Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio.
https://www.reuters.com/markets/wells-fargo-ceo-says-there-will-be-losses-office-loan-portfolio-2023-05-31/
A good article about office conversion with all sides is at https://www.brookings.edu/research/myths-about-converting-offices-into-housing-and-what-can-really-revitalize-downtowns/ Will be summarizing it in a separate post...
Both @mhv+1mT0bEhp and @mhv+1mT0bEhp are correct. The work will have to be subsidized so it will get political (maybe with some of that ev money).
All the mortgage employment of people that have been laid off is going to the Philippines and India
The article is about the loan portfolio, not the WF footprint. Reading comprehension, anyone? Who didn't see this coming with the pandemic? This didn't take a crystal ball.
Your heart is in the right place, your head is not. Those commercial properties are built completely differently and their only use can be commercial properties. It is cheaper to tear them down and build something else than to restructure them for anything else than a commercial property. With that in mind, you can see why no business in their right mind would throw money away like that.
Charlie didn’t destroy us. The death spiral started long before he showed up. He’s just here to rob the carcass and move on.
Proactively managing what? He is a worthless id--t. Charlie has destroyed us
Regionals will likely be much harder hit than us, but we'll see. CPG is doing their part by bailing on as many buildings as possible, haha.
WF would never do the right thing. Once you realize the true goal behind the globalist bankers is money and control with a little bit of PR fluff (cough cough TD Jakes...fake) you will see right past their game.
We all know it's wrong so why do we keep thinking this institution will do the right thing in ANY situation. You will know them by their fruits....rotten to the core.
Wow, what a genius this guy is!? I never would have seen that coming…board of directors sure made the right call in hiring Scharf!
Here’s an idea for “The Bank Of Doing”. How about we put together a plan to leverage these empty and foreclosed offices with local and state governments to actively develop them into low cost housing and green spaces in otherwise congested urban areas? We make what would seem like a monitory loss into a reputational win. I’m not saying this solution will work for all the potential office foreclosures we’re looking at, but enough of them (especially in NYC, Dallas, Chicago) to start a trend and spark a conversation. The genie was let out of the bottle during the pandemic and a lot of businesses realized that office space is just an unnecessary expense.. but everyone needs living space. It’s an opportunity to be at the top of the spear instead of being the last in line (like we normally are). Innovate or die Charlie. It isn’t rocket science.🤷🏻
Chuckles is only proactive at destroying this institution.