Wells Fargo and Company (WFC)

[NewbieViewbie]

Maybe there is a reason for this.....a culture that isn't as reliable as others, and wells fargo actually knows this?

[Nivea67515]

Wells Fargo denied most mortgage applications for black homeowners.


https://nextcity.org/urbanist-news/housing-briefs-wells-fargo-denied-most-refinance-apps-for-black-homeowners

[Nivea67515]

Wells Fargo back in the news again for the wrong reasons. Wells Fargo simply has inferior bankers working for them which is why they are missing out deals because their bankers aren’t as skilled as JP Morgan, BAC, PNC, & Regions Financial Corporation.

“ only 47 % of black homeowners who submitted mortgage refi applications were approved versus 72% of white homeowners. Wells Fargo lagging behind other big banks “

https://fortune.com/2022/03/16/wells-fargo-rejected-black-homeowners-refinancing-applications/amp/

[jhdf51]

Temporary… you need a longer term view. Stuff going on behind the scenes.

[NewbieViewbie]

Priced crashed

[jhdf51]

In what way...?

[NewbieViewbie]

How things changed...

[Prudent Capitalist]

Not surprising. All banks have too many branches these days with traffic in branches having dropped substantially as more and more Americans bank on-line and now use their phones to deposit checks rather than at the teller windows in branch banks. And, a lot of banks are restructuring, consolidating and downsizing branches to meet more current trends. Wells Fargo probably had more retail branches than anyone and consolidation is good for shareholders.

U.S. banks closed a record number of retail branches in 2021.
On net, U.S. banks shuttered 2,927 branches last year, according to S&P Global Market Intelligence data.
Wells Fargo was the top net branch closer in 2021, closing on net 267 retail locations.

[Saving Grace]

U.S. banks close record number of retail banks Wells Fargo shutters most.

U.S. banks closed a record number of retail branches in 2021.
On net, U.S. banks shuttered 2,927 branches last year, according to S&P Global Market Intelligence data.
Wells Fargo was the top net branch closer in 2021, closing on net 267 retail locations.

https://www.cnbc.com/2022/01/21/banks-close-record-number-of-branches-in-2021-led-by-wells-fargo.html

[jhdf51]

Even I am a bit surprised, I had this at $60 this year but have since raised my number to $65.

[velcro]

Being UP over $2 today in a down market is excellent sign from the big money players.

[Glider549]

Care to share your source?

[jhdf51]

OK thanks..I have a load here and trusts for my kids...I'll stick around with for awhile...

Banks will be great next year imo.

[Sir Isaac]

In fairness to the analysts and not knowing when they made their projections. I can assure you that I do not talk to hear myself talk, nor do I provide unverified information when I do talk. I do not own the stock, have not sold it short, or anything of the like. This is not gossip or rumors. I was provided with copies of the actual filings that provided the allegations to read for myself. True or not true, I do not know. However, the allegations have been made in court filings.

[Prudent Capitalist]

LMAO! what is the factual basis for these representations? Do you have any evidence you can point us to which would back up these allegations?

[jhdf51]

HMMM...weird..several analysts have it at $60.

JHD

[Sir Isaac]

In my opinion, WFC will likely soon plummet in similar fashion to Enron and World Com. Reports are that there are court filings showing Wells Fargo's past, quite possibly is still VERY much present. Apparently, they haven't stopped what they were doing, they just changed the way they were doing it. That asset cap aint getting lifted anytime soon. Oh, and those under deferred prosecution til 2023 might be getting a knock on the door soon from the fine individuals who wear "letters" on their jackets.

[Saving Grace]

WFC fined $250,000,000 for ripping off customers. And the stock goes up. What kind of Wall Street bull shit is that.

[Nebuchadnezzar]

WFC getting owned lately. almost re-entered this today, but I can wait a little longer

[Prudent Capitalist]

ROTFLMFAO!! +3.98% today. No dumping anywhere. And, the change in beneficial ownership involved far more shares purchased than sold. Obviously the exercise of an option or something else.

