Just to clarify, the auto insurance scandal had the bank sales/processing people place an outside insurance product onto an auto loan whether needed or not. The brokerage business (WFIS) HAD NOTHING TO DO WITH THIS. WFIS provided services for commercial insurance to businesses in placement and programs.
So a customer would get a car loan and WF would place an auto phys. damage pol. even if the person already had one in force? And the person was not told this?
Wells was never committed to insurance business. They put in lack luster, insurance neophyte leaders (Neil Aton?) Dave (Duh) Duh) I forgot his name the same as he forgot what he was about to say. Bound to happen. How else do you go from #4 to #12 in three years? Then they auction the company. Who but morons would stick around there to work when competition is eating the carcass by mouthfuls.
So they will exit Commercial and Personal Insurance. Good riddance Wells Fargo.
Just to clarify, the auto insurance scandal had the bank sales/processing people place an outside insurance product onto an auto loan whether needed or not. The brokerage business (WFIS) HAD NOTHING TO DO WITH THIS. WFIS provided services for commercial insurance to businesses in placement and programs.
So a customer would get a car loan and WF would place an auto phys. damage pol. even if the person already had one in force? And the person was not told this?
Banks should never have been allowed into the insurance business. There is a massive conflict of interest.
Wells was never committed to insurance business. They put in lack luster, insurance neophyte leaders (Neil Aton?) Dave (Duh) Duh) I forgot his name the same as he forgot what he was about to say. Bound to happen. How else do you go from #4 to #12 in three years? Then they auction the company. Who but morons would stick around there to work when competition is eating the carcass by mouthfuls.