I hear mumbles and whispers that something BIG is happening in Q3 or like 6 months, anyone have any idea? I heard things like a massive layoffs to selling off big units like CIB etc...
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ChatGPT becomes self aware......
I have travelled quite of number of cities here in the US, big and small. I always smile when I see a tall "Wells Fargo Building", there it is - wherever I go. HOWEVER, I notice that most of them are almost empty. Have you heard about the upcoming commercial rental crash that will trigger the coming mother of all bubbles? That will crush WFC in my opinion.
“New comp plans roll out in October. They usually come out in the first quarter of the year. I think we will have an exodus of HMCs/PMBs as centralized already has products that retail can’t originate and their comp is lower.”
Is it really being pushed to Oct? Lol Charlie def has something up his sleeve.
What products can centralized do that HMCs can’t?
New comp plans roll out in October. They usually come out in the first quarter of the year. I think we will have an exodus of HMCs/PMBs as centralized already has products that retail can’t originate and their comp is lower.
CIB and WIM will not be going anywhere
Are you like 5 years old bro? What the he-l kind of game of telephone are you playing with your coworkers?
Please sell Auto Finance ASAP. No fault of those that work there as the rank and file. They can only do the best they can with lousy management, systems, and risk controls. Manila basically runs the entire back office risk management efforts now. I’m at a loss as to what my boss actually does. I get my workflow from our friends in the Pacific Rim.🤷🏻
CIB, WIM and a portion of the deposit accounts are being sold to Goldman Sachs. They are hemorrhaging deposits and announced they will take market action to reverse the deposit losses. Goldman Sachs gets to join the four big banks list.
Scharf and his inner cronies are about to get a fat payday, get the regulators off their backs, The remainder of the bank will be spun off as a smaller, easier to manage Wells Fargo that will eventually end up getting acquired by a big regional.
someone wants people to quit so they wont get laid off in the next 6 months
I think CIB is one of like 4 things Charlie wants to keep.
Mortgage is dead. No jobs. 1400 jobs posted and not one is in mortgage. The media was right. Wells is getting out of the mortgage business. We used to be the nations number 1 lender. Now we are the most corrupt company. Horrific management. Everyone with a damn has been laid off. The bottom feeders are left. Customers refuse to do business with us. Realtors and builders refuse to bring us their clients. So much for loyal customers and loyal employees. Wells Fargo is going down in flames.
Completely agree with you. Writing’s been on the wall for years. It’s so maddening that Charlie was allowed to come in and obliterate WF as we used to know it.
Charlie selling mortgage, auto, WFA, and commercial banking?
Wells can finally be what Charlie envisions, a NYC centric bank focused on investment banking and trading, no more “consumer banking” (that’s for d-mb peasants).
A couple hundred elites in Hudson Yards drawing gigantic pay packages, and everyone else working in Hyderabad for $2 and a tomato sandy a day.
If no-one tells you will you be in a state of panic for 6 months waiting to find out?