Author Topic: WFC - Wells Fargo  (Read 579089 times)

Spekulatius

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Re: WFC - Wells Fargo
« Reply #1810 on: July 28, 2020, 06:30:07 AM »
Republican financial service report on WFC
https://republicans-financialservices.house.gov/uploadedfiles/republican_staff_report_on_wells_fargo.pdf

If you ignore the blatant political advertisement in the beginning, this is pretty good report detailing exactly the many things where WFC went wrong.

Spek - thanks for sharing. This is an amazing and definitely a must-read for anyone holding WFC. Definitely changed my opinion that this is a 1-3 year turnaround to probably 3-5 year with a lot of work.

To LC's point below, I think they are starting to hire though it would be good to see a well thought out strategy. My very loose data point is that someone in my professional network reached out to talk WFC. This individual's career covers OCC and CFPB.

Yes, a very good read indeed. Bill Brewster posted this link in twitter and deserves the credit for digging this out. He is also long WFC.
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changegonnacome

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Re: WFC - Wells Fargo
« Reply #1811 on: July 28, 2020, 09:28:07 AM »
Agree this is longer turnaround than some have expected.

Waiting for 2023 Leaps as a result - should be here in September i think

DooDiligence

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AFL // BRK.B // CLB an incredibly stupid move // EW // GPC // MO an incredibly stupid ex-CEO // MTB // NVO // PSX // TRMD // VDE // VLGEA // WFC

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Munger_Disciple

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Re: WFC - Wells Fargo
« Reply #1813 on: August 03, 2020, 10:54:11 AM »
Great! I guess now Wells Fargo will be able to add an ETF scandal to its growing list of scandals   :-\
« Last Edit: August 03, 2020, 10:55:58 AM by Munger_Disciple »

DooDiligence

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Re: WFC - Wells Fargo
« Reply #1814 on: August 03, 2020, 02:05:26 PM »
Great! I guess now Wells Fargo will be able to add an ETF scandal to its growing list of scandals   :-\

Can they even do this with the asset cap in place?

But yeah, maybe another potential pain point too.
AFL // BRK.B // CLB an incredibly stupid move // EW // GPC // MO an incredibly stupid ex-CEO // MTB // NVO // PSX // TRMD // VDE // VLGEA // WFC

Investable cash 22% + 18 months of survival $

Spekulatius

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Re: WFC - Wells Fargo
« Reply #1815 on: August 03, 2020, 03:35:50 PM »
Great! I guess now Wells Fargo will be able to add an ETF scandal to its growing list of scandals   :-\
The financial community has been yearning for Wells Fargo ETF’s for a long time. Soon, we won’t know how to do without them any more.
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peluche

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Re: WFC - Wells Fargo
« Reply #1816 on: August 07, 2020, 03:55:54 PM »
I signed up for a WF checking account a few months ago to get a bonus and I just received this in the mail..

Quote
To help our customers during these challenging times, we are extending your qualification period for your checking account bonus offer to give you more time to meet the bonus requirements.

What you need to know
Since you opened your account between December 27, 2019 and July 31, 2020, you will now have until December 31, 2020 to complete the qualifying activities required to earn the new account bonus. Please refer back to your bonus disclosure for details on the qualifying activities. While the qualification period has been extended, we will continue to track and pay bonuses based on the terms specified in the account opening bonus disclosure.

As a reminder, the new personal checking account must still be open at the time we attempt to deposit your bonus payment. Accounts with a zero balance may be subject to automatic closure pursuant to the terms of the Deposit Account Agreement.

If you have questions Please call us at 1-800-869-3557 to speak with a banker.

Thank you. We appreciate your business.

Previously, it was only 90 days to complete all the requirements. It's a small gesture, but I'm kinda surprised to see something like this coming from Wells Fargo. Hopefully they keep taking steps to put the customer first instead of figuring out ways to rip them off

Omm

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Re: WFC - Wells Fargo
« Reply #1817 on: August 12, 2020, 07:40:41 AM »
What does everyone think of the report that buffett has sold out of the stock? Is it unexpected, and should it make us rethink our views on the investment?

LC

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Re: WFC - Wells Fargo
« Reply #1818 on: August 12, 2020, 08:13:18 AM »
It is on my mind as well, Omm

I think he sold out. As to the reasons why, I have no answers.

For clarity, WFC is a 3-4% position for me, BRK is a 10% position.
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Junto

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Re: WFC - Wells Fargo
« Reply #1819 on: August 12, 2020, 08:27:48 AM »
Doesn't change my position on the stock at these levels. Not sure he would liquidate a position of that size at this point in time (less than tangible book and still paying some level of dividend).  I only added recently at just above $24.  Feel with new management focused on efficiency gains and regulatory improvements, we could get back to tangible book of ~$30 in coming months.