[Saving Grace]

Wow! Huge blocks being dumped! Run

https://ih.advfn.com/stock-market/NYSE/wells-fargo-WFC/stock-news/85587631/statement-of-changes-in-beneficial-ownership-4

[I-Man]

I am still dealing with reverberations form JC Penneys fraud BK 2 years ago, and recent new things happening there regarding all those retirees, employees and shareholders defrauded by the US legal system and Blackrock et.al...

[Lowjack]

The Jew in me says to buy these
https://www.target.com/p/dum-dum-original-assorted-flavors-lollipops-13oz/-/A-12931362?ref=tgt_adv_XS000000&AFID=google_pla_df_free_local&CPNG=Grocery&adgroup=55-2

Buy enough to get free shipping.

Then file in Federal court for Extortion!

[I-Man]

To add to my post I just was mailed from CFNA Bank now saying my Firestone revolving credit account I have had over 20 years, we realized you have not used our credit card in 4 years, and unless you use it within 60 days, we will cancel that credit card account you have with us !!

[Saving Grace]

All Central Banks are going to crash. The reset failed and their grabbing at straws. The reset has now backfired on central banks as they are who will be phased out and replaced with the Quantum Financial System backed by gold. This is why Central Banks are buying up gold but that will be what breaks the bank. The shorting days will come to a head and they will be the ones who finish themselves off. Soon margin calls will require gold to cover margin calls where the fiat dollar will not be accepted. This is where banks will fall overnight. Then if they don't have gold to cover the margin call, their assets will be seized and sold off.

This is all a part of Nesara Gesara and that will be the the reset that liquidates banks. Banks will begin to merge to attempt to preserve their balance sheet but will be too late with no bail out coming.

National Banks and Credit Unions will replace Central Banks who have kept the public hostage for far to long.

[Liam859]

Load zone here on banks

[I-Man]

Yes and BOTH headquartered here in CHarlotte, NC !!!

[I-Man]

Because of Elizabeth Warren's comment about WFC cancelling Lines of Credit. Local Charlotte, NC news ran story early here as well as that is WFC HQ, and they are closing everyone's LOC's and given 60 days to pay off those balances as fixed rate loans (interest rate higher than LOC).

This same damn thing happened to our business couple years ago whereas First Citizens Bank (Hickory, NC branch) where we had ongoing revolving LOC for our business, always in good standing, they decided one year to not renew that LOC and canceled it, saying "we don't think you need that any longer and only gave you originally that to help you establish better".. ??

We went to Federal Banking Commission then, which shot it back to State of NC Banking Commission, then to Law firm for First Citizens Bank, stating they can do what they want, irregardless what happened to our credit score by doing so !! We only had like $2,000.00 outstanding at time they closed that LOC for our business. They gave fixed rate loan to pay that balance off but interest rate 3 times higher which we argued was fraud! After 90 days time, it went to a Promissory Note by FCB, at the old LOC rate, but we paid the entire balance off right away anyway. But, during that 90 days of dispute, we paid each month on said LOC which payments showed posted and applied on their bank site even! Yet, each month FCB reported to credit bureaus we were in default of a loan!!! Not right at all.

Banks are crooks and the laws protect them, and here in NC, where we were classified "critical essential" even by Governor Cooper initially due to State Covid shutdown to be out there working 24/7 in our communities, still to date, we see no SBA loan PPP monies at all either, and it is as if they want small businesses to fail! We survive daily, yet go against the grain regularly it seems. We have tons of loyal customer base too commercial & residential.. And my office manager has worked over a year with SBA getting only runaround until recently, one agent told us in confidence, it is because we are a white owned business is why we are not seeing any PP funds !!

This is all bullshit any longer out there. We are the backbone of the Country and being forced into submission and out of business out there .

[Lowjack]

I've seen this before! In July and August of 2008!
https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

[Nebuchadnezzar]

we'll see. I bought some financials simply for rising rate play into the fall and 2022.

rates cant go any lower

[dmerc]

wise move, considering todays news. DivvyX2 and buyback.

[Nebuchadnezzar]

WFC added 2000 for $48-$51 price target exit

[Nebuchadnezzar]

yes. this is my passion.

