Thread regarding Wells Fargo & Co. layoffs

@zsw+1mmQpECc panic favors the “too big to fail” and the banks with most of their deposits in accounts below 250k.

Wells average deposit only cost 0.86% last quarter. Many more shot well through 1%, where we might have been if FRC and SBNY deposits didn’t replace the deposits that left for higher rates.

The federal reserve bank is a foreign owned private central bank which creates imaginary, fiat money out of thin air.

In theory people pulling their money out of smaller banks could benefit us. If they’re doing so to deposit with us because they think we’ll be safer. That would require them to understand why we’re at less risk of liquidity issues though, and the average retail banking client doesn’t necessarily understand that nuance. More people than we’d like to think react to situations like First Republic playing on cable news all day bu withdrawing their money from whatever bank (regardless of size) to stick it under their mattress. If that happens enough it turns into a self-fulfilling prophesy of panic that could snowball it’s way through the entire banking system until it’s hitting us too. Then there’s the way the resulting economic fallout could hurt us in other revenue streams. WFC has a lot more incentive to help the US government here than you think.

"If the people understood the banking system, there would be a revolution tomorrow" - Henry Ford

@kyl look up what the economic impact of returning to the gold standard would do. Do you really feel like shiny pieces of soft metal are really that much more valuable than dyed pieces of fabric and linen?

For those still defending the federal reserve and government, fiat money always HAS and always will be a scam. If you think corruption isn't taking place NOW, then you don't know history. Nothing new under the sun. What makes these corporations and governments any different. There's a reason other countries are going to BRICS, because the petro dollar is garbage. Let the FED fail IMO.

I know a few former WF employees who presently work at FRC. Sucks to be them.

Well per cnbc looks like FRC is going into FDIC receivership today. What happens to WF’s $5 billion deposit? $4,999,750,000 of that is uninsured.

money laundering scheme

Or you mean the government did. Just like when they made JPM, WFC, BAC take over failing banks, then turned around to sue them

Agreed! While this goes on, we outsource and sell off LOBs and property like we’re conducting an estate sale. No wonder it feels like our old WF and culture is dead. Way to ki-l morale, Schart. This guy is not a strategic thinker unless it’s how to tear something down while being paid zillions. He’s on multiple boards, as well. Maybe he should take a Vyvanse and focus on Wells for just 1 entire day.

We are already taking losses on the $5 billion deposit. It already cost us $100 million in the first quarter.

The big 4 banks benefit from panics at the regional banks. We’re going against our best interests to win points with politicians.

https://www.reuters.com/business/finance/us-banks-that-shored-up-first-republic-pushed-boost-reserves-bloomberg-news-2023-04-12/