https://www.americanbanker.com/news/wells-fargo-to-sell-its-railcar-business-for-4-4-billion
16 replies (most recent on top)
Hey, what doesn't fit.
apple
pear
muffler
peach
loans
checking
rail cars
savings
You had to have been mentally impaired not to know
WF rail was so large compared to it's peers we could never find a buyer for it. We tried many times. Companies in the equipment leasing business were too small and outside investors didn't want to be in the rail business. Berkshire Hathaway owns most of the track and interrail facilities in this country. They also have a huge cash horde. Wondering if they are involved somehow.
One of the more interesting businesses in the bank. Oh well.
I always found it funny how we were in such odd-ball businesses-- rail cars, agriculture insurance, aircraft finance and a few other things. Not sure if we're still in the business but there was personal credit type things-- like finance your couch sort of thing if I'm not mistaken. And ten of course there was the insurance business-- that is an insurance BROKER. 401k too if I remember correctly. One by one it seems we've gotten out of those businesses.
Half the rail cars are lost... good buy.
@ch Same for stagecoaches and injuns.
Makes sense if you've been off the rails for a while.
A stagecoach and a train is not a long lasting marriage
@af+1jwk9h7x5
It took the geniuses at the top nine f_kn years to figure out that railcars aren't a core business?
- M. kicked the employees off of the train to sell the train cars one at a time or in needed packages. Charlie grins from afar as the salary load lightens.
@af+1jwk9h7
Wells Fargo was in the rail business before the GE Capital deal. It was called First Union Rail. Wells Fargo became the largest rail business after acquiring GE ‘s.
"We made $4 Bn in profit this quarter."
And yet, it’s still very much in the business of railroading…
Seems like one of those "never going to go away" businesses with guaranteed income but I'm not familiar with the business. We'll see if it turns out to be a good idea or not. It's brought to you by the same people that have use the Built partnership, so it will probably be a disaster.
The railcar financing business was part of the acquisition of GE Capital in 2016. Definitely not a "core" business for a bank!
I'm sure most of here will be like, "Wells has a railcar business?"