The lead story under WFC on Yahoo Finance is
JPMorgan asserts dominance as profits surge 35%
7 replies (most recent on top)
Who is competing here? If you want to join JPMC to be a part of the crew by all means move on. CS does not need to compete. He has his Customer base and they are still sticking with us- try again
@vpg+1p44patH. Yeah, wait until they have to do all the mitigation from Privacy issues with information falling into the wrong hands overseas as part of their offshoring strategy. Way to go, Charlie. Did you forget what you learned in Business School that you can't put a price on bad PR?
Charlie is always going to be behind Jamie. Because he has his lips attached to his behind .
With a few very simple and obvious moves, Charlie could beat Jamie in growth once the cap is lifted. It all starts with WFH though, so ego won't allow him to do it. He's doomed to be remembered as a failed wanna be.
Hooray, we made <20% of the $30B Charlie is spending on buybacks. Only 4 more quarters of this to break even.
Yup you have to dig down. JPM is always first though. the Fool article had an emphasis on Charlie's "expense management". Yes, a part of expense management is layoffs. So everyone on this board should give themselves a pat on their back -- you contributed to Charlie's narrative as Wells got rid of you in your layoff. Layoffs are a key pillar of the bank's broader strategy. This strategy is working for now -- probably won't during the upcoming recession.
"For Wells, the third quarter showed interesting trends. Total revenue was up much less sharply than at JPMorgan, rising just 6.6% year over year to $20.86 billion. However, a big drop in noninterest expense helped give Wells a big earnings boost. Net income jumped more than 60% to $5.77 billion, working out to $1.48 per share.
Wells Fargo CEO Charlie Scharf pointed to the bank's expense management as a key pillar of its broader strategy, particularly as the economy slows. Wells also moved forward with some restructuring moves, selling off some private equity investments but building new relationships to get more access to the alternative asset investing space. Scharf warned of potential higher capital reserve requirements, but for now, shareholders appreciate the big 17% increase in Wells Fargo's dividend recently."
ref https://www.fool.com/investing/2023/10/13/how-bank-stocks-fared-on-earnings-seasons-opening/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
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