Only reason they would do that is if something/s serious was found and they moving fast to make regulators happy. Their exp ratio is rock bottom, likely have been grossly underspending for way to long and regulators are coming down with a hammer soon.
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Regulators must have found something big. Wait till their SEC filings and the dots will all start to connect here.. they will most likely disclose something big.
@xgw+1cLwmX3i You are right about being behind because of lack of investment.
But the shuffling of people to random roles is exactly what the old WF used to do. Used to take and put people in roles that had zero experience with that function or business. Especially non business roles. Seems this BofA move is same thing
@xgw+
I do agree with your comments on how Wells Fargo is so behind, but I am seeing things here and there that are making it look like something else is also going on as BOA. Of course, time will ultimately tell.
@xgw+
It would be succession planning if there was a statement in advance. This is clearly not in advance, its out of the blue. Something doesn't add up at all. And BOA's tech being great, please...
Unlikely, Wells was at least 6-7 years behind BAC investing in Risk platforms, AI, basic infrastructure, and digital. I mean there are buildings at WF that don’t even have wireless network connectivity because Stumpf was so cheap.
3 top people who reported to BAC CEO retired. What you’re observing is called talent and succession planning. This has never been done at WF because the bank cannot get itself out of trouble and has simply been cycling through 3 CEOs in 5 years. Probably current CEO is gone soon too.