The Walmartization of Wells Fargo continues. What shall they call us? Wellsmart? Walfargo? It’s going to be a great place to work. Must be 16 years old to apply, have your high school diploma or GED, be willing to work overnight shifts. You can average $11 per hour if you are promoted to a department manager.
At least, Walmart is hiring.
Were you all this upset when Wells changes the name of Lowery Hill, the prior brand of the ultra high net worth Group, to Abbot Downing? Didn’t think so.
Post ID: @1zaj+19OILjd5
WFC can’t figure out how to service HNW clients because they understand that reputation is everything and it will take decades of clean scandal free banking before even the most foolish wealthy clients trust us.
AD and WFA are fated to be minor B of A brands such as Merrill Lynch, whose 25 year path of massive corruption has been adopted by us for the past 15 years.
No HNW client in their right mind would let us manage their money.
JP Morgan, ML, MS, GS all have Private Banks that cater to UHNW clients and none of them have some separate brand name.
Charlie knows what he is doing
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You finally said something smart.
I love these armchair CEO posts...
Op it’s a crime that you are not in control around here. Sounds like you know everything and have all the answers
If WFC can’t figure out how to court and service HNW clients-what good are we? Ultra- HNW clients are in high demand by all private wealth managers. If Abbot Downing wasn’t doing well, WFC has only itself to blame. That’s like saying Tampa Bay can’t figure out how to win and make money with Tom Brady.
I actually agree with OP, though I would have worded it differently. My POV is that we are striving for, and accomplishing, mediocrity. WFC is not a leader or does not excel in even one business. It’s embarrassing.
To the OP. There was a very finite number of potential clients that qualified for AD, probably only about 3000 across the country. The brand had very little to no recognition outside of the old Wealth Management Group. Before he left Jay Walker would often comment on how poorly that group was doing. Changing their name to The Private Bank Family Office is a non event. It brings them under the full umbrella that the rest of wealth is under.
WFA was doing good business until the fraudulent activity on the bank’s part. I work for WFA, and we will all celebrate the day we can break away from the ruined Wells Fargo brand. The sooner, the better.
WFC is having to pay top dollar to FA’s to bring their assets to WFC. And as soon as the new
expensive FAs get here and see how backwards WFC is, how terrible the technology is, how out -of -touch-with-reality the bank’s Executive team is, how difficult it is to conduct their business here and to do right by their clients, the bank’s priorities to take care of themselves over their clients, the lack of ethical leadership, how much WFC overpromised and underdelivered: they can’t wait to leave.
Post ID: @xdb+19OILjd5
Are you saying you do know what you’re talking about? If so, prove it.
Wells Fargo is a powerhouse at lending, it always has been it always will be. WFA and the Private Bank really came together from their '08 acquisition of Wachovia and AG Edwards, and it has never really lived up to its potential, just like WFAM did. If you read the email from Barry it said this Abott Downing move furthers the wells fargo mission of unifying WIM under just one structure. Pretty soon, they will get rid of the WFA brand and it will just be called Wells Fargo. Then after they clean up the business nicely in 4 years or so, it gets sold for a BIG price.
WFC and many banks trade at an 8x cheap Price to Earnings ratio, an appropriate amount for most lenders. However wealth managers and money management businesses that are public trade at a 20x time PE ratio. WIM accounts for about 20% of the revenue for wells fargo, and so if they were to sell 20% of their overall business to a place like Scwab, Goldman, etc for a 20x earnings multiple, it would be a huge cash cow for wells fargo, and there would be many buyers.
What would this amount look like? Assuming WFC can get back to all time highs of a $270 billion market cap, then you would be looking at a 20% sale of the business worth almost $55-60 billion while also eliminating huge costs.
just wait and see.
If you're not part of AD OP, I have doubts that you know what you're talking about. I'm guessing all news is bad news on your mind.
Does this surpise you? New York hates carbon, oil and gas, guns, and anyone who is rich or earned their wealth. Look where those running the show are living, New York.
OP here.
To the trolls: I’m not Abbot Downing. They are not just “changing the name”, they are rolling it in to another division which is not known for catering to the ultra-wealthy. More known for taking advantage of and milking their clients. They are dumbing down the Wells Fargo brand however they can.
Laugh, make fun, deny the truth, be dense and don’t see the forest for the trees. It doesn’t matter to me. It doesn’t matter to Charlie. But it’s going to matter to you when they dumb your job down to where they can send it overseas. . And it’s going to matter to our HNW clients. WFC is lucky to have any wealthy clients left. If the clients have any respect for their money, they will be heading to a firm that knows what they are doing.
Curiosity got the better of me so I checked the Walmart layoff thread - same stupid whining about the same stuff as here. Go figure.
Oh look the snotty AD folks got there undies in a wad over a friggin name. Par for the course
All they are doing is changing the name, relax.