WF RECENTLY SOLD THE CORPORATE TRUST TEAM SO ARE THERE ANY RUMORS ABOUR OTHER SIMILAR ORGS BEING SOLD SOON TOO?
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@1hrd+1aWUiUJZ. I agree. I think CS is trying his best to merge us with FinTech like Square or PayPal.
@1dpl+1aWUiUJZ. Ellis was never running WholeSale. It was D Hoyt and Tim Sloan. Ellis was the head of IT for wholeSale and also Head of Innovation for Wells.
@1hrd+1aWUiUJZ True. Wells can’t be fixed. Gone too long and too far.
Nothing else is being sold. Maybe small products within a larger LOB but Retail, CIB, MMB, and WIM are not going anywhere.
Regulators want all banks to be carbon copies of each other.
It’ is a thing of beauty to see Scharf steadily unwind Wells, the most toxic and high risk train wreck in the U.S. financial system. It is a shame that he average team member has no idea how mismanaged and outright toxic we are.
Charlie Scharf repackages Wells Fargo for a strategic merger with a fintech power. Because Wells Fargo lost long back, and no recovery in sight.
@vsy That'd be funny considering wholesale used to account for 60% of WF's earnings. Back when Steve Ellis was running it.
Shhhh
Ha, Stifel and especially Ben Edwards couldn't afford WFA. WFA would go for over $20B.
I don't think anymore of WIM is getting sold off. They are putting way too much time and effort if they were just going to sell it off. But you never know.
BTW, IRT sale was decided before Charlie came on board.
Whispers of Wholesale...
@sga+1aWUiUJZ - Where have you heard the news about WIM? Any sources?
They are selling the stagecoach, they laid off the drivers and the horses will be taken out back. Old Thunder and Trigger won't make it passed this winter.
WIM is being gutted. WFA is up for sale. Stifel and Benjamin F Edwards & Co are the leading candidates for purchase. Both of them are planning on renaming WFA to A.G. Edwards.
WHAT!?! I CAN'T HEAR YOU!
I DON’T KNOW!!!