(Updated - February 17, 2021 10:37 AM EST)
Fed officials have privately signaled to Wells Fargo (NYSE: WFC) that they accept its proposal for overhauling risk management and governance, according to Bloomberg, citing people with knowledge of the matter.
Clearly Wells Fargo peddling smacks of corruption and bribery all illegal practices.
@1ywo+19sii8g4 Best influence peddling that money can buy.
I was reading a piece around a year back from Janet Yellen and she said that she regretted imposing the cap just before leaving office. The intent was to give us a serious rap on the knuckles but after dragging on for so long and having the company lose billions of dollars it had become unnecessarily punitive. She may well have a hand in this. Bill Daley is earning his pay.
Charlie's a stud. This is going to be the start of back to back wins.
If we can execute this and cut a bit of bloat, we will be well positioned for the next several years. Gotta get the cap lifted!
That's MASSIVE news, stock should be up about 50% off that. Not only that but Charlie is getting savage with the expense cuts, this stock could be up 600% within a couple years if that's done and rates rise.
Post ID: @jny+19sii8g4
"However, several steps remain before the penalty is lifted. Wells Fargo — run by CEO Charlie Scharf since October 2019 — has to implement its plan to the Fed’s liking, then get its controls approved by an outside party before the central bank votes to lift the cap."
Chainsaw, start your engine! I think you can make better profit slashing another 60k
@efd+19sii8g4 What are the last 2 steps?
Charlie is doing it!
He may end up being the best ceo wells has ever had
er, sorry, $33
Looks like it caused some movement in the stock price. It was previously sticky at around $35.
Important nugget from the WSJ article
Committee headed by Norton that reviews and can veto layoff plans
This explains why they are a trickle. Therefore attrition is more desirable.
Lifting of asset cap is likely to kick layoffs into overdrive.
https://www.wsj.com/articles/wells-fargos-8-billion-question-how-to-slash-costs-without-angering-regulators-11613557800?mod=hp_lead_pos5
How to slash costs without angering regulators?
Post ID: @ila+19sii8g4
They did say 'signaled' not actually done. I guess it's the completion of step two out of four. Either way, it's good news.
Thank goodness! I was involved with the work and it’s funny to find this out via the news instead of a “great job team” internally to those of us who spent the last 18+ months working on this.
Privately? 🥸🤪
Does that mean that the stock is going to $50?
There's some good news. Sounds like we're finally making progress.