Thread regarding Wells Fargo & Co. layoffs

Retire The Wells Fargo Name -Other Thoughts

The asset cap and consent decrees remain, despite "improvements" at Wells Fargo. Now Charlie Scharf has layoffs as a solution. Clearly, he's run out of quality ideas, and it's time to wind down the firm, not prolong its existence. Instead, the firm should spin off its brokerage to JP Morgan, sell the bank, and lay off all senior management as the firm is unwound. The name, Wells Fargo, should vanish entirely.

I know of one financial Advisor who learned of then recently imposed consent decrees and asset cap and improbably took his book of business to Wells Fargo several years ago. Why would anyone take the risk at a time of crisis? That's just reckless and irresponsible. Integrity matters.

Elizabeth Warren has always been correct about Wells Fargo. Now it's time to retire the Wells Fargo name.

by For Whom The Bell Tolls
| 1534 views | | 7 replies (last December 13, 2023) | Reply
Post ID: @OP+1pZDLirz
Comment! It's anonymous!

7 replies (most recent on top)

@1nsc while buying a small bank to take their name the feds will never let Charlie and Co buy a bank. Maybe after this mgmt team and caps are gone but not 1 minute before that. And that ain’t happening any time soon.

by Anonymous
| | Reply
Post ID: @4njc+1pZDLirz

It's not bad idea. Buy a small bank with a great rep and adopt their name. That's what happened with Norwest & Wells Fargo.

by Anonymous
| | Reply
Post ID: @1nsc+1pZDLirz

@1kqm+1pZDLirz

Stifel is smaller though, would be more of a merger. It would take a heavy hitter to by WFA like the GS rumors awhile back that doesn't already have a retail brokerage.

by Anonymous
| | Reply
Post ID: @1gcz+1pZDLirz

WFA is not going to be sold to JPM, all the advisors would leave before the deal closed. JP isn’t set up for brokerage and their model doesn’t fit with WFA. If anything it would be sold to another brokerage like Stifel. The smartest thing the firm could do would be to spin WFA off into its own company. More value for shareholders.

by Anonymous
| | Reply
Post ID: @1kqm+1pZDLirz

The brokerage business is not impacted by the asset cap. Since you only mention one JPM advisor from several years ago tells me you know nothing about this business. Stay in your lane

by Anonymous
| | Reply
Post ID: @1bpu+1pZDLirz

Back to Wachovia?

by Anonymous
| | Reply
Post ID: @1ekh+1pZDLirz

@kbk

Oh, look -- a simp defending our corrupt company and blaming others for it. How novel.

by Anonymous
| | Reply
Post ID: @zxl+1pZDLirz

Post a reply

: