More Bank of America Executive Musical Chairs + Senator Warren Wants Wells Fargo Broken Up

The Notorious Banker

English - September 15, 2021 20:57 - 54 minutes - 50.5 MB - ★★★★★ - 54 ratings
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Previous Episode: I Got Covid + Bank of America Forces 2 Old Execs Into Retirement, Will Eventually Replace Them With 2 Old BofA Execs

Next Episode: Bank of America Victimizes Zelle Scam Victim Until Local SF Media Helps Out -- Also, Water is Wet....

Bank of America just one week after announcing the retirement of Tom "Toxic Culture" Montag and Anne Finucane, Bank of America shuffled the jobs of half a dozen people at minimum despite record high quarterly earnings and supposed stability within the company. I discuss how this is normal for Bank of America to shuffle stuff for the sake of shuffling because they are bored, and I used my own experience with my location and direct reports as evidence that this happens.

I also talk about how the recent minimum wage increase to $25/hour was a sign to me that they would replace older higher-paying employees with younger folks at lower price points from the bottom of the company to the top.

I also discuss how Moynihan is poised to stay at BofA until 2030, and how the shuffling of roles actually stunts the job performance and job reviews of employees by not allowing them time to make a difference in their new roles.

Also, I talk about Senator Elizabeth Warren (D- Massachusetts) deciding to write a letter to the fed asking for them to break up Wells Fargo, citing the scandals of the past. This after Wells was fined another $250 Million last week for their business practices.

I discuss the timing of the letter, and while I agree that it should be broken up, seeing as retail banking is probably a loss leader for them at this point, that it will likely never do so under this bank-friendly administration. I discuss how these companies make their money and how retail banking is really a drop in the bucket for them.

Great to be back!

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