We just announced. Wow.
39 replies (most recent on top)
Charlie XCX has 8 more sharts to deal with we ain't finna go anywhere
Consent order count when Charlie was hired: 12
Consent orders fixed under Charlie: 6
Consent orders added under Charlie: 2
Asset cap (penalty box) added under Charlie: 1
The bank still has eight open consent orders. It is still operating under a $1.95 trillion asset cap imposed by the Federal Reserve in 2018 that prevents it from growing until regulators deem the bank has fixed its problems.
https://www.reuters.com/business/wells-fargo-says-occ-terminated-2016-consent-order-2024-02-15/
There is an interesting article in the WSJ about how the imposed asset cap, called the "penalty box" may in the long run be beneficial for the bank. Maybe that is why Charlie doesn't want it lifted.
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-02-16-2024/card/for-wells-fargo-s-stock-the-penalty-box-hasn-t-been-so-bad-LZViZHUI9dkZEERghaQq
@1zfz+1r54hygA
Dude! Get your facts straight. Google to find a Reuters article and you’ll have better facts!
Your consent order number is off and reasons are off too!
The stock was up 7% on the news. Then more news came in. When Charlie was hired in 2019 there were 12 consent orders. In five years 6 of them have been closed. 6 remain. Asset cap still remains In fact it is extended. The Asset cap was imposed in 2019 for failure to do loan modifications "safely". 5 years later the consent order still stays. "All the king's horses and all the king's men Couldn't put Humpty together again."
Despite progress, Wells Fargo remains under regulatory pressure, with the Federal Reserve's growth restriction being a significant concern. Since CEO Charlie Scharf took over in 2019, the bank has closed six consent orders but also received two new ones. The bank has undergone significant leadership changes and has been working to improve risk management and oversight.
Congrats to us for getting it done. FHY. The ivory tower was hardly involved in doing the actual work, as always.
Rah rah. Wake me when the asset cap is lifted and we get some competent leadership her. TK for example. What a disgrace filling a slot like this with zero experience or intelligence
a broken clock is right twice a day.
@udj+1r54hygA As already pointed out my 100% in S&P has outperformed WFC since inception for me. Zero Cherry Picking here old man. “Back to ‘84”……lol.
Wake me up when CS is fired!
Let’s can or retire all those useless risk geriatrics now. I swear some of them are napping on conference calls.
Sure, if you go back to the high growth days you can find a reasonable period where WF might have performed better than the 500, but we're never going to see high growth days here again and we're discussing what people should do now. There's nothing appealing about WFC going forward that couldn't be captured by a better bank. Sure, it'll pop here and there when good news on regs comes down, then it'll settle down to worse-than-inflation 'increases' in share price.
Wake me up when asset cap is removed.
8 remaining…
And I’ll wager WF will have a new one coming right round the corner!
How long until Sales Practices groups are gutted?
@yga+1r54hygA
March
If you're an advisor you must like shopping for old food. Or. Our competitors won't hire you. Why would anyone with any self respect want to bring clients into a firm that has done so much damage to consumers? Why wouldn't you want to be proud? My goal is to see the firm dissolved and sold off.
How long until Sales Practices groups are gutted?
"lol, S&P index will always be a better buy than WF."
Only true if you buy and hold forever from here on out or cherry pick timeframes, just as I can do.
Cherry pick back to 84 and get back to me.
lol, S&P index will always be a better buy than WF.
Don't listen to anyone telling you to sell this in your 401k unless you're doing it short term with a re-entry plan that may not come. This is most likely a 60 dollar stock in the coming year and dividends on top of share price appreciation. What better option do you have in your 401k?
I would encourage regulators to dissolve the firm....totally pointless to waste billions of dollars building tools when our competitors could absorb us and make mediate changes.
Good news. Does this mean we all get an extra ration of curry? LOL. Remember, the layoffs will continue until morale improves.
Meanwhile, our competitors do business as usual. Give me a break. If I am a financial advisor I want to sell for a clean firm not one where there are too many issues to compete with other firms. And also...what is the transformation? Our peers are honest and we aren't. That's the implication. Why not spin off the brokerage and sell the rest of the business to firms with these policies already in place?
We have 8 consent orders remaining...
Now that sharty has accomplished something, he’s gonna be even more smug to us peasants
I'll take a 6% stock lift any time. This is a step in the right direction and one step closer to the asset cap being lifted. I'll hold on to my WFC until that happens.
Time to sell esop in 401k
Charlie finally accomplished something.
Hooray! This is really exciting news. While this doesn’t mean the asset cap is lifted, this is a significant step. We have a couple consent orders to take care of but I’d be surprised if the asset cap is still in place by 2026
How many consent orders left?
The only time we’ve heard from him
All this means is that even more audit and control peeps will get outsourced.
Nice example of impulse posting. Like that doesn't happen here ever.
FYI: https://www.bankingdive.com/news/wells-fargo-asset-cap-2025-federal-reserve-restriction/699315/
Asset cap extended to 2025
Oops, my bad, you are correct, the asset cap is still in place. For now.
It doesn't look like this is the one that would remove the asset cap. See: https://www.reuters.com/business/wells-fargo-says-occ-terminated-2016-consent-order-2024-02-15/
Just came here to post this news!
Finally! Some GOOD news! Terminating the consent order means the bank will be allowed to grow again with no asset cap. Charlie came through….
Curious what that means for the employees working in Sales Practice Conduct Management LOB. I don't think their locations have been chosen yet either.
What does that mean??????
CS has announced that we will celebrate by him getting an additional $10 million in bonus and laying off another 10k employees.