Does anyone know when the asset cap will be lifted? I feel like I haven’t heard anything about it recently on the town halls. Once it’s lifted will our expense reduction culture and efficiency projects make us stronger?
9 replies (most recent on top)
@1mpk
I wish I could upvote you more. You are correct.
A new CEO will be needed to get the asset cap lifted. Chuckles is not doing anything substantial in this area and I don't think he really even cares. For him, it's all about the money and sucking this place dry until he leaves. He's a parasite.
there are 10 outstanding consent orders. The asset cap is only one of those, and was imposed by the federal reserve for WF demonstration of unsound risk management practices. There are actions needed by the asset cap CO specifically... however, you can almost certainly bet that they will be impossible to satisfy with 9 other COs outstanding... so watch COs and look for the # to go down... that will be a sign things are moving in the right direction.
Expense wise - look at efficiency ratios in the industry. WF is better than it was, but still has a ways to go.
Nope, Charlie will just get a 25% raise while the rest of us peons get maybe 2% and more benefits cut.
Next week
Doesn't have much of an impact, spreads are low. I wouldn't want to lend to Brandon's crew right now either, they're not good for paying back their debts. Better not to lend to dead beats.
I think relief is still 4 years out.
Q4 2024
Charlie has ZERO interest in doing anything other than lining his own pockets. He knows our weak Board will let him stay for years no matter what he does or doesn’t do.