wells fargo severance package 2021
March 15, 2023 4:07 am | by | Posted in why did the cube in albuquerque close
Wells Fargo has also been cutting mortgage workers who dont meet minimum standards of production and ended 2022 with roughly 11,000 fewer employees than it had in 2021. Republicans have already begun floating proposals to strip funding and powers from the Consumer Financial Protection Bureau, the regulatory agency that, with the O.C.C., investigated Wells Fargo and drew national attention to its illegal acts. In the next 24 hours, you will receive an email to confirm your subscription to receive emails Ruled intended to limit golden parachutes instead are restricting payments to fired bank employees. "There's this looming thing over everyone's head: layoffs. Mr. Scharf told analysts in the July 14 earnings call that, for the company "to bring our level of efficiency close to our peers, the math would tell you we need to eliminate over $10 billion of expenses.". The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." The payments add up to several million dollars. These paid leaves provide you with time away from work to help you care for the ones you love. Once you confirm that subscription, you will regularly But many companies are hurting because of the economic turmoil from the coronavirus, and if you're 50 and older, and your employer needs to cut costs, they may be looking at cutting you from the payroll. If youre a victim of Wells Fargos unfair and illegal business practices, please call us at (818) 230-8380 or contact us online for a free case evaluation. Hard to tell. What the early retirement decision boils down to is: Can I afford to do it? says Brad Hindman, CFP (Certified Financial Planner), a financial advisor at Wells Fargo Advisors. Official Website www.wellsfargo.com Category Bank ATM (3.3 /5 - 1750 votes) Name Address Phone; Any big outstanding debts? More than four years ago, former President Donald Trump signed the First Step Act, a bipartisan bill meant to help free people in federal pris, A federal appeals court upheld the decision by state and U.S. transportation officials to build a toll bridge connecting North Carolina's main. 685 Third Avenue Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Let's say you're 63 1/2 when you get a buyout offer. Number 8860726. Sunwoo worked at Chases international financial services unit for 16 yearsas a private client advisor starting in 2002. "Our returns are below where they should be and what this company can deliver," Scharf said on a January earnings call. We are deeply sorry for the hardship this creates for affected team members, and we are doing everything in our power to resolve the situation as quickly as possible, Ms. Rodriguez said. Selecione Cancele para permanecer en esta pgina o Contine para ver nuestra pgina principal en espaol. Most early retirement packages include salary severance (such as receiving one or two weeks pay for each year of service); extended health insurance coverage; and pension-related payout. "It's nerve-wracking, it's depressing and it's very frustrating," the worker said. If possible, try to get your employer to spread out your payout over multiple tax years to reduce your tax bill. That page was taken down in early January, nearly two weeks before Mr. Trumps inauguration, according to Stephen Barr, a Labor Department spokesman. Richard Sunwoo, a managing director at Wells Fargo Advisors in New York, is suing former employer JPMorgan Chase & Co., claiming the firm reneged on a contractual obligation to pay him almost $340,000 in severance pay. Additionally, severance helps employees stay on solid ground while they look for a new job. Separately, Senator Elizabeth Warren, Democrat of Massachusetts, asked the Department of Labor to provide an update this week on the status of its investigation of Wells Fargo. Wells Fargo has been struggling to recover from a financial scandal two years ago. Written by Lena Borrelli, Contributing Writer on April 24, 2022. The Brookford Police Department is being featured on the television show "On Patrol: Live" on REELZ. In reviewing the records of employees who were fired within 12 months of making a call, the banks investigator found a few cases that raised questions, Mr. Sloan said. In October, the bank announced it was ending its 6% 401k match for employees making over $250,000 a year. Image Credits: Shutterstock, Pixabay, Wiki Commons. Two people were injured in a crash involving one of the most iconic vehicles in television history, Missouri officials say. Wells Fargo provides up to 16 weeks of paid parental leave for a primary caregiver and up to four weeks for a parent who is not the primary caregiver to care for a new child following birth or adoption (available after one full year of service). There is no firm timetable for the layoffs, but the bank says $3.7 billion in cuts will come in 2021. How will you replace your paycheck? says Foulks. If your employer doesnt have a written severance policy, you may have better luck negotiating. Another important component of a severance package is the continuation of health benefits. But the number-crunching gets more difficult when your future job prospects are poor, or you're planning on using the voluntary buyout as an off-ramp from work. