Scharf “isn’t even considering business without the asset cap”. Expect at least through end of 2022 I’m sure. https://www.reuters.com/business/finance/wells-fargo-beats-profit-estimates-reserve-release-boost-2021-07-14/
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“ They’ve said for the last year”
Continues to post about 2018 and 2019…….. Tend to agree with @2cvc+1bPoR7c5
The bank earlier had suggested that the Fed could lift the asset cap later this year, potentially after a September 2018 review. - https://www.latimes.com/business/la-fi-wells-fargo-investors-20180510-story.html
Through the end of 2019 - CEO Sloan https://www.wsj.com/articles/wells-fargo-reports-lower-profit-11547557556
Wells Fargo & Co. has asked the Federal Reserve to temporarily or permanently remove a cap on its asset size, https://www.spglobal.com/marketintelligence/en/news-insights/blog/driving-value-creation-through-esg-integration-three-vital-steps-for-every-bank
As we know, the Fed temporarily lifted it during the PPP program. WF asked for a permanent lift.
But go on how they never planned to have it lifted until 2022.
He’s not planning for it because he won’t be around when it gets lifted. He will already have cashed out before then.
From what I’m seeing in my group, we’re planting the seeds of future MRAs while working on curing the current MRAs. We’ve always got another sh!t storm on the horizon. And we’re a bit overdue for our next scandal, aren’t we?
The other dude is right. There have been multiple snippets from the bank saying 2022 ‘maybe’
https://www.thinkadvisor.com/2020/12/08/wells-fargo-facing-uphill-fight-over-feds-growth-cap/
December 08, 2020
The regulator and the company itself aren’t nearly as optimistic.
Some top executives at the San Francisco-based lender privately expect the bank not to exit the limit on assets until late next year at the earliest, while key Fed officials see the process dragging into 2022 or beyond, according to people familiar with their thinking.
@jzi+1bPoR7c5 totally not true. They have been stated expectations for it to be lifted in 2019, 2020, and spring of this year. So, if you don't count the previous as statements, then you're correct.
@jzi. When you are not too bright it’s easy to get confused
They’ve said for the last year that it wont be lifted until at least 2022, not sure what the confusion is.
Chainsaw doesn’t want the asset cap lifted this year. The year over comparisons to last years lockdown environment are easy to post strong numbers. He wants the cap lifted next year when it will provide a boost to beating 2021 numbers.
Better they deal with reality rather than planning for an outcome that may or may not come any time soon. I'm hoping to get laid off but I'm not booking my three month tour of Europe just yet. Just basic common sense.
That's just PR. If they aren't planning for it they are short-sighted and incompetent. Wait a second...