Thread regarding Wells Fargo & Co. layoffs

Thoughts on WFC’s stock.

Charlie, with the Board’s approval, has already spent $20 Billion of the bank’s capital on buying back WFC stock this year alone. (That tells you where our leadership’s goals are: offshoring American jobs, laying off American workers, not meaningfully improving our 1980’s technology, not investing in talent, not investing in the long-term health and stability of the bank, very little investment and movement towards improving WFC’s compliance and oversight…). BUT, they will happily spend billions on manipulating the stock price higher to mislead the public into thinking “Gee! Good things must be happening at Wells Fargo.”

The stock price is the only issue our leadership cares about and that is where their priority is. And that is how they make their biggest payouts personally.

CFO Mike Santomassimo just indicated (publicly) the bank will continue buying back corporate shares. Both the street and our leadership knows the ONLY way to get the stock price up is to start back in on the corporate buyback program.

My point/advice is to look at the company’s 5 year chart as for as when to sell. Not advising to buy at these prices at all, but If you are holding on the stock - I would always sell in the $50 to $55 range. Yes-it might go higher, but it will comes back down and you can buy back it back in at cheaper prices.

Our executives and leaders are doing exactly this. They get their executive stock and they quietly sell in to strength. They have their pre-planned 10b-51s in place to sell as the stock moves up in to certain price ranges. This helps to protect them against allegations of selling on inside information. Or selling their personal stock, while they’re out singing the praises of the bank. Our executives know WFC stock is not a long-term hold and they are selling when the stock gets in to certain higher price ranges.

You should do the same.

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Post ID: @OP+1hMoUKra

16 replies (most recent on top)

As someone said before. The only innovative thing this company has done in the last 12 years is develop a fake account scandal. And nothing is more accurate. Our leaders suck and get paid millions, we’re told our stuff is cutting edge and innovative when it’s as new as a TV Dinner.

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Post ID: @nmoa+1hMoUKra

@1goh+1hMoUKra

Sounds like Charles plan is working perfectly, what you're feeling right now is exactly what he was going for. He's such a slimy little S. It's past time for the board to move on from his regime.

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Post ID: @2iun+1hMoUKra

Long-termer here who is considering a pay cut to get away from the "culture" of WF. It was bad before, but the current executive team is a pure example of everything that's wrong with corporate America.

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Post ID: @1goh+1hMoUKra

I’m old enough to remember Charlie stating improving technology would be a priority. Now we just crowd source innovation ideas from team members. What a joke.

I don’t think RTO impacts the stock price too much. However, all big banks are at a competitive disadvantage because young talent would rather take a 10% haircut to work at a smaller company that allows work from home. You’re seeing that across the board.

The fact of the matter is investors aren’t investing based on company health. They’re investing based on speculation. If a buyback can pump the price a little and create a bull run then that’s worth it to the executives.

I will say at some point the chicken is going to come home to roost. You can only use ancient systems to maintain correct processes for so long

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Post ID: @1pmi+1hMoUKra

Things ki----g WF stock price (in no particular order)

  • The JPMChase rejects in the C- Suite
  • RTO debacle
  • Asset Cap with no end in sight

This company would do a lot better being broken up and sold off since Chuckles has already gutted it.

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Post ID: @1xso+1hMoUKra

Don't own any WFC, so I don't really care what it does.

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Post ID: @1xqc+1hMoUKra

I sell my RSRs as soon as they vest, that's my thought on $WFC.

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Post ID: @1wlr+1hMoUKra

OP here.

I know the stated pros and cons of corporate stock buybacks programs inside and out, as well as executive 10b51 plans. Having said that, one does not have to be a brain surgeon to understand the obvious conflict of interest which arises with executives who direct their companies to aggressively purchase shares of their own stock in a strategy to drive up share price when those same executives are paid the bulk of their compensation from stock awards and stock options.

Additionally, there have been studies showing corporate insiders frequently sell their own shares during corporate buybacks, which is why I think 10b51 plans should be made available to the public.

To Post ID: @1reu+1hMoUKra: Your comments are entertaining, and I hope you feel better after unleashing some of your ugliness 😉.

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Post ID: @1jpy+1hMoUKra

IMO, Once they get out of the Consent Order, they will break out to up to $70 for a period of time. Also, the rising rates will have a net positive affect on WFC. I would predict that the breakout happens some time in 2024.

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Post ID: @1pwl+1hMoUKra

not a great idea getting stock tips from a layoff board i.e. disgruntled, bottom performers at a company. And for sure never get advice about from someone who sets mystical ranges that exec's are auto selling out, and also doesn't understand the concept of buybacks other than to say its a way to prop up the stock, this is like getting a tip from a horse.

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Post ID: @1reu+1hMoUKra

Last year, I put my entire son's college fund in Wells Fargo.

I purchased a diecast stagecoach model with the remaining funds so he can learn about WF history and horses at least.

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Post ID: @fqi+1hMoUKra

https://www.secform4.com/insider-trading/72971.htm

I’m not 100% knowledgeable about what I’m looking at here. But I see a lot of top leadership names being granted tens of thousands of shares and exercising tens of thousands of shares. Our CEO, Mary M, SVB, Michael W, etc. I’m sure all this info is possibly easier presented elsewhere, but it’s enlightening nevertheless.

Bottom line is that the C- Suite is getting incredibly wealthy while sticking it to their employees. Remember it next time you get your 1-2% increase because Charlie is “in cost cutting mode.”

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Post ID: @xtc+1hMoUKra

@jya beat me to it.

The latest stock results coincide with the RTO period.

As we've been saying on this board ad nauseum (and will continue to), RTO has decimated motivation and morale.

People that used to work late at home are no longer doing so from the office. Quitting time is quitting time. Whatever mess someone made will have to be cleaned up tomorrow, thus pushing back whatever planned effort was supposed to happen tomorrow.

And so on and so on.

The stock beatings will continue until RTO is reigned in.

This is no longer 1989. We shouldn't still be working like it.

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Post ID: @wdk+1hMoUKra

To try and force RTO, positions that were formally remote are only being posted in hub cities, no relo. Severely limiting available talent. Meanwhile, competitors are hiring WFH and paying crazy salaries.

Chainsaw needs to go before he completely destroys the company.

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Post ID: @jya+1hMoUKra

not surprising. the us empire regime was abt 1 thing: $ and expansion. american workers have very few if any real employment rights and its' intentional. the us was a cesspool of waste, fraud, and corruption.

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Post ID: @vtq+1hMoUKra

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