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.
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