Can anyone confirm the multiple rumors about the sale of WFA? I keep hearing it is a big wire house grab for Assets and FA count. No one seems to be willing to say exactly who but I assume from the details it starts with an F and end in idelity
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UBS will sn---h them up.
I don’t know where these multiple rumors you’re hearing are coming from, but there’s no way it’s accurate based on some of the current reorganizations going on.
Former WF Clearing employee here when Danny L led WFA, John Parker led back office (was called BSG) and who THANK GOD left that for the Enterprise level about 10 years ago. Don't forget there is WFA and all it's subsidiaries (i.e. FiNet, PCG, ISG, etc. - and whatever their updated acronyms are). AND there is the clearing house (WF Clearing). IF (and that's a big "if") they were to sell it, it would have to be to a firm that could take over the clearing business too. Or, they could parse out clearing to someone like NFS, Broadridge or Pershing then have the brokerage business go somewhere like Fidelity or Schwab (did you know Schwab used to clear our no-load mutual funds in the First Union days - good times). Again IF this was to happen it would be the largest and most complex divesture to date. Is it in the works? Anything is possible. Highly unlikely though.
WFA long-term employee here.
We would consider it to be the ultimate blessing to get away from the soiled reputation and consistent mis-management and greed of Wells Fargo. Bring back Glass- Steagall!!! The ultimate win would be for WFC to spin us off or sell us to another brokerage firm. No more banks!
Brokerage firms are cool to work for: teams working together towards one goal and everyone participating in the profits. No cost-center bs. Managers are the SMEs. Work hard, play hard. Simple philosophy: Make money for the clients and the clients recommend more clients. Everyone wins.
Banks are a bunch of stuffed shirts, top heavy and self-serving. A bunch of white boys with their Masters degrees, but no knowledge of the business and no connection to the real world. All hat and no cattle. Employees grind out the work and smug execs get the money. No fun, no work satisfaction, no teamwork, no integrity.
Working for a bank is like working for a fearful uptight dull uninspired greedy bunch of prudes.
I doubt it. Although, they did lay off close to 300 people from the WFA back office (WF Clearing) in Virginia in June simply b/c it was not one of their "hubs". They've been doing some serious house cleaning. Of course the rumor has been out there for years (well before Charlie) that they would sell Advisors. So, probably just that.... a rumor.
Too much time energy and effort being put into the Affluent program. WFA isn’t going anywhere soon.
I seriously doubt. Sr mgmt doesn't seem to be posturing that way. Also, Charlie wouldn't have hired his buddy if he was going to sell. Barry knew WFAM was going to be sold when hired though.
All speculation. Which is typical for this site but still.
yep
Too big to sell. WFA was the only decent place work within the organization. They made too many bad decisions, though, so a bunch of advisors left.
WFA makes so much dang money for this company. WFA employees would love to be sold off, but This is not a unit that Charlie is going to sell off
No, it's not going to happen. They just rolled private banking for high net worth customers into WFA to try to increase cross selling.
WFA employees would probably be happy about this...and if it helps the company get to the # of FTE that the board has in mind, good. It would be interesting to hear some deets tho.
The rumors are just getting d-mb now.