https://www.thelayoff.com/post/@OP+1a62flHa
My husband who specializes in this activity within industry says something is definitely amiss. This is serious and Scharf wont be able to cover this up, if anyone is looking.
Interesting that the media is not covering this yet.
So much for all the conspiracy theorists that love to hang out here
https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Issues-Statement-on-Archegos/default.aspx
Corporations control the narrative on business news. Don’t be naive.
You know what happens when you 'assume', right?
For those of you saying this $2B (possible sum effect of $1B) event isn't a big deal, then I assume you believe we are already at the $8B - $10B CS promised shareholders would be cut from expenses. If that's the case, there's no further need for layoffs. While the revenue may not be substantial to WF's overall annual revenues, it is substantial when you realize the impact on cost cutting measures, and the likelihood of fines and restitution. The hedge fund they were participating in was a known bad actor. There's no excuse for it. CS will be in front of congress soon.
This business literally could not have less to do with Trotter or TMPS. If you don’t understand the distinction between a bank’s internal treasury function and the WF treasury management sales business, you should not comment.
This is entirely within the equities (mostly prime brokerage) business in CIB. Wells likely took a loss on stocks it held to hedge positions related to the fund’s trades. It likely wasn’t a big loss, as others noted.
Selling $2b and taking a steep loss on them is not the end of the world for Wells by any means.
But it is definitely a black eye for our sell side ops and going to put an embarrassing dent in their q1 earnings.
But let’s not getting carried away. Since the pandemic started the Fed has been all over Wells and all big banks to fully stock up on emergency capital reserves. Any losses from this stock sale are a drop in the bucket for the cash pile
Isn’t Danny Peltz in charge of Treasury under Pelos? Hasn’t he been in charge since like 2018?
You can’t post links to articles at the same time as claiming it’s not being covered. This hedge fund implosion is the top story on CNBC, and I heard them talking about it on their morning program.
Okay,,, I’ll say it. I’m not as smart as you. It just seems like bad investments to me. What am I not getting?
And Trotter suddenly on leave of absence? Way too coincidental.
WF f-d up bigtime.
Time to break up what's left of this poorly managed bank.
@ybh You're missing the puzzle pieces. NOT a coincidence. Step back, reexamine and you'll likely come to different conclusion.
WF just sealed its fate on govt. forgiveness.
This is substantive. A red flag/dark signal.
What’s to cover up (so to speak)... I mean, so what if WF is one of several of Hwang’s brokers forcing the margin call? I’m a little surprised WF is one of them, since we’re punching above our weight. This is no Barings or London Whale event.
Found the article. Holy h*ll!
https://finance.yahoo.com/news/wells-fargo-executes-four-block-192340627.html