And the numbers are in, EPS down 51% YOY! ROE cut in half! Pathetic
Spin it Chuck, but we made more money on rising interest rates! And hey look the other big banks are sucking wind too!
We should feel so much better, at least we don't have any Crypto exposure or do we?
That is why they are enforcing RTO now! They need as much attrition as possible. They don't want to have to pay out any severance, so they force everyone back in the office and there will be a mass exocus.
@ynt how many "one times" has the bank had so far?
All we have to do is get past the one times and asset cap.
I will have to settle for the lesser yacht now. Damn you peasants! Go back to the office now.
Sincerely,
Charlie
$2.9B? Meh, a paltry profit of approximately $48 million every business day last quarter. Wow, how are we keeping the lights on?????
And yet Schart and his OC minions will get record bonuses and stonk options. All they've been doing is padding their golden parachutes with the inept BOD happily approving it all. Maybe another 1-2 years until they all bail.
Good point there Blue Jays (Hopkins?)
Noninterest income decreased 46% while noninterest expenses increased 23%
So WF is spending more money to make less money? Sustainable?
with competitors offering 3.75% on savings, versus 1% at WF, once customers wake up, WF will need to significantly raise deposit rates, or watch a lot of money walk
Dear Mr Powell
We couldn't thank you enough for the 7 rates hikes this past year! You made our job so much easier. We pulled the red eject lever on the mortgage business and as long as you keep raising rates, we'll continue to stand by actively watching while we make money.
What a business! More bonuses for the C-suite. Sweet!
Eternally grateful (until you cut rates you ba----d)
Shart the Magnificent
Net interest income doubled noninterest income. Rising interest rates outperformed all of our initiatives and efforts combined!
Now that's something leadership should be patting themselves on the back for, boy we worked hard for that.
So what's the plan for the future? Please, please, please keeping raising rates, so we can sit back and be proud of all our hard work.
it's his job to put lipstick on a pig. I'd make the argument we can't afford to pay bonuses this year but then again we can't afford not to.