Cutting Corrrespondent was a compromise
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@abw Who says that wasn’t his plan all along?
I guarantee Charlie hates paying the mega producers in NYC and San Fran $2+ million a year to do mortgages.
He prob figures a call center in Hyderabad can work just as well for $5 a day and a hot meal.
More to come as the Bank slides off the cliff and Charlie's shitshow continues. Fast forward a few years and Wells Fargo will be a failed bank bought by JPM.
A temporary compromise. Home lending will still exist in the future, it will just be much much smaller and automated/contracted/outsourced/centralized into oblivion.