Pre Chuckles, I would have said Blockbuster for sure. Post Chuckles I’m not so sure.
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What part of Too Big to Fail does the OP not get?
This site has become a dumpster for clown thoughts.
"...Better interest rates and lower fees..."
The former is certainly possible, but what fees, exactly, are you paying as a team member?
In any case, those taking about "business model" issues need to understand that banking has been around as long as civilization itself, and by it's nature it becomes intertwined with government such that it ensures it's own existence long term. Even with our outrageous spending and low interest rates, the company makes billions every quarter...and not billions based on bogus assets like Wachovia. We're going to trim down a bit and continue to work on the turn around. We have a lot of assets, and will continue to make $.
There's a Blockbuster mentality for sure. Hey, tech teams, can we offer our customer's movies? Yes, here is a VHS tape of the movie. But who watches movies on tape anymore? You asked us for a movie, we delivered a movie.
Post ID: @1zns+18vYGcDt
Where are you seeing emotion? Give a couple examples. Just because you disagree with people, you shouldn’t attempt to discredit them by saying they are emotional. My posts are fact-based.
Anonymous posters trying to put a value on a company using nothing but emotion and then arguing about it is the best thing I have seen all year
Stick to layoff news
Until technology can actually show they can do something with the BILLIONS that they have wasted it is hard to say give them money. When the Enterprise release cycle takes NINE MONTHS you cannot stay pace.
Less complaining more work. Two words: DATA LAKE.
Let’s see, Damaged brand + short-term arrogant CEO + aging business model + outdated technology + inability to grow + lack of innovation + unknown business strategy + low interest rate environment + toxic culture + low employee morale + nothing unique + the dumbing down of our financial advice + inability to attract/keep top talent + top down management style + questions if we can make money honestly = Eventual Failing Business Model
They weren’t toxic until they were. Hind site vision is always 20/20. Don’t be so arrogant @1sbg+18vYGcDt
The Wachovia comparison makes no sense. Wachovia had a balance sheet riddled with toxic assets from all their subprime loans. A run on the bank during the height of the crisis was the final nail.
Wells Fargo is absolutely flush with capital.
“But there is no doubt that when ready, Wells Fargo has the capital to conduct share repurchases and raise its dividend back to normalized levels. The moderator of the Goldman conference noted that Wells Fargo has more than $25 billion in excess capital”
Wachovia made billions every quarter except the last 2 or 3 of its existence and then puff...... gone.
I do all my consumer banking (checking, mortgage, etc...) with Bank of America and my investments with Fidelity. They beat WFC in every aspect of service, product, reliability, etc... the reality is there is no plus in being a WFC client these days, that’s what k–led (in the past tense) the brand.
@guz+18vYGcDt just assumed the “too big to fail” policies will continue in perpetuity. Perhaps they’re correct but finding comfort in the billions made is a falicy. Sleep well @guz+18vYGcDt
Post ID: @guz+18vYGcDt Interesting, because that is what we about Wachovia too.
Interesting take on JC Penny. I remember reading about them in business school. What stands out in my memory was they had lost their identity and never could recover from that. What made it difficult for them to ever fully recover, once they lost their identity, was they couldn’t/didn’t distinguish themselves from all the other available more modern/defined options, such as The Gap and Target, or discounters like TJ Maxx.
It could be the same here, unfortunately. We lost our identity or brand, which was once seen as the best managed bank in America. We had a 160 year history of service and stability. We were, previously, a safe and well known top bank to trust your money with.
And now? What would make any one choose Wells Fargo over the other 3 major banks? What makes WFC stand out as the better choice? And, sad to say, but I do all my banking with Discover online and Ally online. Better interest rates and lower fees. I have not run into anything I can’t do online with them as well, or better.
I do wish we could get the best and the brightest involved, but I don’t think that is what’s happening. Right now, they are just trying to stop the bleeding.
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Outside of one quarter where we threw in the kitchen sink of expenses/fines, the company makes billions every quarter...don't think we're headed for bankruptcy any time soon.
whoever makes the movie, may end up being rich! this place is worse than theranos
Great question. Definitely never will be a Netflix. I don’t think we are going to go out of business, like Blockbuster, but our failure to invest in technology and innovate will keep us from getting back to our so-called glory days. We are currently closing up our brick and mortars, like JC Penny, and are too far behind to ever catch up with our competition digitally, like JC Penny.
I don’t know if Charlie has a strategy, but it will take time before we know if he’s putting us on a healthy path or not. Everyone praised Ron Johnson, when he became JC Penny’s new CEO back in 2010 ish, and he practically took them down.
So that’s why I call bs on the pro-Charlie supporters out here. There is not enough information available yet from which to come to that conclusion. He might be better than Stumpf and Sloan, and I hope he is, but he could be equally detrimental or even worse in different ways. Only time will tell.