What's your prediction? Be realistic...
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Most likely as a minor brand with checkered history. Probably a small department of a small whole life sales boiler room operation in a tiny part of Merrill Lynch, a small and unimportant brand of BOA.
Tell me where aim wrong...
In 12 mths, there will be less workers at Wells.
Dividend will be cut. A few more consent orders coming our way. More deadlines and more work for everyone trying to remediate.
Everyone always saying risk is going to get hit hard... not sure if it’s true or not but I can’t imagine just the look of having risk employees culled will help Wells’ relations with regulators. A smarter strategy would be to wait until all the remediation activities have completed (and there are a lot) and then cut back.
That is also the Chase script. They have done it already and it didn't work, of course, but they all do it anyway because its cheap and the heck with quality or things like customer service.
@zjq+15ue3TnO, you must s— at your job and at life
- WIM is sold off.
- 20-30k in total layoffs (5k across risk and control executive)
- Major branch consolidation
Scharf has never said anything about organic growth. WF is under an asset cap, it is not BNY!
Most likely there will be 50000 to 70000 fewer employees. Maybe the Trust business is sold. Branch network will definitely happen, but is slow due to regulatory reviews and leases and such.
Charlie's script (From BNY)
Stage 1: Talk about organic growth every other word as new CEO.
Stage 2: Spend a few million to hang rainbow flags everywhere.
Stage 3: Fire all white people over 50 and replace with incompetent indians.
Stage 4: Start looking for new job.
State 5: Goto Stage 3.
Major branch consolidation. Cards, mortgage and wealth management will be only core lob’s that exist. Many other Lob’s sold off. And Charlie will have brought on 6 more buddies to accomplish this