The future for WFA looks cloudy, potential asset sales to Jamie Dimon.
11 replies (most recent on top)
@3ljy+1iQj9ha0
WIM is not a core product. I’m not sure who told you that, but they have been looking at potential buyers and also looking to spin it out into its own company for some time. They see the salaries and commissions as a negative when a lot of that can be automated and replaced by things like robo-advisors. Other banks are doing the same - why wouldn’t Wells?
Wells Fargo is not going to sell off WIM. It is a core product.
WIM itself is in danger. This is not new news. It’s been a discussion here for the past couple of years. WFA going away is just a part of that.
Take Barry Sommers back home! Liersch too, please.
Post ID: @1oyr+1iQj9ha0
Money is not what’s needed to “finally clean up all legacy bank regulatory issues.”
What’s needed is leaders who put ethics ahead of their own self-serving interests.
Everything gets sold off except branch based FAs. WIM is the smallest part of overall WF earnings, also its worse when it comes to efficiency ratio. Money earned from sale of this unit will be used to finally clean up all legacy bank regulatory issues.
WFA won't get sold off. They need to get their efficiency in line after Wachovia and Wells Fargo added needless bloat to AG Edwards. But every major US Bank had a brokerage arm. Wells Fargo Advisors is one of the largest.
I thought WFA was one of the top moneymaking departments.
Hostile take-over from within. Thanks, Charlie!
Nope, not happening.
Oh! That’s a fun rumour. A bit of intrigue, IMO. Though, if that happens, I suspect more departments being sold off.