Thread regarding Wells Fargo & Co. layoffs

Wells Fargo news in just the last 3 days. Why do investors want to own this bank?

Chief Executive Officer Charlie Scharf said on Thursday that the U.S. lender may lose up to $3 billion on its commercial real estate office loan portfolio.

Wells Fargo has received an average recommendation of "Hold" from the twenty-one brokerages that are presently covering the company.

Wells Fargo $1 Billion Bank Settlement 2024: Know Amount, Eligibility & Payment Dates

Wells Fargo named in Infosys attack affecting 6 Million customers.

Wells Fargo will make sweeping cuts in Oregon next year, moving jobs to other cities (in India?) The company has more than 1000 workers at the 3 affected sites.

Bank Drama for Square and PayPal after Wells Fargo Bows Out.

Wells Fargo ends its 25 year relationship with the PGA’s Charlotte championship.

Wells Fargo ends 20 year relationship with 17000 seat arena in Des Moines.

Wells Fargo vacates more office space in Winston- Salem

Wells Fargo declared a quarterly dividend on Tuesday, October 22nd of .40 per share representing a yield of 2.47% (yay??, still 20% lower than before Charlie became CEO)

Bay Area man out $3.2K after unsigned IRS check stolen, cashed by thief using Wells Fargo ATM. Reimbursement refused.

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| 592 views | | 4 replies (last October 27, 2024) | Reply
Post ID: @OP+1vaorY9z

4 replies (most recent on top)

The only WF LOB which increased revenues in Q3 2024 was WIM. Yet, that increase is not attributed to the introduction of “successful operating efficiencies.” Instead higher revenues are directly related to increasing fees and increased revenues from AUM. If the market continues the path of last week, say goodbye to WIM increasing revenues and joining the Consumer Bank, Commercial Banking, CIB, and Corporate in declining revenues.

Also note, each LOB Q3 earnings announcement references decreasing revenues or losses (such as the outstanding performance of the CC portfolios, especially the Bilt Card.) are offset by paying out less than expected in severance packages.

In other words, the WF Way is working. Employees are leaving in droves and not waiting for severance packages.

Fortunately only the good young talent is staying because of the incredibly high employee morale and engagement. This is the way.

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Post ID: @2tas+1vaorY9z

Most of what you posted isn't even anything truly negative about WF. The company is and has been doing better than most on here want to admit.

Previous quarter was down YOY, but the ones before that were not, so let's not pretend there is some downward trend. Remember, this is a financial institution operating under an asset cap, so growth has been impossible.

65 dollar is a long time resistance and am not a buyer here, but continue to hold. 75-80 would be great in company's current state. Asset cap lift and growth from that and the stock could go much higher over time. Or maybe we will live long enough to see it bought up for pennies on the dollar.

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Post ID: @1jrj+1vaorY9z

The problem isn't the recent news, but the financial results themselves. The company's ability to make money is shrinking, in an inflationary environment. All the relevant numbers were down YoY, and that trend will continue. Negative growth is not something to invest in, but the street goes on emotional little runs from time to time and WFC in recent months is one of them.

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Post ID: @afd+1vaorY9z

AUM. Period.

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Post ID: @kww+1vaorY9z

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