Wells Fargo's Code of Ethics bans employees from shorting WF stock — or buying puts, calls, or futures on it — "regardless of whether you have material inside information."
You don't need to know anything secret. Just betting against your own employer is a Code violation, and Code violations can mean termination.
Source: Wells Fargo Team Member Code of Ethics and Business Conduct (SEC filing)
This post is worthless and you should feel worthless for making it.
so what? same for every other bank and even stricter if you touch the securities businesses.
Who cares? There's only a trillion other possible investments. We all know it's a garbage company in decline, but we also know that the execs will squander massive amounts of profits to prop up the stock with fake demand and diminishing supply. As such, there's really no way to know which side of that equation will win the race and therefore no way to time purchase or shorts. Not worth the effort.
@cy
You may not invest or engage in derivative or hedging transactions involving securities issued by Wells Fargo & Company, including but not limited to options contracts (other than employee stock options), puts, calls, short sales, futures contracts, or other similar transactions regardless of whether you have material inside information.
Individuals employed in the brokerage, investment banking, investment research, advisory and trust or investment management units of Wells Fargo and senior officers of Wells Fargo who make or supervise fiduciary investment decisions are subject to additional requirements and restrictions
It is? How long has it been there? I know that for people in certain LOB there are such rules.
Nothingburger.
So if you work for this bank that does everything possible to hedge it's own risk, and try to hedge your own risk, you get in trouble.
They sound like wealthy conservatives.
Try reading your training courses this year or Google: Securities Exchange Act of 1934 Section 16(c), Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, SEC Rule 10b5-1, FINRA Rule 3210, FINRA Rule 3110, Investment Advisers Act of 1940 Rule 204A-1, SEC Regulation S-K Item 407(i)
Yes? This is illegal for most employees of financial firms. I wouldn't go battle the SEC on this
@OP Oh yeah? They catch you doing that with the change in your pocket?
And?