Just wait until it becomes public the conflict of interest SVB and venture capitalists had. People are going to be questioning why what they were doing was ever legal.
Scharf wants to model Wells Fargo be more like a fintech. The fintech game is up. This will expose the folly of Scharf to anyone paying attention. Has the board of directors been paying attention?
More proof that we're wasting $30M/year on this hack. A guy making $20/hr, or maybe even a trained monkey, could tell a room full of people to "do what JPM does". This CEO is the worst in company history.
You aren't paying attention if you think Charlie wants to emulate SVB. There are several firms he wants to take inspiration from. And sitting at the top is Chase. Follow our recent corporate policy changes and see how closely they align to Chase.
SVB was always a niche firm. Chase shows you can run a bank, have impressive stock prices and take in $40-50B in net income year in and year out. That's what Charlie wants.
Guess who was first with RTO? Guess who was the most adamant about RTO? Go look and see who started the push for core locations. Chase set the tone. BofA and Wells are just following the leader. Changes to our comp and performance? Follows practices at Chase. Who is it favorite target for poaching leadership? Chase.
My opinion - if you want to know where Charlie stands on virtually any topic just look to see how Chase is managing it.
In my opinion, SVB is not diverse enough and when the CEO sold off shares, that triggered their fall. What has schart been doing? Buy backs. If he sells a big chunk, or anyone else for that matter (im talking to you, BODs), brokers will be able to see the charade we have going on here. We are broke. Do you know how much money we are bIeeding out each day???
Wells Fargo, where we treat our workforce like it's the 19th Century, but without the stagecoaches!
@hih except Scharf has actively taken steps to end celebrating WF's history.
Fintech involves disruption, a break from the mold. WF is a traditional player using ordinary modern technology. While being tarnished today, the WF logo is desperately clinging to the perception that it is a place of history, security, reliability and locality.
Whitney baby posts are strong this morning.
Looking at the clients and investors at SVB and trying to convince myself that it failing isn't a good thing. Nope, failed.
What's a funkie?
There is no intent from Charlie to become Fintech - sorry. Wells went out of Home Mortgage despite being #1. So this is just a wrong perspective. Fintechs have minimal oversight so they can do many things while Wells is tied. No desire or possibility AT ALL. Wells is well covered on all aspects and are HAPPY with the trust of millions of Customers.
Grasping. At. Straws.
At this point I'm convinced the BOD either wants him to destroy the company or is actually clueless enough to think he's doing the smart thing.
The problem with that claim is the account scandal existed prior to the Wachovia acquisition.
The problem with Wells Fargo started when Norwest bought it and changed their name to Wells Fargo due to having a bad reputation.
Wells Fargo's core issue was the purchase of the failed bank Wachovia. The players that came through the WFB door that day brought what was a great bank to its knees. It never recovered.
You want to keep the former WF employees? Whatever 🙄 I think maybe 10% are good and the rest can walk their institutional knowledge out the door. That “institutional knowledge” got us hung up with the fed. They made choices.
I really wish the board of directors or ANY government entity was paying attention to the massive amount of hiring WF does for ONLY JPMC individuals. They'd see that not only are most C-level people from JPMC, but even down two or three additional levels. It's clear that they just want to make WF into a new JPMC.