[dmerc]

are you in everything? lol Everywhere I go, there you are. I got 700+ shares from my Mom's estate in late 2019. I think it was around 53 at that time, but dropped like a rock by the time the estate was settled, going as low as $22 I considered adding more at that time. Wish I had. ;o)

[Nebuchadnezzar]

I agree and I will take profits in WFC from $48-$55 if it can get to $55



i think the Fed will be forced to act by 3rd quarter of 2022

[Saving Grace]

Sr. Executive Vice President Dumping massive position. Run!

[Bountiful_Harvest]

https://www.cnbc.com/2021/06/18/inflation-breakout-will-soon-drive-10-year-yields-above-2percent-wells-fargo.html

[Saving Grace]

Banks being sold off like they do with steel stocks. lol

[Saving Grace]

$WFC went full Racist now targeting teenage kids.

It's almost over for these scam central banks. The public needs to protect their savings by closing out their accounts before it's too late and there is no bank.

[tw0122]

Wells Fargo and Bank of America busted for helping to finance pay day loan predatory loans up to 500%

[Saving Grace]

Watch as $WFC Rip Off Scam Bank Regulatory Issues scamming steel stocks will finish this pig.

Bankers are leaving across the board including scam bank $WFC

Wasn't this loser of a bank in enough shit back in 2018. Nope, these dirt ball bankers continued to rip off markets.

Regulators seen enough and why top brass is getting out. These deep state crooks say they're leaving to pursue other things when top execs are really going to Gitmo for quarantine purposes.

Central deep state banks have ripped off U.S. markets for over $100 Trillion the past 15 years and are caught with their pants down as many under the Nesara Act are currently being rounded up to tour the massive additions and expansions at Gitmo.

The U.S. Military white hats and allied forces are in charge. Even Prime Minister Justin Trudeau from Canada has been replaced.

There is no place to run.

[dmerc]

You're an alarmist! You must be fun at partys! lol

[Saving Grace]

Wells-Fargo's head of regulatory affairs is reportedly leaving

The financial reset is a disaster and failure. Many bankers know what's coming and are leaving in droves.

The 50 year old Fiat system is a wash and will soon be replaced with a Quantum financial system eliminating the old broken down system with no wars to hedge against.

It's over with a new beginning getting rid of the Central Banks based on debt and ushering in National Banks with a Quantum system based on worth.

All in my opinion but the writing is on the wall.

National Banks and Credit Unions are popping up everywhere.

[Cat dog]

WFC @50 with now Problem. Banks are an all out Buy. CNBC is all over it.

[Saving Grace]

Absolutely, WFC is pumping it's own failing bank in a last ditch effort to stay alive with no reset in sight.

These West Central Banks have run out of gas with interest rates disappearing with no reset going forward and will crash the conglomerate.

Relying on repos and shorting value stocks to stay alive is about to cost them dearly.

Short candidate going forward will soon become reality to most Central bankers who have run out steam to even push the pump.

All Central Banks will soon feel the pain of the New Quantum era taking control and retiring the Fiat System petrol dollar.

[Cat dog]

Let’s Rocket to the @50 bench Mark !! WFC Bullish sediment !!! In effect!!!!

[Cat dog]

Possible 4 for 1 stock split !!! Rumor is out.

[Capt_Smith77]

WFC makes for a good short, IMO.

[Saving Grace]

Liquidation begins! News Out!

CORRECTING & REPLACING Wells Fargo to Liquidate Central Fidelity Capital Trust I & Wachovia Capital Trust II Resulting in the...
May 20 2021 - 11:46AM
Business Wire
Last row of table, second column CUSIP should read: 929768AA7 (instead of 949768AA7).

