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Wells Fargo & Company (WFC-PL)
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Former CEO of WFC was on CNBC talking down economy and markets. Such a negative ship.
(Reuters) -Wells Fargo & Co's Chief Executive Officer Charlie Scharf said the bank was not yet planning for the end of a damaging asset cap imposed by regulators after it smashed Wall Street estimates for second-quarter earnings.
The Federal Reserve in early 2018 ordered Wells Fargo to keep its assets below $1.95 trillion, until it had improved its governance and risk controls following a wave of sales practice scandals.
The asset cap constrains Wells Fargo's ability to make new loans and grow as rapidly as rival banks, and Scharf has pushed for its removal since his appointment in September 2019.
Asked by analysts if the bank was factoring an end to the cap into future projections, Scharf replied, "We're not even thinking about what life is like without the asset cap."
"The work remaining is significant, and as such, this remains a multi-year journey for us," he said.
Capital restriction should be releasing soon.
At this moment, I own 23000 shares. Waiting for the dividends to go back to $2 or more. I dream of the day the dividends hit $5 and I can retire. Probably not gonna happen for another 10 years.
So WFC is down after a fantastic quarter while didi is up and Nio is still holding strong in the 40s after recovery of $2 a share yet nothing with them has changed.
Corrupted WF down, big after earnings, BAC down 2.00 5%. Both banks u cannot trust
Ok. This is not good. I thought I will keep adding when it is low. This much of a jump throws my plans awry.
Told yah! Sell!
Regarding the technicals.
A shorter cup with handle has moved us into the mid 40's. Consolidating since.
If we see a new 52 week high thru 49-50 then...a much larger cup with handle chart points to a potential 64-81 target.
10% share buy back?
Loan loss releases?
Expense ratio reduction?
Asset cap removal or increase?
Higher 10 year treasury rates?
Wealth Management layoffs next week
WFC buying back 10% of its stock means the stock price is very cheap as seen by management. It is equivalent paying 10% special dividend. I guess the negative posts are trying to keep it low to buy more shares.
A relative has a WFC personal line of credit of $150K...and is current on the amount drawn (about 10K), but got laid off due to covid....so guess what...based on WFC news of shutting down the personal credit lines he has drawn the entire $150K....you think that is smart for WFC?..gosh, they really are a poorly managed bank....
First stop at $54.50;
Second stop at $63.00
My crystal ball stops there.
After the huge market correction, WFC takes the lead, not lagging like the last time.
WFC just keeps shooting themselves in the foot. They have become the least friendly consumer bank there is. Now they are just taking away credit lines. Does no one at the bank have any idea how to create good customer relationships?
I posted this same message sometime last year ---- when WFC was in a horrendous nosedive --- and I quote! ---- “Buying Wells Fargo common stock for the dividend while you are bleeding capital out the wazoo is kind of like sitting in a very comfortable lounge chair on the deck of the Titanic. You're gonna go under water and die, it's just a matter of how soon the ship sinks!”
One year later, that is truer than ever!
Ray Sizemore ----- June 29 ----- 2021 ----- 6:25 p.m.
Most institutional investors dropped financials this past month. It is a very crowded retailer holding. Maybe, we have a lot of us thinking about the same on holding bank stocks.
People still do business with this "bank"?
Wells Fargo has told customers it’s shutting down all personal lines of credit. Last year the CEO Charlie Scharf was whining that his pay was cut by about $2.7 million during the pandemic. His compensation for the year 2020 was $20.4 million instead of nearly $23 million. But yeah, customers personal line of credits need to go…. interesting. I don’t know about you guys, but this is the most corrupt banking entity of all time. Glad i’m no longer an investor and took my profits. Hope this stock goes to $0 and you all should do to.
Wells increases dividend and now they are closing PCLs. Not suspicious at all...
does this bank have 1.5 trillion of debt?
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