The perception that Wells Fargo will grow its business once the Federal Asset Cap is removed is highly misleading.

Yes - It will be free to ATTEMPT to grow its business beyond the cap, but this executive team doesn’t know anything about growing a customer service business because they don’t know how to treat people.

Is Charlie suddenly going to be focused on the customer experience? Are customers suddenly going to flock to Wells Fargo for that .01% interest on the Way2Save account? Open accounts for the privilege to wait in lines at our understaffed brick and mortars? That F rating at the Better Business Bureau will surely draw them in. How about our top notch customer support in India? State of the art technology? Excessive quarterly asset management fees even when customers are losing money? Erroneous overcharges on your mortgage loan, anyone?

Efforts to build Corporate Investment Banking have been lackluster. Maybe Charlie will be able to attract the assets of the ultra wealthy to our highly specialized HNW division??! Yeah…no, he dismantled that.

If the Feds eventually approve our “risk and controls overhaul”, that doesn’t mean our executives are any less selfish, pompous, bone-headed, deceptive, out-of-touch and/or unproductive than they have always been.

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01% Way2Save savings? lol

If folks just googled other banks' rates, they would take their money out of WF and open accounts elsewhere.

And overseas call centers are not that great; they're just not experienced. Sometimes you have to tell them three times or over-explain what you are looking for because they don't have a clue of what you're talking about.

If cap lifted, Charlie will do more layoffs and offshoring

Since one of the post mentioned McKinsy, this article is worth a read.
Exposing the work of McKinsey & Co. https://www.currentaffairs.org/news/2023/02/exposing-the-secretive-and-sinister-work-of-mckinsey-co

Agree 100%. In fact, I believe that the asset cap has inadvertently protected this bank.

@ljj+1uI6lA9H What is this "product model" thing? Is Wells trying to do "product design"? Go for a integrated consistent process model?

If so this is good. Wells has no product design -- never has and probably never will. They don't listen to the customer. But companies don't just "get" product design.
It's a transformation type of thing. Like "going agile". Given that experience, we all know why Well's flagellating management (working on McKinsey orders) is bound to fail.

Why are you talking about the assets of the wealthy? To the bank those are liabilities not assets. Assets are loans.

Does that mean risk and controls people will be laid off ?

Once the asset cap is lifted .. we aren’t that close

Pump and dump scheme. Happens everyday in the stock market.

The Fargo AI assistant is completely useless garbage. I cheap dime store gimmick. Nobody else is trying to copy it because it is stupid. Wells moving to a product model is a joke. The products all su-k.

Asset cap is not coming off folks. New consent orders are being raised. Wells Fargo is a risky dangerous bank. Regulators will be crazy to unleash it on the American public.

This is a sensible take but the fact that we will be able to make loans again will indeed make a pretty big difference.

Thread regarding Wells Fargo & Co. layoffs

The perception that Wells Fargo will grow its business once the Federal Asset Cap is removed is highly misleading.

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