Will Auto be sold off, or...?

Auto was already a drop in the bucket in terms of overall revenue to the enterprise (4%?).

Over the past year or so, the business has shrunk. Fewer used car loans (or bad credit new car loans) that won't be easy to replace with other business, let alone actual growth.

It's all just talk right now - no action. Buzz words about electric vehicles (that hardly anyone buys) and not much else.

It seems hard to believe that such a LOB would be compatible with anyone's long-term plans for the company's image and growth.

Yet Auto has been shielded from mass layoffs. In fact, even more managerial roles have been created somehow.

Is this the calm before the layoff/selloff storm, or is Auto just too small that it's never on anyone's radar, and thus will continue on, despite questionable value to the enterprise?

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Auto already had massive layoffs 3 years ago. Every few months someone asks this same question. Auto is not being shielded from anything, thousands of employees were laid off when Wells decided to only have 3 hubs for the Auto division.

$2B+ on monthly originations is nothing to balk about.

If you had access to real data you would see that the portfolio is actually larger than it was 2 yrs ago despite recessionary policies put in place at the beginning of COVID.

@hmu

You're the dip-shi!

Auto's portfolio is DOWN from 2 years ago, with no sign of bouncing back. Businesses are supposed to grow, not shrink. Auto is not doing "great". No one at any level has any idea how to increase originations.

Why did you think Auto is doing great with their ever-shrinking portfolio? Why are you so uninformed about this?

Electric car sales are NOT booming.
EVs only make up a single digit percent of new vehicle sales in this country, only a mere fraction of which will be financed through WF.

Why did you think EV sales are "booming"? They made up less than 5% of all new vehicle sales last year. Why are you so uninformed about this?

Nice try at maintaining the fake EV buzz though! You're a good little water carrier.

it's going to be about the profitability return (which baked in headcount expense, loan charge offs, etc..) that Auto is generating compared to other WF businesses. if the return is really bad, expect head count reduction or layoffs. Only someone who sits in the FP&A would have these answers at the moment.

Thread regarding Wells Fargo & Co. layoffs

Will Auto be sold off, or...?

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