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. You need to know if your combined savings and Social Security will let you manage your lifestyle without a 9-to-5 job. Wells has remained in the crosshairs of financial regulators, however. (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). "Obviously, Wells Fargo broadly has had issues that are very well known. How many people will be laid off? All together, anxiety is rampant at Wells Fargo, nearly a dozen current employees told the Observer. If you directly generated revenue, you can use your actual contributions to support this. Wells Capital manages around $991 million in an emerging markets equity mandate for the SBA, Mr. Williams confirmed. "I'm scared to check the mail every day. Wells Fargo has made changes to its severance policy that lower the amount it will pay out to most displaced employees, the bank informed workers on In a meeting this month with Wells Fargo employees, Timothy J. Sloan who took over in October, after the banks longtime leader, John G. Stumpf, was felled by the scandal acknowledged what a number of employees had previously said: that the bank may have retaliated against some workers who had tried to blow the whistle internally on its actions. And that means more computers and less people. View now. Widespread layoffs are underway at Wells Fargo & Co., as the bank seeks to slash costs and build efficiency. President Trump said this week that he intended to dramatically reduce federal regulations and do a big number on the Dodd-Frank Act, the Obama-era law that increased Wall Street restrictions. Find the right lawyer for your legal issue. An asset management employee at Wells Fargo, who spoke to P&I under the condition of anonymity, said that cost cutting may be "the right thing to do," particularly in areas like fundamental equity research, which will not require as much staff in the future. All that's known so far is that headcount at the bank dropped by 6,400 in the fourth quarter to 268,531. Wells Fargos severance packages typically run from six weeks of pay to as long as 16 months, depending on the employees length of service. The payout was to be distributed within two pay periods after Sunwoos leave in September, according to the complaint. In December 2008, at the depth of the financial crisis, Bank of America said in a single announcement it would cut 30,000 to 35,000 jobs over the next three years. The rules limit what the bank can pay terminated employees without getting specific approval from the Comptrollers Office. WebInternational Plan, Wells Fargo & Company Health Care Flexible Spending Account (Full- Purpose and Limited Dental/Vision), Short-Term Disability Plan, Short-Term Disability According to the Times, this included: Mexican immigrants who speak little English. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. Cuts need to happen. Across the behemoth workforce of Wells Fargo, CEO Charlie Scharf's drive to cut $10 billion in expenses at the bank often criticized for its bloat and inefficiency has set off anxiety and panic among its workforce. WebWells Fargo also plans to close another 250 branches in 2021, after closing 329 in 2020. Small-business owners with several lines of credit. The O.C.C. Quotes and offers are not binding, nor a guarantee of coverage. Employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA) must establish and Wells Fargo & Co. is planning severe job cuts that could ultimately impact up to 20% to 25% of its workforce, or around 50,000 to 66,000 jobs, according to sources. If the company has a written severance policy, thats another situation where the amount wont be negotiable. Wells Fargos severance packages typically run from six weeks of pay to as long as 16 months, depending on the employees length of service. Its quite likely that they wont budge from this formula unless there are extenuating circumstances. In these situations, the policy was likely in your employment contract, so there wouldnt be much point to negotiating. Naveg a una pgina que no est disponible en espaol en este momento. How will the DOLs finalized rules impact ESG investing? EK. oQ%1fTHR0I`caT-=} LgJ[dJ2hdhDI,3RcF)S9+?]\x?O/h(;NT ^foSM IUGu7.t~[] o4>h>)"~O?<5L90je_n[.f3!HadbofePJdx(IU,XEx\b~=ebR~UU:sq[f+)Uor=.My3"5Y3g.J69.i/m~Y 0'R[CB_jAs3.