Years of fraud and ripping off customers (before 2016) = Years of record profits.
Years of less fraud (2017 - 2019) = Years of can’t figure out how to make a dime honestly.
Years of can’t make a dime honestly = Bring in even higher paid execs + eliminate employees.
@1oga: You are 100% right!
@ 1sbl+17c6CCcj the fake accounts were mainly to drive higher stock valuation on the basis that cross selling was a success. While it’s plausible that the cost of servicing them was higher, it is clear that anyone that was compensated with stock and options profited from the higher stock prices. That includes many current and past senior managers.
The account scandal didn’t drive much for profits. There were reports where it probably cost more to maintain and service dormant accounts than what was made on the million of them. Maybe ripping off auto customers on insurance and things like that did. Make no mistake once the cap is lifted and the litigation costs are behind, WFC will return to be the most profitable bank, next to JPM
Sounds about right.