On a scale of 1-10 (10 being extremely confident), do you think WF can restore its reputation and attract new customers?
It will likely never get back to where it was, but will limping along in survival mode end?
15 replies (most recent on top)
"Zero.....point......Zero" ...Blutarski..........."Fat, Corrupt, and Rogue", is no way to go through life Wells Fargo........... = ) = ) =) = )
If people didn't move to a credit union after TARF and the rest of that recession BS, they're not going to do it now. Most people I know don't know what the bank has done.
Now, I'm hearing that whales are not coming in the door anymore, and if that's true, Wells is in some trouble. Big investors avoiding WF along with a downturn in mortgages, etc., may hurt a little.
After the account scandal and the insurance scandal and the scandal scandals why would anyone with a sizable amount to invest come here?
But Wells is still Too Big To Fail. They don't deserve to survive but they will in some form.
Buffet is on the board? The board of what? He certainly isn’t on the WF Board of Directors. So many of you always declaring the end of days, supporting your argument with bogus claims and lies.
Revenue and profit are good. A new CEO will be in at some point this year and we all know they will be vetted by politicians. Wells is under a microscope and you will not see any scandals remotely as severe as those of the past few years. Wells will be more than fine.
No new customers-that is true. It’s the inertia of current customers who can’t be bothered to leave that’s the reason things are not much worse-yet.
They will be.
I was severed this month after 14 years and I literally danced on my way out that day - because I’ll get the severance I waited for.
Next step is roll my 401k OUT of there and into an IRA ASAP. According to the paperwork I can’t do that until my salary continuation period is over, but it will happen the next day.
Do I believe the money is actually there? Yes and the moon is made of green cheese.
Sure...Arthur Andersen and Enron were just fine, too.
Wells Fargo is not too big to fail.
Bad leadership can push a company into an unrecoverable nosedive.
Wake up before it's too late. (No severance when they crash and burn.)
a lively discussion.
i'd give it a 3
the exec mgmt is weak (at best)
Sorry, deluded Kool-Aid drinkers.
Warren Buffett can't sell off because it would cause widespread panic. Plus, he's on the Board. He also did nothing during "8 is great, 11 is heaven" -- he can't deny it was too good to be true. He's a smart businessman; right?
Re: customers who haven't been impacted (yet), have you even looked at the massive downturn in new business? People don't trust WF and won't open new accounts, mortgage loans, etc. Branch employees have been seeing it firsthand. Why would they when there are so many competitive (and trustworthy) options.
No pipeline = extinction.
Plus, WF demographics are dismal. Customer base is aging and younger demo doesn't tolerate abuses/injustice and is steering clear of this greedy, corrupt machine.
WF is doing so well it can't attract a CEO? Can't afford to address aging infrastructure and systems? Feels compelled to lie to its employees regularly about the reality of what's occurring? (Did you hear what REALLY happened with Shoreview outage?)
Yeah, sure sounds like a bright outlook. NOT.
p.s. Read financial forecasts. Q219 is likely the last quarter WF can seem financially OK. WF has already sold off non-core divisions and will likely have to start doing so with core.
Tip: People don't cut off arms and legs if they are healthy.
At this point there is a much bigger percentage of customers who were not affected by the fake account fraud or having their homes or cars wrongfully repossessed than those who were.
People tend to not think much about things that don’t affect them. That’s what has been their saving grace so far.
Now, when they get caught cooking the books and it turns out the financials are all fake - that, they won’t come back from. Wait for it
Wells Fargo will be just fine. Have you stepped foot in a branch since 2016? The service is great. The fact that regulators will be on their a-- for a while is partly good since it'll keep them in line. Financials are strong (you'll most likely see Q2 numbers beat estimates again). There's a reason why Warren Buffett hasn't sold off a significant portion of his shares (he sells some regularly to stay under a certain percentage for tax purposes). I promise you that you are not smarter than Warren Buffett.
Greedy management decisions screwed over customers and people are ticked off. Wells Fargo will be history now, nobody wants to deal with them any more. Said to see common workers are the ones paying the price.
I am not at all optimistic that this company will turn around. I see sketchy behavior around me. Why I still work here I have no clue.
I agree with prior poster. 0 chance.
If Wells succeeds in any way, it wull be in spite of itself....and it's just a matter of time before the company is caught of wrongdoing again.
Any company that does what Wells has done to customers, employees and stakeholders isn't capable of changing its spots. Especially since there is NO remorse for what's happened to date -- scandal after scandal after scandal (15 that we know of, so far).
Wells is ethically and morally bankrupt to its core.
I still see it today. Like a sociopath in prison, waiting to be set free to commit more crimes. With Wells, history WILL repeat itself. They'll just try to hide it better next time.
0 chance and here why. First, the regulators are tired of endless excuses fr WF. That’s why new people are pushing the old guard out. At the same time, endless layoffs and rock star employees leaving, there won’t be any customers left. WF will be sold off in pieces until it doesn’t exist
No genuine accountability for wrongdoings and a belief that "everyone does it" so it makes it alright.
No chance real, sustainable change will occur with that attitude.
5...
Its 50/50 now, next 2 years are critical