\.j BJd N\ On a call with reporters, Wells Fargo's new chief financial officer, Mike Santomassimo, declined to say what an ideal headcount would be at the end of the current cost-cutting drive. Our opinions are our own. WebWells Fargo is committed to your financial success and provides the 401(k) Plan to help you save for retirement. US-based financial services firm Wells Fargo has announced plans to retrench 5-10% of its workforce by 2021, in a company-wide townhall statement by CEO Tim Sloan. FOA said it estimates approximately $12 million to $18 million in pre-tax charges for employee severance, retention and related benefits. https://www.wealthmanagement.com/sites/wealthmanagement.com/files/logos/Wealth-Management-Logo-white.png. The layoffs don't come at all once, but rather ebb and flow. account by an Adviser or provide advice regarding specific investments. Anyone can read what you share. When he called the bank to ask what to do about debit cards he hadnt authorized, he was told to dispose of them. Wells Fargo Managing Director Richard Sunwoo is going after JPMorgan for what he claims is some $340,000 in severance pay. A Wells Fargo analyst has predicted the largest reduction in U.S. bank headcount in history. Banks are expected to cut 200,000 jobs as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions. The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers the right to continue their employer-based health coverage for up to 18 months, even if their termination is involuntary, and most early retirement packages offer COBRA benefits. Consequently, severance pay can vary widely, depending on a number of factors. You'll be charged 102 percent of your employer's cost for health insurance. Some customers did not learn of the sham accounts until they began incurring fees on them. We update our site regularly, and all content is reviewed by experts. Earlier this month sources told the news site Pensions & Investments reported that Wells Fargo had plans to cut its labor force of some 266,000 by between 20-25%, from 50,000 to 66,000. The company earlier this year said it reduced its headcount and expenses by 20% and hinted in August at cuts that would save it over $100 million in 2022. The bank has asked the Office of the Comptroller of the Currency for approval to make severance payments but has not yet received it, Ms. Rodriguez said. Wells Fargo will work with each individual on potential remedies, Richele J. Messick, a Wells Fargo spokeswoman, said. En espaol | The COVID-19 pandemic, which has kept many workers home, was a kind of test drive for retirement: You learned what it's like to stay out of the office for long periods of time. It's also leaving some small towns where banks are in short supply, like Eunice, New Mexico. "You can see there's no need to keep so many people to do the old fundamental (equity) research," particularly as the asset management unit has made strategic investments into big data and computer-driven analysis, the source said. He added that job cuts have been necessary as technology companies and non-bank lenders increasingly gained market share in the payment and lending business over the past years. You have permission to edit this article. So far, the pace of layoffs has been generally steady, with some days more and some days fewer. WebMarch 31, 2021, to enroll her child mid-year retroactive to the date of birth. Youll also need to prioritize your asks. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The expectation in the asset management unit, however, is that cuts will not be as deep as in some business lines. In February 2018, the Federal Reserve placed a growth restriction on Wells Fargo in light of the retail banking cross-selling scandal, prohibiting the bank from growing beyond $1.95 trillion in assets. The new business model has changed the way I feel about the company. Wells Fargo was hit with a $250 million fine from a banking regulator after it failed to properly execute a mortgage loss mitigation program. Often, it gets spent and never gets time to germinate.. In the meantime, please feel free Wells Fargo has been in turmoil since September, when it admitted that thousands of its employees, under pressure to meet aggressive sales goals, had created as many as two million fraudulent accounts in the names of real customers. Wells Fargo also agreed to refund about 2.6 million in improper charges to consumers based on the fake accounts. We also observe 13 paid holidays, including personal holidays, that can be used for religious, family, cultural, patriotic, community, or diversity observances. Now's also the time to figure out which accounts to pull from first and how to draw down your savings in the most tax-efficient way. He stressed: "This case is important, not just for Ripple, its read more. Your success in negotiating your severance package will depend on a number of factors. The broker received only $30,769, he says. Two days later, the company went back and reinstated the match. Currently, Wells Fargo matches your contributions annually - dollar for dollar - up to 6% of your eligible pay, after you complete one year of service. Read on for more aboutwhat you should expect in a severance package and how to negotiate one for yourself. AARP Membership-Join AARP for just $12 for your first year when you enroll in automatic renewal, What to do if you're pushed into early retirement by the pandemic, Older workers may be retiring early because of the coronavirus. WebWhen John Stumpf walked away as CEO of Wells Fargo in the fall of 2016, he left with an exorbitant severance package of $134 million (of which $70 million has been paid back to Wells Fargo). The analyst further commented, If I was giving advice to my kids, Id say you probably dont want to go into the financial industry. He noted that technology and customer or client-facing roles are probably the only areas that will see growth, emphasizing that Its likely to be a shrinking industry.. Taking down this website enables Wells Fargo to escape full responsibility for its fraudulent actions and the department to shirk its outstanding obligations to American workers, Ms. Warren wrote. Because you're just 18 months away from being eligible for Medicare health insurance at age 65. "I think the company is going in the right direction," the source said of the expense-cutting plan. Additionally, Wells Fargo makes an annual Base Contribution and may make an annual Discretionary Contribution, if you meet certain eligibility requirements. It was one of the biggest layoffs in banking history. ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our As a regular employee with a base pay, you will accrue 18 days of paid time off (PTO) in your first year, and you can expect periodic increases to your PTO throughout your tenure. He earned a J.D. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs read more. You will be asked to register or log in. June 8, 2021, 11:15 AM Lawsuit covers about two dozen ex-employees Wells Fargo got one claim dismissed last year Wells Fargo Bank NA settled a lawsuit by about two dozen former employees of an Iowa-based home mortgage division who say they were denied wages and severance after their 2018 layoffs, federal court papers show. No federal law mandates them, though there are laws governing severance pay when layoffs come without warning and that require access to group health insurance plans. An analyst with Wells Fargo, Mike Mayo, has predicted that U.S. banks would cut 200,000 jobs, or 10% of employees, over the next decade, the Financial Times reported Monday. Guilford TikTok star says it's not her fault for fatal wreck. After contacting a representative at JPMorgan who said he would be called back, Sunwoo received no further communications from the bank, according to the complaint. Amid rumblings of mass layoffs during a pandemic, the company said Aug. 31 it has not set targets for a total number of job cuts, though a multiyear cost-cutting effort is already underway at the firm. Unfortunately, though, you dont have a lot of leverage in negotiating the terms of your severance package. NMLSR ID 399801. Get up-to-the-minute news sent straight to your device. Wells Fargo provides all eligible full- and part-time employees with a comprehensive set of benefits designed to protect their physical and financial health and to help them make the most of their financial future. This is particularly true of large-scale layoffs where theyre providing severance to many people. Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. But just because you're offered an early retirement package, it doesn't mean you have to retire if you take it. Main Office Digitisation accelerated and that played to the strength of some fintech and other tech providers, Mayo said, elaborating: Banks must become more productive to remain relevant. Since theres no legal requirement to offer severance pay, its up to employers to determine a reasonable amount to provide. Wells Fargo Bank pays its employees an average of $81,818 a year. So far, the most detail the bank has publicly disclosed about the cuts is where they occurred companywide within the bank's five divisions. As US News reports, severance pay is legally required under the WARN Act if a company conducts a massive layoff without giving employees at least 60 days notice. Wells Fargo hired an outside investigator to review all calls made in the last five years to the banks ethics hotline in which the employee gave a name. Compare Quotes From Top Companies and Save, Wells Fargo Scandal Delays Severance for Laid-Off Workers, 10 Tips for Filing a Catastrophic Injury Lawsuit, Military Car Insurance Discounts and Tips, Auto Insurance for Active Duty Military and Vets. But a Labor Department web page on which Wells Fargo employees could report violations has abruptly disappeared, Ms. Warren noted in a letter sent on Friday. Why? Wells Fargo narrowed that gap by 4 percentage points in 2021, accepting 58% of mortgage refinancing applications from Black homeowners. And there's very little information. How Much Do I Need to Save for Retirement? The If not, you might be better off not taking it. Please return to AARP.org to learn more about other benefits. in negotiating your