Results were as expected. Hopefully will be a nice boost to stock today.
One interesting excerp from the results presentation on slide 9 about non interest expense being up from prior guidance due to higher severance expenses driven by lower than expected attrition.
JPM is the leader. It bought a bank in distress. Benefiting from it.
Wells is doing well. Regulatory costs remain elevated. Commercial real estate (CRE) story developing for it. CRE will be a theme for small banks. Wells exposing the cracks.
Citi underperformed and doesn't have a strong retail business.
from a laid off guy (and CNBC @2:27) ... banks for the memories.
F&cking d-mb CEO and company
Not only has he not done anything to stand apart, he's made a concerted effort to clone what everyone else is doing. It's not like it's convergent evolution, he literally has no ideas and just does what peers are doing. It's also usually implemented worse than peers as well, so it's not just a failure to innovate it's doing the norm poorly on top of it.
@vrc+1nBluT6Y Wells does NOT move with the market. The S&P 500 is up 350% in the last decade, Wells Fargo stock is at break-even to what it was priced at a decade ago. WFC may be performing with peers among other large banks, but it's clearly not performing on par with the stock market in general.
For those still working at WF, let me share with you the best advice I ever received: never invest in your employer.
For my nearly two decades at WF, any time they paid out money in company stock, I immediately sold it or transferred it to some other investment and for the last 10 years in particular that has been extremely profitable for me. The trend is likely to continue for the next decade too.
Every January 1st, submit your transfer in Empower to get that 401k match in company stock into literally any other stock fund at all and it will be statistically likely to do better than flat-lined WFC.
Surely you jest; you obviously do not pay attention to Wells' stock price. It moves with the market and banking segment. Nothing more.
Charlie has done NOTHING to make WF stand apart.
(He's) slashed company product diversity, likely putting us at greater risk should one segment in banking see declines. We don't have the flexibility variety we once had.
WrecklessWagons
@abe ok so I missed it in last bullet but it does not say more layoffs, even though we know it will happen. And stop the name calling dip sh-t
@rtm+1nBluT6Y, learn how to read before you spout your mouth off and look stupid.
Bullets on slide 9 say exactly what was quoted in @kgk+1nBluT6Y.
Attrition has slowed due to lower job opps and uncertain economic conditions. This will lead to an increase in layoffs and performance-driven firings. Given your stupidity, hopefully you're one of them.
earlier post, may have been deleted, said slide 9 mentioned attrition. It does not . But it does list headcount by qtr and how its dripped from 244 Q2 2022 down to 234 Q2 2023. Team works shows ~243k so may include contractors
"higher severance expenses driven by lower than expected attrition."
Listen to the gears grinding, "How do we fast track attrition?"
Buckle up associates, RTO was just the beginning. Now we get creative in making everyone miserable!
"Keep voting democrat"
Why is it always politics with you people?
Wall Street and earning reports are a federally regulated casino. Don’t. You. Believe. The. Hype.📉
Notice the large increase for Corporate Real Estate losses by $949MM. They see the CRE bubble bursting without outright saying it.
And efficiency ratio is 63%. Most companies goal is under 60%. So Chainsaw is getting closer. Was 66% last quarter.
Good luck with that.
Keep voting democrat and not savings for retirement. Will work out great for you.
Wells will blip for a short time today then returning to mirroring the market. As it has done for years.
Anyone who belivves the numbers is naive. It's a shell game. WF, like many companies, manipulates them to appear more favorable. Tale as old as time.
The day we're not all beholden to Wall St. and shareholders is the day we'll see real progress in this country. It wasn't always this way. Some aren't lucky enough to have lived in better era.
Think about that.
Anybody who says anything about needing to get more efficient should be flogged.
Quarter over quarter
Average deposit costs up 0.30%
Average loan yields up 0.30%
Net interest income down 0.11%
Year over year
Average deposit costs up 1.09%
Average loan yields up 1.49%
Net interest income up 0.70%
——
We are in pretty good shape vs all the regional banks etc that are seeing their liability costs go up a lot faster than their asset yields.
That’s about all you need to outperform right now.