced a number of challenges and negative developments. Here is a summary of the key issues the company has faced:
Fines and penalties: In 2022, Wells Fargo was fined $3.7 billion by the Consumer Financial Protection Bureau (CFPB) for a “laundry list” of consumer finance violations, including illegal fees and interest on loans, as well as incorrectly applied overdraft fees. This is the largest fine to date against any bank by the CFPB and the largest fine against Wells Fargo.
Legal troubles and settlements: In addition to the $3.7 billion fine in 2022, the bank has faced several other legal issues. In 2020, Wells Fargo paid a $3 billion settlement to resolve criminal and civil charges related to its fake account scandal. In 2018, the bank paid $2 billion to settle charges related to toxic securities abuses.
Layoffs and restructuring: In 2023, Wells Fargo announced plans to lay off an undisclosed number of employees, with severance costs estimated to be nearly $1 billion in the fourth quarter. The layoffs are part of a broader restructuring effort in response to the bank’s financial challenges.
Top executives resigning: While there have been no reports of top executives resigning in the past two years, the company has faced significant scrutiny and criticism from regulators and the public.
Negative publicity and reputational damage: Wells Fargo has suffered significant reputational damage due to its numerous scandals and legal troubles. The bank has been working to repair its image and regain the trust of its customers and the public.
Declining earnings and financial performance: The bank’s financial performance has been impacted by the fines, legal settlements, and restructuring costs. In 2023, the CFO of Wells Fargo discussed how operating losses due to legal problems were down $2.3 billion between September and December.
Shrinking home-lending business: In 2023, Wells Fargo announced that it is dramatically shrinking its home-lending business following a string of scandals and a record fine from the CFPB.
These issues have posed significant challenges for Wells Fargo and have affected the company’s reputation, financial performance, and operations.
So go ahead and set aside the video for one moment and just looking objectively at this list it’s not hard to see that perhaps they may be in serious trouble.
It’s not exactly a list of accomplishments!
