Thread regarding Wells Fargo & Co. layoffs

Yay. I am so happy this corrupt conglomerate made even more money while laying me off.

So exciting

Stock price will be a million/share if we keep printing money like Zimbabwe. When a loaf of bread is $1000, you won't feel so great about a high stock price.

Artificial climb. Another scandal (inevitable at this circus) and greater govt oversight will tip the scale.

I sell my ESOP almost as soon as it hits my account. Too much exposure when already working at the company.

Stock Price = $50.33 on it's way to $60 first and then $80 when asset cap is removed.

We may as well change a nick name from Shart to Sharp.

Post ID: @zbh+1chya0BL

That is part of the picture, but not the whole story.

The stock price was up there because Tim Sloan spent $40.6 Billion of the firm’s capital on Stock Buybacks.

Buyback restrictions were put in place by the Fed during the pandemic to insure banks maintained proper capital levels. And the stock fell apart. Combine that with investors unloading WFC more aggressively than other banks due to it’s inability to grow with the Federal Asset Cap, which is still in place. And, as you said, investors were jarred that Buffett had lost faith in the bank.

The greater part of this upward trajectory is the execs irresponsibly spending the firm’s capital to drive the stock price up in order to line their own pockets. And to make it appear that “ “ “Wells Fargo is back.” It’s no more real than the propaganda Stumpf was feeding analysts about our successful cross-selling strategies. If anyone doubts that, challenge the Executive Committee to halt the buybacks until the end of the year and watch what happens to the stock price.

How many times does history have to repeat itself before people learn from it?

I think the stock price was artificially low because WFC's single largest shareholder, Berkshire Hathaway, divested their holding. They owned about 10% of the company and dumped hundreds-of-millions of shares on the market. It took a while for the market to absorb it.

Post ID: @tdd+1chya0BL

I guess you are another stale person who can’t think outside the box regarding how to improve the company within the confines of the asset cap. No one could intelligently dispute the need to spend money on Wells Fargo’s technology in order to better position us for the future.

@mmm+1chya0BL

I guess you don’t know anything about the asset cap…

Higher stock price is artificial, due to company stock buybacks. Wells Fargo is all smoke and mirrors. Someone should ask Charlie and the Board why they can’t find a better use of capital then spending $18 Billion on stock buybacks.

Also, 'would you buy stock' is a problematic question. Many financial advisors recommend that people not own stock in the company they work for because you already have a lot of eggs in that basket simply by working there. Others want to be more diversified than any single stock holding would allow for, and as such wouldn't own company stock no matter how good of a buy it might be. I typically hold my matching funds for a short time if I think it's on an upward trend, otherwise I move the $ elsewhere as soon as it's in the account, but many sell as soon as they can.

"Would you recommend a friend (or enemy) to come work for this bank?" - Yes & No.

Yes - If you are just looking for a pay check with decent bonus and stable job. Have significant other making decent money

No - If you are career oriented and have a goal to climb to ladder up.

The stock isn't up much, the value of the dollar is down.

The company has a tough 1.5 years of self inflicted wounds to endure. After that, if the cap is lifted and regulatory burdens ease, both the company and the stock should do well. We print money when we're not under the FRBs thumb. Customer trust is actually something you can rebuild relatively quickly, most people have the attention span of a gnat. So long as we don't have any more major issues for a couple years, we'll be fine on that front.

@wpb+1chya0BL, I am not the owner of that comment, but some of us stay because even though we're miserable we've accumulated enough in benefits that going somewhere else might mean a huge cut in salary and/or PTO.

What I am able to answer:

Do you feel the company is now a better or a worse company to work for since March 2020? Investors and stockholders are probably pretty happy. As for employees? Morale is in the po---r. The implementation of spans and layers has made it difficult -- often even pointless -- to move up, and the location strategy has made it impossible to move within lines of business if you want to move but stay in the company.

Would you personally buy the stock at these high levels (you think the stock is going up) or would you sell (you think stock is going down)? It depends on what you hope to gain. I do believe it's on a steady upward trajectory. Perhaps it could reach its all-time high of $65.93, but I'll sell my employer-matching funds well before then.

Would you recommend a friend (or enemy) to come work for this bank? I don't recommend that anyone consider working or banking with Wells Fargo at this time.

Post ID: @qum+1chya0BL

You sound miserable. Why do you stay?

Wells Fargo does not care about me as a human being let alone as an employee. They only see me as an expense to cut no matter how good I perform or how much money I make or save for them. The only good is work from home since the start of the pandemic I can spend more time with my family. Internal processes and systems have become a lot worse. Systems support is worse as it has been sent to lowest cost offshore locations. If there is no script to read from they do not know how to solve the problem. There have been increasing problems with systems continuing to function especially around month end and holidays. I do not hold any Wells Fargo stock in my retirement account.

Nosy