The second largest bank in the US was fined.
Bank $BAC will pay a $150 million fine for charging its clients for services they did not ask for.
How do you view the banking sector after the collapse of several US banks? Do you trust the banks or do you prefer to invest in fintech companies?
It's like Simone in Comeback when she accidentally ended up with extra edges 😂😂😂
250mil probably doesn't bother them at all, but I don't like this behavior from banking companies. I'm thinking of investing anyway. 😁
This immediately reminded me of the cross-selling scandal at $WFC. You can find plenty of it on the internet.
"Wells Fargo ordered to pay $3.7 billion for 'illegal activity' including unjust foreclosures and vehicle repossessions"
https://edition.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html
I trust the banks... they have been there and they will be there... I just think they are going to go through some kind of transition and the question is who will be able to withstand it or not...
Yes, is it interesting information for such a bank that it steals from its clients? ...well, it's not good for the reputation, but Buffett trusts it, it's a huge bank and this fine will be chump change for them, I'll continue to stay with it as I still have $JPM.
Even if the banks are unstable, I would like to include the shares of one or more banks in my portfolio. Of course, I only want to have stocks of the largest banks like $BAC or $JPM in my portfolio.
I plan to buy shares of $BAC in the near future, as they are currently quite low.
Didn't they get a 250mil fine? 😶 Well, from the position of a JPM investor, I'm totally at ease, the bank came out of the crisis bigger and stronger. Hopefully Friday's results will confirm that.