Wells Fargo CEO Charlie Scharf expressed confidence Wednesday that the bank is inching closer to the point it will be freed from the $1.95 trillion asset cap it’s operated under for seven years.
https://www.bankingdive.com/news/wells-fargo-asset-cap-lift-ceo-scharf-fed-consent-orders/749157/
11 replies (most recent on top)
No, WE delivered while he diddled around Hudson Yards. He's not involved with anything beyond telling his directs 'fire more people' and 'fix these issues'.
Like Shart or not, he’s delivering now. Cap will be lifted, If he can grow the business, he will take the reign as most powerful banker on wall st once Jamie retires.
Maybe we can all get a dozen shares of stock, then watch as the value plummets before the value is realized.
Liar,Liar
I cannot imagine a serious financial advisor working for a bank that has done so much damage to clients. That decision shows poor judgment. How many clients avoid Wells Fargo based on poor reputation alone? Seems self defeating. I would like to see a merger that ends the bank.
The cap being lifted is the begining of the end of Sharts reign. It's a good thing for that reason alone. The only other reason he's here is to downsize / outsource. At some point it'll end and he'll be completely useless to the BoD.
Many people posting here have expressed no confidence in the CEO.
Funny thing is how the top brass kept insisting for years how the asset cap was no big deal whenever asked about it. Until now.
And then what? You still have uninspiring leadership, an ever-tarnished brand, a workforce in disarray, continued friction between overseas and domestic staff (never mind domestic squabbling), no product differentiation, no strategy than can be articulated, and technology laggardship. It’s too little, too late.
Wow, how can I get in on the ground floor of that?
Just gotta give Trump a few million more, that'll do it.
Lifting the asset cap will have zero benefits to non-C suite US employees.