The fail to generate any meaningful revenue growth and their only playbook is to cut staff.
Will this bank even exist in 5 years?
21 replies (most recent on top)
Bear Stearns in the same boat. A lot of folks didn’t survive the financial crisis, especially a whole lot of people who lost their jobs, homes, way of life. Some have never recovered because they have been underemployed ever since. Sounds familiar, doesn’t it?
Post ID: @rbe+1a0Mk4oC
The Wachovia sale was forced by the government to avoid total collapse - probably not the best example to make your point. Just sayin'
It's safe to say that WF is one of the most "looked into" banks in the country. If they are cooking the books now in the manner some suggest (e.g. reporting billions of profits when it's really billions of losses), it's likely regulators and the prying eyes of Congress would know. Maybe pre-scandal they were getting away with some schenanigens, but now? Yeah, probably not. The risk is simply too high. Get caught and that asset cap is never going away...
@1gok. All corporations cook the books so to speak. Whether contributions they can write off or creative expenses they write off, they have ways of finding things. They don’t keep all those accounts around for comic relief. They know how to game the system which has been in need of overall to close the loopholes. There is a reason companies like Amazon and GE pays no income tax or a former president pays $750.
Chuckles seems to sell anything he thinks he can unload and make a buck.
Someone on here has absolutely no idea what a “trading desk” is...
Remember Providian Financial? Probably not, because they went from high-flyer to the dustbin of history virtually overnight.
Providian reported sky-high earnings - until the feds took a good hard look at their creative bookkeeping. Then they were gone.
Financial institutions have been known to cook the books. Just saying.
"Sure Wells Fargo claims to be making a profit each quarter - well, except for that one - but Wells Fargo is run by crooks and liars.
We don’t know what’s really going on. We only know what we’re told."
There's a little more to the reporting requirements for publicly traded companies than just 'saying' things. You know this isn't Michael Scott "declaring" bankruptcy, right?
Also, if we "don't really know" what's going on, it's possible that the company is making even more $ than they are 'saying', right?
What do you mean by trading desk? Self directed services? Two different things.
I bet the trading desk is next on the block.
The bank gets minimal revenue and the platform doesnt compare to better brokerages like IB, Schwab or Robinhood.
blowing the dust off my crystal ball 🔮I see a sale of the Wells Fargo Corporate Trust Service in the not so distant future. That is all for now. 🙏🏻
Lehman Bros was too big to fail. So was Bear Stearns. So was Enron.
Sure Wells Fargo claims to be making a profit each quarter - well, except for that one - but Wells Fargo is run by crooks and liars.
We don’t know what’s really going on. We only know what we’re told.
Wells is so stacked with cash it ain’t going anywhere anytime soon bro
Post ID: @rbe+1a0Mk4oC
I love it when smart-mouths make fools of themselves. Perhaps you should be aware of ALL the facts before you start yapping.
Wouldn't all banks have a mortgage default problem then?
Doesn't require any 'hope', there's thing thing called "to big to fail", even if the threat does loom.
Wachovia was bought out. Different than ceasing to exist. Facts are wonderful things.
mlr+1a0Mk4oC
haha tell that to wachovia
wells has trillion + in cmbs exposure, mall after mall, plus no revenue on multifamily covid restriction on evictions, not to mention single family foreclosure tidal wave coming.
Epic squeeze.
this aint 2008.....its a LOT worse.
good luck with your hopium.
There's 5100+ banks in the US. Guess how many of them earn more in profits than WF, OP. I'll wait.
Companies that make billions/year don't just cease to exist because you want them to OP. A bank that really was "failed" wouldn't make any profit. I do appreciate a healthy dose of hyperbole though.
Probably not so I have started searching for jobs.