I am happy that the scandal is starting to become a thing of the past and the company is now moving on. Also it is about time we get into Investment banking. Technology and the proper talent will help us get there.
https://www.bloomberg.com/news/articles/2021-01-04/wells-fargo-to-expand-investment-bank-in-scharf-s-strategy-shift
But Wells CIB appears to be the only one not k–ling it in this volatile mkt of the past yr.
Sounds like a misguided strategy.
Finally, a plausible explanation for the New Yorkification of the bank.
That is why there are layoffs right now. I think investment banking works differently under the asset cap (correct me if I am wrong). The LOB can operate as if there is no cap.
All the big banks just follow and copy each other. Not an original idea in the bunch.
As far as stocks, WFC typically only “wins” the deals no other banks want, and we’re known for overpricing them.
The article said they started this in 2014; the company still has a cap.
They need to clean house of all the unskilled workers that are dead weight and use toxicity to keep their jobs