Thread regarding Wells Fargo & Co. layoffs

Wealth /WFA didn’t start the scandals. But they have been hurt the most; well past the point of saving. Lowest profitability, highest expense ratio, by far. Lags competition in every growth metric. Cut the dead weight. It will make the core company better and let the business thrive without being bogged down by reputation issues that will last for another decade.

OP You had me right up until the last paragraph.

“To survive, the company needs to amputate the infected parts. I say sell WFA, sell Trust.”

The scandals took place on the bank side.*. The “infected part” is the leaders of the bank.. WFA and Trust are not perfect, but they are not rotten at the core like the bank.

Having said that, most employees of WFA would love for Wells to sell us. Nothing would be better than to get out from under the weight of it’s scandalous reputation and away from its sanctimonious C- Suite.

They lost TONS of talent...that hurt the future of the company just as much

I read these comments and i thank my lucky stars im the smartest guy in the room.

With rising interest rates, would the bank actually sell off WFHM?

Sales scandal began way before 2016. It was a cultural thing. I experienced it when I went to open checking accts for my kids in 2009. I was told I needed a separate savings acct to cover overdrafts for each one and I couldn't cover using my checking acct that was already covering two other checking accts. I was told it was a system limitation. Didn't tell them I was a Hogan person and knew that there was no such limitation. I also asked if Walmart with thousands of accts needed the same thing and the banker just stared at me. Not illegal but not moral either and done just to increase # of accts artificially.

hfx+1fZ1Nn4r - right? There’s no way WFHM goes before the rest of those. Especially when automation is increasing efficiency and cost savings and will really expand over then next 1-3 years.

@maq+1fZ1Nn4r
Except your reply is wrong, and the OP is running down the right road as to what’s most likely happening soon.

The areas you list make sense but Chuck like those. Instead he is looking to sell WFHM.

Add to that a racist CEO who’s out of touch with the modern work force (even before COVID) and here we are.

I closed and moved all of our accounts, including our mortgage, after Chuckie made the comment about a lack of black talent. He’s an awful human being and will bring this company down.