Your views on the Q2 results
23 replies (most recent on top)
With the move of Courtney G to a newly created role of ‘identifying and establishing shared functions across the Consumer Lending business’, that would appear to be the place to get hit next. Beware early next year in Consumer Lending...
This quarterly loss was planned with the Board's approval. They moved the money around to have a bad quarter. If this was real, they would march the CFO out the door. Instead, they are going to start the layoffs of the commoners.
Oh - and it can't be all doom and gloom, they just created a new executive office called the Office of the Head of Technology, with a new executive position opening up. I guess they forgot someone from JPMC and must bring him over now! Saul is tool like the rest of them.
Does anyone know how DMI and Data Analytics that deal specifically with Reg Reporting, how they’ll be affected?
ER/HR definitely equally crooked, for sure. They should all have to pay the penance of working in a Wells Fargo Call Center for the rest of their lives.
ER ran this company into the ground more so than the management did. When honest employees went to them or called the ethics line to report what was going on, ER found one way or another to get rid of the employee who reported the issue, rather than fixing the root of the problem.
Booooooooo, Wells Fargo!!!! Big thumbs-down to the crooked management teams that ran us in to the ground 👎👎👎. They’re all sitting pretty and we’re going to pay for their greed and incompetence. Hope karma bites them in the arse.
It appears WIM is the only one posting positive numbers. Wholesale really shat the bed this quarter.
Just look at the org chart for our esteemed COO. Four execs who only have admin assistants reporting to them? Pretty easy to find the bloat in this organization...
Let’s save $26 million. Fire C.S. for sheparding Wells Fargo to a loss. Uncle Warren should bend him over his knee and give him the spanking he deserves.
The staff of Wells had better been banking tons of cash because this guy is going to terminate a ton of positions and very soon. It could be as soon as tomorrow or next Monday.
Layoffs are needed, a lot of overhead nowadays. Like Chuckie said, his goal is for WF to survive. If no WF zero jobs left. It s—s.
@oil WFC couldn’t keep the PPP funds. It was part of the agreement to temporarily lift the asset cap and allow us to process those loans. That ‘donation’ was mandatory.
I wonder if they will make everyone come back to the office before they begin layoffs? The logistics of laying off so many people who are working remotely sound rough.
Almost all banks across the street have come out with large loan loss reserves. Layoffs might be needed to bring costs down in line with other competitors. Also, those in CIB should be happy because almost any bank with trading operations will be profitable during this environment. Look at Jpm earnings, that had insane profits in their trading division due to their scale and also thanks to uncle Powell for providing a backstop in the fixed income markets.
The FRB has been issuing a Consent Orders about risk and compliance issues since 2016. Nearly four years later, they are unsatisfied.
The risk and control environment is a priority because the asset cap needs to be lifted in order for the bank to make new loans and therefor be profitable.
I sincerely doubt that this means the thousands people on these teams are safe. If anything, the question should be asked... what the heck are you all doing? So far, the Fed is not impressed and that’s just a fact.
Risk management does not require thousands of people. It requires system controls, intelligent models built by knowledgeable people, management incentivized to directly control their risks, and intelligent policy.
Can someone copy and paste Scharf’s message?
driving stock down. Then increase layoffs. Then hire a few more friends heavily incented with stock and they get in at $20. Prior post spot on. Doesn’t take a ton of leadership and talent to slash and burn
Sharf will hurry to add another friend or two to his executive team and then announce layoffs and hiring freeze.
We get emails from leadership saying how proud they are regarding how hard everyone is working through these unprecedented times, then when poor financial results occur (driven by the pandemic) all of a sudden we need to perform better.
Bottom line is, he will use the pandemic to lay-off more people than needed and ultimately this will result in supporting a higher dividend payment where he and his friends will rake in the dough. Wells doesn’t need to pay this guy to do that. Any average person can come in and lay people off. This is not leadership.
These results will accelerate lay-off plans. Sorry to those that will be affected. Expect a large percentage in branches, mortgage, and wholesale to be impacted (all areas with the lowest near term prospects). I know some are waiting for a package - as a recently departed employee I suggest you look actively. You don’t want to be competing with tens of thousands of others at the same time
Is is just me, or is Chainsaw Chucky playing shell games? Donate over 400 million from PPP, increase loan loss reserves by 8.4 billion, show a loss of 2.4 billion and then slash like it's going out of style.
Sh!t seems fishy! Well, I better go get some vasoline and get prepped.
The message he sent doesn’t sound like Controls will be affected by any cuts. “We remain focused on our number one priority - building out our risk and controls environment”
Bloodbath, good luck all
Disaster results.. everyone shld b worried.. everyone!!