Wells Fargo Misses Across The Board As Rate Hikes Grind Mortgage Banking To A Halt
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When are they closing the Des Moines shop?
Good deeds create positive karma, and bad ones create negative karma. Positive karma will lead to good fortune and a blessed life; negative karma will lead to misfortune and suffering. Yet, people are usually not aware of the influence of karma on their life.
Across the board, they missed when they hired Chuckles.
Entire market is up because of the consumer spending number, it'll fade again.
Stock popping on mediocre earnings, the joy of lowered expectations! Even chainsaw can't cut fast enough to keep up with sinking revenue...
I don't remember the cc issue, but I do know they attempted to end personal loans.
Didn't he try to sell off the cc business last year, and customers balked. Now it's going to save us?
Charlie in more words basically said we are bleeped .
Profit are down. Loan balances grew because people secured credit before the FED hiked up rates. What do we have to look forward to? Strengthening risk, improving customer experience and supporting the community. Remind me again…which one of those generate income?
The only two potential revenue generators he mentioned are a new credit card and an already existing platform that just lowered the minimum deposit.
RCSA is the Hail Mary. Unless you’re customer facing, you’re likely going to have some hand in helping with RCSA.
I’m not exaggerating when I say the business isn’t sustainable under the asset cap. It simply isn’t. There won’t be an asset cap after the recession is over. Either because it’s been lifted or Wells is sold off.
Stock pop today isn't going to last. Trying to build momentum on a 1% increase in retail sales when inflation is higher than 1%... Yeah, not exactly a rock solid foundation. More pain is ahead.
Yeah, its down what, 2 billion from several years back. Remember when we routinely made 5.1 billion or higher billing per quarter? Only reason its up today is because the market is up today big. So far, anyway....
but stock is up today. I think I'll put in a sell order for end of day
This will totally gut Consumer Lending. Higher rates and no new loan origination (or very limited) equates to greatly diminished workflows. If the work isn’t there I don’t see how it doesn’t become a blood bath.
And REVs is cranking up the appraisal trainee program! What will they appraise when mortgage apps are disappearing? When does REVs clear the decks?