https://archive.is/bsrW7
5 replies (most recent on top)
Does anyone know why he dumped American Express for Visa? Expenses?
Shart is a complete joke of a banking exec. CCs were his 'big innovation' when he came along. WF had been weak in this space for years, so it really wasn't rocket science to make an effort there. Unfortunately, he's completely incompetent, and somehow found a way to walk face first into the Bilt disaster and an era of skyrocketing defaults. We're going to take significant losses in this area, and they haven't even really started to materialize yet. It's going to be bad. People will be talking about toxic card debt like they did mortgage debt in 2009.
If there's leadership changes in this area I can only assume that it's Shart covering his A. 'it wasn't me, it was this other guy, but don't worry people, I got rid of them!' 😐 he's a complete fool. It's embarrassing at this point.
How many times has First Union, Wachovia, and now Wells Fargo start up another credit card business only to one again sell the portfolio at a lower huge loss. Well on our way again with the incredible Bilt issue. Still losing a $ million or so daily? Bringing in a “professional “ to get different results? So pathetic!
Surprise!!!! 😮
Charlie is smart. He knows not to pull up from his lab-trained bully rats.