Oh ge-z! Another new credit card! Can’t get out from under the asset cap, but we have plenty of time, energy, organization, money to keep putting out new credit cards. Just what our customers need! Next, $50,000,000 Charlie is going to revolutionize paper checks.
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It’s called revenue. With every card swipe the bank earns transaction fees.
cry
I announced my latest baseball card.
Nobody cared about that either, especially in face of outsourcing and layoffs.
Well tweaking the features on the credit cards at least gives us something to advertise.
If not for that the public would hear nothing about Wells Fargo apart from the latest fines and failures.
It’s something to hide behind. Gotta give Charlie that.
Charlie has about the same ability to listen and prioritize as my 13 year old does.
“Charlie - you’re #1 Priority is to bring the bank in to compliance and improve oversight in order that we can get out from under the Federal Asset Cap.”
Charlie, like my son would, gets busy on everything BUT bringing the bank in to compliance with the regulators. He puts out 3 additional credit cards in 2021, starts cutting employees even though he can’t get the job done with the staff he has, picks up the pace on offshoring, sells off profitable business lines, decides to change the job titles and description of all 260,000 employees, screws around with 401K, makes DE&I the focus of every meeting, spends $18 Biillion on company stock buybacks, and racks up even more fines, restrictions and lawsuits.
2 years and $50,000,000 later and he has not done what he promised he would do. The ship is on the wrong course. Don’t be distracted by the pathetic diversion tactics.
wow, so Wells try to grow the business, my gawd, nothing makes you mo--ns happy
How are these CC product improvements helping us to grow our asset base?
How are they helping us to get past the regulations holding us back?
Yes, we need new products, but these aren't saving the bank.
WF should be improving it's CC line, it's been weak for decades. These new offerings have good features. I use my active card all the time. What we offer in the CC spaces really has nothing to do with asset caps or whatever. It's an important part of banking, there's lots of $ to be made, and we should be doing more in that market. Pretty simple really, unless your objective/mindset is simply whatever it takes for the company to do worse, aka toxic.
Charlie Derangement Syndrome is in full effect
Make fun of CCs all you want, the vast majority of transactions use them, there's lots of $ to be made in that space, and WF has historically been weak in that market. We can walk and chew gum at the same time. It's not like the CEOs options were either A) a new CC or B) fixing the compliance issues, and he selected A. We can do both. Same thing with new payment methods. We can do those and CCs at the same time, and make money in both areas.
They called it "Reflect" because it'll reflect the previous bad decisions made by this ELT into the future.
I'm holding off for negative interest rates to offset the high inflation rate.
So the plan is to bleed out in the pesonal loans and mortgage space while irritating our commeecial customer with old tech and fewer account managers while replacing all that profit loss with credit cards which default constantly.
35 mil a year for this....
Next thing you know he'll replace all his DVD's with digital media!
I just read:
https://finance.yahoo.com/news/will-affirm-replace-the-debit-card-its-going-to-try-162503277.html
This is what bright CEOs with worthwhile executive teams, who spend money on technology rather than stock buybacks, are doing.
We are paying top money for a CEO who thinks it’s a good idea to repackage and keep putting out new VCRs.
Cardlie Scharf, hard at work.