Looking back, WFC finally allowing wealthy clients to invest in crypto currency (one year ago) should have been a foreshadowing of crypto’s eventual crash.
Wells Fargo comes in at the tail-end of everything. Never a leader, always a follower. And always a day late and a dollar short.
I would like to propose a formula for investing which is almost GUARANTEED to be a success: Do the opposite of whatever Wells Fargo is doing.
WFC getting into crypto, you sell crypto. Charlie investing billions on corporate stock between $40 and $60., you short the stock and buy back at highly predictable lower prices. Wells Fargo “getting aggressive” in credit cards in late 2021 (wtf really?), you invest in emerging digital payment technology. WFC leadership investing in RTO and “butts in seats”, sell the stock and invest in companies who are looking forward rather than relying on outdated philosophies and technologies.