People there is no V recovery for Wells Fargo stock. This ship is going down and will never recover! Why? Because the Regulatory problems are huge, the senior executives who are spearheading the Regulatory work streams are clueless and provide the wrong direction. Wells Fargo will be lucky if they can fix the Regulatory problems in 3 years. Now they are going to lay off a bunch of people, which will cause mass confusion and nothing will get done RIGHT! I have worked at Big Banks where we had consent orders all over the place, and when I compare the quality of the senior management, the direction we got, the energy and focus to Wells Fargo, I can clearly see that Wells Fargo is going to fail on delivering it Regulatory commitments and you will see more Big problems down the road. Coupled with the Regulatory problems, Wells Fargo is Way behind its competitors in technology and digital solutions for its clients. The truth here folks is you are witnessing the DEATH of big banks. Everything is going to go digital. Branches and buildings will be a thing of the past. When senior management will not adopt work from home as a permanent solution, that tells you right there that the people making the most important decisions lack the vision and strategy to morph this bank for the next generation and to embrace technology and change. There is no quick fix here, there are much better investment opportunities out there and the irony of all of this is the greedy Board of Directors, Charlie and his cohorts are not going to make the big money they think they are.
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Amen!
I don't believe that all banks are done and have no role in going digital. Some are ready. JP Morgan Chase has own crypto coin all ready to go. Blockchain is already here and is here to say. Not at Wells though, thanks to Avid who slept through it all.
Yup. The focus of the bank is cost cutting and hoping the regulators forget about the past. There’s no focus on innovation or modernizing the bank. That’s why other big banks continue to lap wells. Until they realize the nationwide footprint is a competitive DISADVANTAGE and consolidate locations the bank will continue to fail. The only she I mean only hope is to bring in some youthful leadership instead of yes people who go with the status quo. I don’t expect Charlie to be ceo by Q4 2021. His method of cost cutting amid regulatory drama will raise eyebrows from the house and consumers causing his precious stock price to go down