Does anyone have any real timeline expectations on the asset cap? Charlie is so light with details its driving me crazy. If we can't grow then the execs will keep doing the only thing they can do to grow earnings... cut expenses by laying more people off.
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It is not going away. you are getting no answers bc we are too far away from the goals outlined. i work on this work. CAP WILL NOT BE LIFTED. I also post this like once a week. Accept it. Jobs will be cut. There are several parts and not all pieces are moving along smoothly. He does not have any friends there so there is no deal going to be made. He is building a rapport with them now and we have to show progress. The regulators are not tipping their hand or giving dates for a lift. They are putting it back on us.
They just resubmitted to the FRB their plan last month. The wild cards are this:
It’s that, just a plan. Inclusive of gaps that have been identified and associated remediation time that in a few cases will take 2-3 years. How the FRB treats the documented gaps and remediation timeline is key. No me knows. The other is part of the consent order requires a third party to validate after the FRB gives the go ahead. You have to think that validation can take upwards of a year to complete.
So, it is not gonna happen tomorrow. That’s why Chuckles is being evasive on it, it could very well be on throughout all of 2021.
@1vlr+17FVuoWL Covid has no bearing on getting the asset cap lifted. He's had a year with zero progress and a 60% drop in stock prices. He's also shown himself to be a bigot, but go ahead and defend him.
Scharf’s not a miracle worker. He’s been here what, a year, and a COVID year at that? And people expect him to make 25 years of corruption just disappear?
Real life doesn’t work that way. I’m no Scharf fan but he’s not the problem.
I worked at wells Fargo for over 10 years and have alot of really good friends that work there. It is ashame that bad decisions at the top effect nice ordinary people that have good morals and try to do the right thing
Don't worry, we're gonna get that asset cap lifted any day now and it'll be smooth sailing, just keep petting the rabbit Lennie
He told Congress at least until 2021, not 2022.
@bje+17FVuoWL just stop. I know when the asset cap will be lifted. FIX THE ISSUES IDENTIFIED BY THE REGULATORS. It's that simple.
Maybe I’m mistaken but I thought in one of the statements scharf thought it would be at least 2022 before the cap is lifted. We’ve made no substantial progress with regulators.
Some of these product areas that are going away still had a long list of compliance issues. So from that perspective, it also helps get the asset cap lifted sooner.
He won’t, but a responsible CEO should address it in the meeting tonight. There are consent orders in place spelling out exactly what we have to to do fix the gaps. I would hope there is a plan and we are ticking off boxes towards that plan. It is suspicious that he would not even say anything of substance to analysts on the earnings call. That is exactly why shareholders are unloading the stock. They don’t like the uncertainty around Charlie’s vague answers. “My dog ate my plan.”
@OP. There is no way for anyone to know when the Asset Cap will be lifted. Even Charlie and the Board most likely doesn’t know. It’s in the hands of the Regulators. When ever they are satisfied that’s when it will be lifted. Again, no1 can answer that question for sure.
Robbing Peter to pay Paul at that point. Its not real growth, just swapping assets that hopefully get a greater return.
I may be mistaken but isn’t that one of the big reasons he’s wanting to sell different pieces of the company? So the more lucrative pieces of the bank can grow as we work on the asset cap.