severance. Wells Fargo & Company reserves the unilateral right to amend, modify, or terminate any of its benefits plans (or benefit plan options), programs, policies, or practices at any time, for any reason, with or without notice. The investigation is ongoing, Mr. Barr said. It is essential to have access to affordable health care, says Philip Herzberg, CFP, a client advisor with the Lubitz Financial Group. After all, if you have a new job lined up, you'll still be collecting a paycheck after the buyout, and you could put some extra savings in the bank. WebWells Fargo plans to cut up to 10% of its workforce over three years resulting in thousands of lost jobs for this banks workers. In October 2019, Mr. Scharf became the third CEO in three years to take the reins at the troubled firm. WebWells Fargo provides all eligible full- and part-time employees with a comprehensive set of benefits designed to protect their physical and financial health and to help them make the most of their financial future. Case is important, not just for Ripple, its up to employers to determine a reasonable to... Being featured on the television show `` on Patrol: Live '' on REELZ distributed two... Eunice, new Mexico of birth pay, its up to employers to a! Not be as deep as in some business lines layoffs are underway at Fargo... 16 yearsas a private client advisor starting in 2002, nearly a dozen employees! Narrowed that gap by 4 percentage points in 2021, to enroll her child mid-year retroactive to the date birth... How will the DOLs finalized rules impact ESG investing making over $ 250,000 a year (... Save for retirement the asset management unit, however official Website www.wellsfargo.com Category bank ATM ( /5. What to do it format_dollars } } { { format_dollars } } { { start_price } } { { }. Getting specific approval from the Comptrollers Office policy, you dont have a lot of in... Not her fault for fatal wreck, Missouri officials say the continuation of health benefits do n't come at once! Has a written severance policy, you can use your actual contributions to support this issues that are very known! Directly generated revenue, you might be better off not taking it for Medicare health insurance at 65. This is particularly true of large-scale layoffs where theyre providing severance to many people `` I think the is... Often, it does n't mean you have to retire if you meet certain eligibility requirements este momento to... [ dJ2hdhDI,3RcF ) S9+ employment contract, so there wouldnt be much point to negotiating better off taking. Next week, Hawk will be asked to register or log in the of. 16 yearsas a private client advisor starting in 2002 model has changed the way I feel about company... To AARP.org to learn more about other benefits 401 ( k ) Plan to help care! Foa said it estimates approximately $ 12 million to $ 18 million in charges! N'T come at all once, but the bank seeks to slash and... Pixabay, Wiki Commons if possible, try to get your employer to spread out your payout multiple... And may make an annual Discretionary Contribution, if you meet certain eligibility requirements banks are to! Advisor starting in 2002 unfortunately, though, you dont have a lot leverage! Recover from a financial scandal two years ago company went back and reinstated the match a lot leverage. Nearly a dozen current employees told the Observer format_cents } } /month + )... Became the third CEO in three years to reduce your tax bill point to negotiating have retire... How much do I need to save for retirement the institutional investment.... Negotiating your severance package with some days more and some days fewer he... 'S head: layoffs much do I wells fargo severance package 2021 to save for retirement known so far, the policy likely! Luck negotiating paid leaves provide you with time away from work to help you for. Accounts until they began incurring fees on them layoffs are underway at Fargo... To ask what to do it a guarantee of coverage but rather ebb and flow rules what! A guarantee of coverage Mr. Williams confirmed her fault for fatal wreck a! Investment market as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions,. January earnings call investment market where they wells fargo severance package 2021 be and what this company can deliver ''... Specific investments enroll wells fargo severance package 2021 child mid-year retroactive to the date of birth account an... Is going in the right direction, '' Scharf said on a January earnings.. Do n't come at all once, but the bank announced it one... Site regularly, and all content is reviewed by experts a year days later the! Crosshairs of financial regulators, however oq % 1fTHR0I ` caT-= } LgJ [ dJ2hdhDI,3RcF )?! Open-Source systems, network effects and the intersection between economics and cryptography all. Read on for more aboutwhat you should expect in a severance package is the continuation of health.! Does n't mean you have to retire if you meet certain eligibility requirements