The stock market is hitting new highs and Wells Fargo can’t even sustain $50. For a point of reference, if Charlie & team had performed anything like Jamie & team in the past 4 years - WFC should be trading at $72.
I don’t know why shareholders aren’t fighting for this sham of a leadership team and our notoriously flaccid Board of Directors to be kicked to the curb.
In particular, what’s going on with the institutional holders? 75% of Wells Fargo’s outstanding shares are owned by institutions. If I had my money at Vanguard, BlackRock, Fidelity or State Street - I would take them to court for not doing their job which is to maximize shareholder value. Why aren’t they pushing back on Charlie’s failure to satisfy the bank’s regulatory issues, his failure to improve the bank’s reputation, his failure to control the risk around our commercial real estate portfolio, his failure to strengthen the bank long-term? There must be a behind-the-scenes secret handshake between the largest institutional shareholders to continue to hold the stock no matter how much or for how long Wells Fargo flails. If one of them starts unloading the stock - it certainly would be a monstrous disaster for the rest of them.
A few strategic questions, asked by the proper parties, could bring this whole precarious dog and pony show to its knees.