Thread regarding Wells Fargo & Co. layoffs

I don’t see why you all are surprised. Chuckles had a similar reputation at BNYM . A lot of folks hated him there . Layoffs were inevitable but Chuckles is not a grower if business. He is a pillager and he and his friends are given grossly high salaries to do nothing but cut.

50 shades of vague as well to the many pretty people in the city, some of whom are girls.. get out more you’ll see.

So, it's part Covid, and part too many employees...

2010, Wells Fargo gets caught selling products that were neither wanted or asked for by millions of customers. Heavy fines and lost reputational capital resulted. Any reasonable person would conclude that the management of this company was a risk that would need to be closely monitored. The company demonstrated they were willing to lie, cheat, whatever it takes to make a buck. Fast forward to 2018, they hire a new Chief Risk Officer. 2020 comes along and the RISK appears again in the form of fraudulent COVID relief claims for hundreds of thousands of people, further damaging an already abysmal reputation, and further eroding the company’s value.

Why is that new CRO still employed?

OP here! One more thing. I was being extreme to make several points.

My smaller goal is to discredit the Charlie Supporters “..it’s not his fault! Its’s Covid, It’s the asset cap! Give him time!” They only can keep repeating partial truths, but even if you follow their logic: next year does not look good for the stock price because those things are all going to be the same or worse next year.

Next goal was to promote the idea that Charlie’s refusal to give straightforward answers does not bode well for the future of the company or the stock price. This is not a privately held company, owned by Charlie Scharf. This is a publicly held company owned by the shareholders. And Charlie is keeping everyone in the dark. I think shareholders (I am an employee and a shareholder) should start pushing him for answers. No answers- no job.

Post ID: @tit+17GkYwB8

I am a long -term employee as well. Previous A.G Edwards. I wrote Post ID: @lrd+17GkYwB8 about only buying WFC under certain circumstances.

I came from a company with a leader of good moral character. Believed in the Golden Rule, the exact polar opposite of Charlie.

Post ID: @tit+17GkYwB8

Nope! Nice try! I’m the OP and am a long-term Wells Fargo employee.

I’m assuming OP is being extreme/wry to make a point. I had these thoughts last night:

Scandal- plagued bank + Global Pandemic + low interest rate environment + an expensive Asset Cap which prevents growth for two or more years + new completely unproven management team + Warren Buffet unloading the stock after 30 years + very few real answers and direction from new CEO + toxic culture + outdated technology + unknown vision for the future + a strategy of cost-cutting and shrinking vs innovation and evolving + the dividend cut (shareholders liked us primarily for the dividend income, FYI) + a CEO who seems to be purposely destroying the morale of the only people who can help him to succeed

= Future Negative Outcomes for all stakeholders.

I stuck with the facts. I don’t see how anyone could look out and see a rosy outcome.. Unless, of course, you are wearing rose- colored glasses.

this site must be continuously fed by people benefiting from shorting wf stock. it is getting too obvious

I would “maybe” buy some here, but ONLY under certain circumstances:

1. To establish a brand new position. Don’t buy it to ‘“average down”. Most employees own it at too high of prices. You would potentially have to buy too much stock to bring your average price down to a meaningful level.
2. It should be money you can afford to lose. There are some known and unknown risks in owning WFC. Educate yourself before you dive in.
3. You should have a long-term horizon.
4. If you are establishing a new position, don’t blow your wad all at this price. If you have $5000 to invest: maybe put in $1500 here and wait. If the stock moves lower, you can buy more at lower prices if you want. If it moves higher, at least you own some.
5. Experts recommend you should not I have more than 10-15% of your total investments in Company Stock.
6. There’s a whole world of investment choices out there. I would question investing in the banking segment at all, given the interest rate environment, much less WFC.

Partially Covid. But Wells Fargo is underperforming relative to our competitors during Covid. And we are the only bank to slash our dividend.

It IS Covid. I mean, I'm no fan of Charlie's, but come on.

One word: Wachovia.

Before the financial crisis, Wachovia was the fourth largest bank in the U.S.

Swap out the 2007-2008 financial crisis for the 2020-2021 global pandemic, and then swap out the financial fallout caused by the purchase of Golden West for the financial fallen caused by the Asset Cap. It’s the same story.

Any analysis that takes an extreme rate of change – and then extrapolates that out with an "at this rate..." statement is completely ridiculous

Love the 50 Shades of Vague!

I don’t necessarily agree with your stock price prediction, but I get the points you are making and I agree with those.

Uncertainty is detrimental to a stock. Charlie does just keep delaying any real information around the topics that are important to investors. How could anyone have confidence in a CEO who is murky and obscures the truth?