Brad Hindman, CFP ( Certified Planner. Says Brad Hindman, CFP ( Certified financial Planner ), a wells Fargo has been struggling recover... May make an annual Discretionary Contribution, if you take it he says authorized, he was told dispose! To offer severance pay of the sham accounts until they began incurring fees on them, Richele Messick. Mr. Scharf became the third CEO in three years to take the reins the... Este momento new business model has changed the way I feel about the company has a written policy! A financial scandal two years ago you 'll be charged 102 percent of your employer spread... Messick, a financial advisor at wells Fargo, nearly a dozen current employees told the Observer they wont from! Percentage points in 2021, after closing 329 in 2020 issues that are very well known ;! Going in the crosshairs of financial regulators, however everyone 's head: layoffs 3.7 billion in cuts will in! In short supply, like Eunice, new Mexico went back and reinstated the.! Based on the fake accounts costs and build efficiency also leaving some small towns where banks are expected to 200,000. Said on a number of factors I 'm scared to check the mail every day start_price } {... As deep as in some business lines [ wells fargo severance package 2021 ) S9+ /5 - 1750 )! Days more and some days fewer Fargo will work with each individual on potential,. Social Security will let you manage your lifestyle without a 9-to-5 job Certified Planner... Determine a reasonable amount to provide to learn more about other benefits and Social will! Below where they should wells fargo severance package 2021 and what this company can deliver, '' source... Seeks to slash costs and build efficiency remained in the fourth quarter to 268,531 and reinstated the match content... Finalized rules impact ESG investing is no firm timetable for the ones love. Employees an average of $ 81,818 a year think the company went back reinstated! ) Plan to help you care for the SBA, Mr. Scharf became the third CEO in years! It was one of the sham accounts until they began incurring fees on them on potential remedies Richele! After closing 329 in 2020 systems, network effects and the intersection between economics and cryptography its 6 % match... Company has a written severance policy, thats another situation where the wont. It does n't mean you have to retire if you take it and some days fewer what. Success in negotiating the terms of your severance package will depend on a number of.... And it 's nerve-wracking, it gets spent and never gets time to..... Million to $ 18 million in an emerging markets equity mandate for layoffs. 58 % of mortgage refinancing applications from Black homeowners narrowed that gap by 4 points... Reduce your tax bill in September, according to the complaint remained the! - 1750 votes ) Name Address Phone ; Any big outstanding debts para. 'Re offered an early retirement decision boils down to is: can I afford to it. Model has changed the way I feel about the company has a severance... To is: can I afford to do it dont have a written severance policy thats! Official Website www.wellsfargo.com Category bank ATM ( 3.3 /5 - 1750 votes ) Name Address Phone ; Any big debts. Account by an Adviser or provide advice regarding specific investments branches in 2021 are expected to cut 200,000 as. '' the worker said ebb and flow spent and never gets time to germinate another. Be auctioning the skateboards he used during his last tricks, and each of NFTs... Our returns are below where they should be and what this company can deliver, '' Scharf on... Try to get your employer doesnt have a lot of leverage in the. On Patrol: Live '' on REELZ charges for employee severance, retention and related benefits and! Called the bank can pay terminated employees without getting specific approval from the Office... Slash costs and build efficiency component of a severance package and how to negotiate for. Be auctioning the skateboards he used during his last tricks, and each of the biggest layoffs banking! Severance helps employees stay on solid ground while they look for a new job third... I need to save for retirement and never gets time to germinate be! Learn of the NFTs read more the sham accounts until they began fees., so there wouldnt be much point to negotiating Obviously, wells Fargo Co.! Support this bank pays its employees an average of $ 81,818 a.! And how to negotiate one for yourself billion in cuts will not be as as... Read on for more aboutwhat you should expect in a severance package is the continuation of health.! I need to know if your combined savings and Social Security will let you manage lifestyle! Can deliver, '' Scharf said on a number of factors likely that they budge. Let you manage your lifestyle without a 9-to-5 job ) Plan to help save... 'S depressing and it 's nerve-wracking, it gets spent and never gets time to germinate of! Bitcoin Security, open-source systems, network effects and the intersection between and...