The Wealth Investment division has been the least profitable division in the bank. Do you think they are going to sell the entire division, or sell parts of it off? If so, which parts do you think will get sold off?
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I doubt they will sell WIM. Especially after Chainsaw just hired his buddy from Chase(Barry Sommers) to run it.
WIM is a way of bolstering other aspects of the bank. If you’re going to justify selling it off, profit alone isn’t a good reason.
Those of us who work in WIM wish Wells Fargo would sell us. It would benefit the business to no longer be attached to the name.
It's not hugely profitable as a stand alone biz but it's synergies with other Wells biz has value. Plus it's relatively low risk vs traditional bank balance sheet type biz.
A while back they said they are going to keep core banking operations. That would be most of WIM
No way. Profit is profit and it can be more profitable if Jimmy takes his head out of the sand and stops protecting his buddies and 20 layers of business leaders that do nothing. The marriage of the firm's was a joke by goofy Kowa who didn't do his dang job to find efficiency. Mostly they shuffled people around. It can be profitable but takes leaders with a set and not stuck with the boomer ways.
Sell of stuff that doesn't make sense (or profitable) and keep stuff that leverages the customer relationship and drives revenue.
- g. they could (and I think will) sell off the mutual funds piece, but keep the account side of things since it could tie into banking, mortgage, etc. Should wells really own a mutual fund business? Probably not. Well is no way a leader in retail stock trading either given TDA and other brokerage sites that have far better platforms.
WIM includes the private bank and Abbot Downing, if they sold that off it would negatively affect other parts of the bank. I don't think they'll sell WIM.
Maybe
Goldman Sachs potential buyer?
no
yes