Wells has no trading floor? Ok let me tell that to my team as we all sit on rye trading floor “hey guys did you know wells doesn’t have a trading floor?”
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Errr...wells does have a trading floor...
What do you think Corporate and Investment Banking does
Yes
It's true, credit cards are profitable. However, they are also highly competitive with high churn rates. They are subject high customer default rates during rough economic times, like say a pandemic.
Now, having said that. Wells is moving deeper into credit cards, and hiring people from banks that are leaders in that industry, so, to answer your question. If you have cc operations expertise from say Chase, you have noting to worry about.
Credit Card is Wells Fargo's biggest investment right now. PLG is standing up 8 scrums that I know of for credit card. Besides Chuck being a Credit Card kind of guy, here's why it makes business sense:
1) There's no money to be made on interest rates and traditional bank products are no longer very profitable
2) Fintech is coming up fast (although the big banks could buy the good ones)
3) Wells does not have a trading floor
4) So... If interest rates s—, go into credit card and screw people with 23% interest penalties for not making their payment on time.
Ruthless, but you can bank on it.
So, my Operations friend, I think you have a bright future ahead. (But as Hunter S. Thompson said: "Never Turn Your Back On A Speed Freak...")