Wells Fargo can't compete with the fintechs. Wells fargo is too pricey in it's product offering. Wells Fargo needs massive investment in its core IT infrastructure. Wells can't buy anything because of the asset cap......Charlie and his weak, punk a-s NY leadership team have destroyed this once great company.
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Somebody said "yesterdays technology tomorrow". That sums it up pretty good.
The business model is not outdated - but the org chart and IT infrastructure are. So much redundancy when there should be a dedicated cloud instance for auto lending, for example, instead of dozens of these fiefdoms.
WF doesn't need to complete. They're entrenched with the government and the top layers of society. They just befriend the government to implement whatever needs to get done.
Post ID: @qxu+1hoJwvWO
I think a company who is better, smarter, and more forward thinking will have to buy and dismantle us. Not the other way around. Charlie and our BOD are too egotistical and outdated to invest in a better way of doing business. They want to ride this money train (and not upset the apple cart) for as long as possible.
Charlie has accomplished NOTHING MEANINGFUL in the 3 years he’s been here. The technology was terrible when he came here, and now it’s even worse because we have fallen 3 years further behind.
Charlie + the BOD = Pitiful. I think I’ll make this my new tag line.
Wells Fargo leading on technology is a joke. Even if the money were there, the incompetent and clueless leadership could not run it, even if cloud sourced. Always been profits and bonuses over technology and risk management.
Failing company!
we'll just buy or partner with Fintechs. won't affect asset cap because we'll just buy the IP and put everything out to pasture. think of it as it investment
The lack of investment in IT infrastructure has been ongoing for 10 years. Wells has always been just hanging on to the past even before Charlie. Now we're trying to play catch up but we might be too far behind already. Now there is this balancing act of needed investment, plus keeping shareholders happy plus getting out from the asset cap. Doesn't look good so far