It's been more than 5 years now. When will it be lifted? Charlie does not talk much about this from what I have heard. I thought this was like his main focus. Has he failed?
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The goal of the asset cap was to reduce WF's overall importance to the US banking system. Forcing WF to essentially shrink in relation to its peers. The recent huge increase in housing assets - WF pre-2018 would have been a huge player in mortgage. Basically exits the market.
WF is trying to trade assets with low-interest rates for ones for higher-rates (see credit cards) and/or fees. But it not like Capital One or Chase are just going to hand WF market share.
Wells was a great brand in need for a new energy.
Can’t talk about the asset cap - going back to that post about worthless training - can’t force people to pay attention
Charlie's performance "does not meet" getting the asset cap lifted.
Asset CAP lift will not happen in the next 24 months, or not before CS is axed.
CS is only trying to grow bottom line under the asset cap. How? By selling traditional businesses ( so to free up capital), offshore to India laying off American workers (especially in CA) to cut expenses, cut 401k match to annually from quarterly, doing only loans that generate higher ROE, buy backs to boost EPS, and all that. he has given up on getting Asset CAP lifted, it didn’t happen and unlikely to happen. CS will negotiate a golden parachute when he leaves, after he and his “leadership team” wrecked the bank and lives of many employees.
The BoD will push it when the investors push it. Sure, a company could ignore their investors, but they can also crush demand/share price in doing so. Eventually this horrible CEO will be held accountable for garbage performance.
There is no need to work towards lifting the asset cap. Charlie wants to shrink the bank, not grow it beyond the asset cap.
But if you think of the asset cap as the finish line for WF past regulatory issues, then it’s a relevant question.
OP, have you been asleep for 5 years?
The reality is the board of directors are doing nothing to hold Charlie accountable. The opposite in fact. They are rewarding him.
The only solution is for shareholders to vote replacements for the board of directors to bring in those who will hold Charlie accountable.
Charlie has no incentive. He’s making $25 Million+ a year now. WF is a gravy train for him and the cronies he brought in. Why do anything that doesn’t personally enrich them? The board doesn’t care. Just laugh on pay day and enjoy the free handouts. If the board doesn’t expect more out of him, why should he care?
If they put photos of 100 more PoCs on Teamsquirts, maybe they will lift the asset cap.
I don't think the asset cap would be a huge problem if the company shuts down / sells off enough businesses. Maybe that's chuckles plan, just dump enough assets that normal operations and some growth can occur under the existing limit.
Never going away. The end.
He will intentionally sink WF b4 he's held accountable for getting asset cap lifted. Internal destruction is happening b4 our very eyes. It's part of the master selloff plan.
Needs Improvement
I guess the Feds coming in after days of missing deposits won't help.
According to the CFPB, they are concerned Charlie is putting more energy towards other projects than he is towards the asset cap.
He refused to answer any questions about it during the last earnings call and snapped at an analyst about it. Shareholders should have access to that information.
As long as the lizard stays in office and has financial influence, I have a shaky faith that the fed lifts it next year as planned.
Charlie inconsistency meets getting the asset cap lifted every 👏🏼 single 👏🏼 TIME👏🏼!
He doesn't mention it because he doesn't want to be judged based on that metric. Unfortunately for him, he is being judged based on that anyway. EVENTUALLY the board will have to, because investors will demand it. Cap or not, Chuckles is out in a year or so.
He doesn’t have to figure out how to get the asset cap lifted if he can successfully destroy the entire company instead.