https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html
21 replies (most recent on top)
These were not credit cards. These were unsecured loans. My best guess is either WF wasn't competitive or they see a sh1t ton of regulatory fallout due to mismanagement and want to get ahead of it. My guess would be the latter. Loans are assets. The fact that WF has been under the asset cap for so long, and has sold off real property and business units tells me one thing. WF will not be WF in 5 - 10 years. CS and the BoD are simply propping up share prices and dividends for the now. There is no future for WF.
I view this as a non-event. And I am as anti-WF as they come. Personal loans (aka credit cards) are for people that don't know how to budget.
Our head of communications really did a great job on this. What an embarrassment and tone deaf response to customers.
True to form, WF finds a way to do something that angers the maximum number of people.
WF... Further cementing their legacy.
Post ID: @ggg+1bJ0anhj
Anyone associated with Charlie has their own slice of misery depending on their exposure. I wouldn’t want to have to sleep next to him either. He’s a poor excuse for a human being, much less a man.
And ……
Credit card wins.
It has always been very hard to market the personal lines without cannibalizing the credit card business. With the recent emphasis on new cards I am not surprised to see this at all.
Those cards must succeed. Competition will not be tolerated.
A mouse dont wanna eat cheese.
A cat doesnt wanna eat mouse.
A dog doesnt wanna eat cat.
Now chuckles, a bank ceo of 3rd largest bank in usa doesnt want bank to do bank stuff.
Insanity.
Whats next?
A CEO that doesnt wanna offshore jobs?
A corporation that increases benefits and pay?
A chainsaw that doesnt like cutting?
Where will it end...
Bailing on "popular" products with those margins seems, unwise.
Auto? WELLS retail stopped doing auto loans a while ago
I believe it is the right decision! WF should focus on the core products: Mortgage, Credit Card and Auto Period. I won't be surprised if we make acquisition(s) in near time to grow our credit card portfolio.
Got out of the heloc business last year i think.
HELOCs next?
@kph+1bJ0anhj. You must be very miserable. I feel sorry for you.
Probably not a bad idea in the grand scheme of things. The company has (had) so many lending products it's not even funny. I kind of see this is a way of having a bit more focus on key/core products.
Charlie is a weak self-serving cowardly little wimpy boy. I feel sorry for his wife - there is not enough money in the world to lay down next to this unmanly pos every night.
When's the fed lifting the consent order. The Fed sure is hurting a whole lot of people.
This executive crew was not brought in for innovative ideas to grow the business people. Their specialty is to slash and burn. That’s it. Nothing else. Live with it
Or the bank doesn't want to participate in payday loans anymore. These are just the unsecured personal loans.
The band is playing on the deck and everyone is headed for the life rafts… except the rats were there first and they left with all the cheese.🧀
Way to pi-s off more customers, Chuckles. That will really help the stock price!
Amazing these folks are considered corporate executives with their lack of brain power.
I predict they are cashing out and leaving before the end of the year. Guess who will have to clean up the mess?