It feels like they doing a combination of self liquidating and imploding right in front of our eyes.
26 replies (most recent on top)
@btm+17ACuahF. Sounds like a Troll to me. You can’t be serious! So, anyone who post on this board is 100 percent a WF employee? Have you validated their personal IP addresses and linked it to that they work for Wells Fargo? I got a good laugh from reading that post. Oh, btw, I work for JPM can you please go cry to Bernie and Warren.
I created the post about raking in billions and it has been taken out of context on here.
It was simply to illustrate to the OP that everyone is so focused on “doom and gloom” that it makes it sound like wells is on its death bed.
But for the 3rd quarter average deposits increased 8% to $1.4 trillion... (publicly disclosed )
So my intention was never to boast, just to highlight how there are a lot of solid building blocks for Wells to move forward with.
It is terrible what Wells did and wells are being made to pay for it. Charlie is draining the swamp. He may succeed or he may not but right now we are on the ropes so it’s easy for people to bash Wells on here. But the sky is not falling.
So again, my intent was never to boast and I don’t like how it came across like that. My bad, I made a mistake. Next time will be more thoughtful in my wording.
I just wanted to give a different point of view to all the constant “Wells Fargo s—s” haters on here. I think we can turn around wells. It starts with admitting our mistakes, getting rid of the bad apples, doing better and having a great attitude
I agree with Post ID: @btm+17ACuahF
If you read the post, the point is not that Wells is still managing to make money, though 3rd quarter profits were down 57%.
The point is that we have an employee out on a public platform boasting that, despite serious sanctions imposed by lawmakers for “massive mistakes”, we are raking in billions every quarter.
An employee arrogantly boasting publicly that Wells Fargo is untouchable no matter how many mistakes we make is a poor reflection on the bank’s progress towards changing the culture that got us in trouble in the first place.
Similar to a criminal behind bars bragging that he will continue to commit crimes when he is released.
The guy/gal is an id–t and should probably lay low for a while.
Wells is a publicly traded company genius...All publicly-traded companies in the U.S. are legally required to file quarterly reports, annual reports, and 10-Q and 10-K reports.
You can google “Wells Fargo earnings” right now and see how much wells makes each quarter
Can you explain what is so reckless?
Bad appleseeds 😂! What is going on with this thread?
Layman Bothers 😂.
My guess is the name will just go away, like Wachovia, Crocker, NationsBank, etc. The accounts and infrastructure stayed in place, but the combined company took the name it thought would work best. I
Maybe this is just a sign of the times started in 2008 with Layman Bothers, Enron , Worldcom;
The collapse of the financial systems world wide.
Correction: Goldman Wells
Yes. It will be called Golden Wells or Schwab & Wells.
Yes, it's a good franchise. Just has some bad appleseeds.
@btm
Ok Karen
Absolutely not. Don't deserve to be around and won't be around.
A fire sale is already underway.
@1mxc+17ACuahF please see the last two quarters and refer to the asset cap.
WFC might still be around, but the name will change to protect the guilty.
Kids, WFC is going nowhere. It’s a money making machine with fixable problems. If Bank of America can be gutted and rebuilt, so can WFC. And it will be.
No, it will not be. CS will continue to strip what meat is left on the bones, then sell the carcass.
@btm+17ACuahF, pretty sure all the people you just name dropped are perfectly capable of reading our quarterly earnings statements to see how much we are making.
If you’re going to drop sarcasm, at least write some intelligence into it.
My guess is no. The original Wells Fargo of the pony express and stagecoach is long gone - swallowed up by the merger with NorWest in the nineties. That combined entity went with the Wells Fargo brand because at the time their name recognition and place in history still had some value.
The same thing happened when NationsBank acquired BofA in 1998. They kept the name Bank of America simply because they felt it had more cachet.
Now - Wells Fargo is concerned about being seen as old fashioned and behind the times. The new, flat, stagecoach graphic is marketing’s rather pathetic attempt to overcome that perception and drag the brand into the 21st century.
And of course these days the name is mud.
So, next time there’s a merger - and there will be a next time, there always is - my guess is that the Wells Fargo name will go away. There are so many negatives to overcome. Might as well start fresh.
Post ID: @sco+17ACuahF
Regarding : “I don’t think people understand how easy it is for big banks to make money. I mean look at the massive, and I mean massive, mistakes Wells has made yet we are still around, still raking in billions every quarter while people laugh at us.”
I have printed off several copies of your message. One for Charles Scharf -CEO of Wells Fargo, one for Charles Noski - Chairman of the Board, one for Jerome Powell- the Board of the Federal Reserve, one for Elizabeth Warren - the Senate, one for E. Scott Reckard at the LA Times-who original broke the scandal, and one for Alan Weinstein at the Charlotte Observer.
One of them will stick-I promise you. I think it’s important that they all know there are still imbecilic employees working for the bank who are spouting off their mouths on social media about the bank being able to rake in billions even under the asset cap. Apparently Mr. Scharf has not done enough to convince his employees that the asset cap is serious business. There is a long-standing problematic culture at the bank, having to do with management and employees not respecting lawmakers.
It is obvious that the proper work is not being done at the bank for every employee to have respect for the current consent orders and the asset cap, one of the costliest bank penalties in history. And the $3 Billion fine paid to the DOJ and the SEC are not being taken seriously either.
Most of the posts out here are harmless. People letting off some steam -I don’t have a problem with that at all.
But a reckless employee brazenly flaunting on social media that the current restrictions imposed on Wells Fargo have not slowed down the bank’s ability to make money. I have a very big problem with that.
Stay tuned.
Absolutely not. Doesn't deserve to be and won't.
Aahhhh...take a look at Bank of America. Their stock was trading under $5 and everyone wrote them off for dead.
There is way too much unrealistic “THE SKY IS FALLING” on here.
Wells Fargo makes a TON of money just by waking up and turning the lights on every day.
They will make even more money once Charlie puts the chainsaw down.
I don’t think people understand how easy it is for big banks to make money. I mean look at the massive, and I mean massive, mistakes Wells has made yet we are still around, still raking in billions every quarter while people laugh at us
Not the way it is now, no. Image, branding, leadership, products/services, will might be completely different. Size-wise I think we will drop a couple more notches down (market cap and/or revenue), but will have better efficiency ratios.
We are "right-sizing" the bank and who knows what will come out the other end...that's anyone's guess.
Most people don't know about all the criming.
Just like they don't know about Citi and BofA and Goldman Sachs.
We may get parts out here and there, but the Wells brand isn't going anywhere.
But it should.
I give us a 40% chance.
40%: Yes. We are too big to fail and we can eventually survive, even thrive, if we can get in the right CEO before it’s too late.
60%: No. I think our previous management painted us too deep in to the corner to successfully find our way out. All moves on Charlie and the Board’s part are focused on shrinking, cost-cutting, selling off, starving. I’m concerned it will be years before the asset cap is removed, and we can get back to growth. We are stuck in fixing the past, while other firms are growing, evolving, and moving forward.
And- all this during a difficult interest rate environment.
I don't actually. At least not as the stand-alone entity that we know it today. More and more, they just have the feeling of being an obsolete company.