The updated release reads:

WELLS FARGO TO LIQUIDATE CENTRAL FIDELITY CAPITAL TRUST I AND WACHOVIA CAPITAL TRUST II RESULTING IN THE CANCELLATION OF CAPITAL SECURITIES AND DISTRIBUTION OF UNDERLYING DEBENTURES TO HOLDERS

Wells Fargo & Company (NYSE: WFC) today announced that on June 21, 2021 (the “Liquidation Date”), (i) Central Fidelity Capital Trust I will be liquidated, the Floating Rate Capital Trust Pass-through Securities (the “Central Fidelity Capital Securities”) and the Floating Rate Common Securities (the “Central Fidelity Common Securities”) issued by Central Fidelity Capital Trust I will be canceled, and the Floating Rate Junior Subordinated Debt Securities, Series A due April 15, 2027 (the “Central Fidelity Debentures”), issued by Wells Fargo & Company, as successor to Central Fidelity Banks Inc., and currently held by Central Fidelity Capital Trust I will be distributed pro rata to the holders of the Central Fidelity Capital Securities and Central Fidelity Common Securities, all in accordance with the amended and restated declaration of trust of Central Fidelity Capital Trust I and (ii) Wachovia Capital Trust II will be liquidated, the Floating Rate Capital Securities (the “Wachovia Capital Securities” and, together with the Central Fidelity Capital Securities, the “Capital Securities”) and the Common Securities (the “Wachovia Common Securities” and, together with the Central Fidelity Common Securities, the “Common Securities”) issued by Wachovia Capital Trust II will be canceled, and the Floating Rate Junior Subordinated Deferrable Interest Debentures due January 15, 2027 (the “Wachovia Debentures” and, together with the Central Fidelity Debentures, the “Debentures”), issued by Wells Fargo & Company, as successor to Wachovia Corporation, and currently held by Wachovia Capital Trust II will be distributed pro rata to the holders of the Wachovia Capital Securities and Wachovia Common Securities, all in accordance with the amended and restated declaration of trust of Wachovia Capital Trust II.

On the Liquidation Date, each $1,000 in liquidation amount of the Capital Securities will be exchanged for $1,000 principal amount of the corresponding series of Debentures, and the principal amount of the Debentures that is distributed to Wells Fargo & Company, as the holder of Common Securities, will be extinguished. The following table sets forth information concerning the Capital Securities that will be canceled, and the corresponding Debentures that will be exchanged for those Capital Securities, on the Liquidation Date.

[Saving Grace]

Liquidation begins! News Out!

CORRECTING & REPLACING Wells Fargo to Liquidate Central Fidelity Capital Trust I & Wachovia Capital Trust II Resulting in the...
May 20 2021 - 11:46AM
Business Wire
Last row of table, second column CUSIP should read: 929768AA7 (instead of 949768AA7).

The updated release reads:

WELLS FARGO TO LIQUIDATE CENTRAL FIDELITY CAPITAL TRUST I AND WACHOVIA CAPITAL TRUST II RESULTING IN THE CANCELLATION OF CAPITAL SECURITIES AND DISTRIBUTION OF UNDERLYING DEBENTURES TO HOLDERS

Wells Fargo & Company (NYSE: WFC) today announced that on June 21, 2021 (the “Liquidation Date”), (i) Central Fidelity Capital Trust I will be liquidated, the Floating Rate Capital Trust Pass-through Securities (the “Central Fidelity Capital Securities”) and the Floating Rate Common Securities (the “Central Fidelity Common Securities”) issued by Central Fidelity Capital Trust I will be canceled, and the Floating Rate Junior Subordinated Debt Securities, Series A due April 15, 2027 (the “Central Fidelity Debentures”), issued by Wells Fargo & Company, as successor to Central Fidelity Banks Inc., and currently held by Central Fidelity Capital Trust I will be distributed pro rata to the holders of the Central Fidelity Capital Securities and Central Fidelity Common Securities, all in accordance with the amended and restated declaration of trust of Central Fidelity Capital Trust I and (ii) Wachovia Capital Trust II will be liquidated, the Floating Rate Capital Securities (the “Wachovia Capital Securities” and, together with the Central Fidelity Capital Securities, the “Capital Securities”) and the Common Securities (the “Wachovia Common Securities” and, together with the Central Fidelity Common Securities, the “Common Securities”) issued by Wachovia Capital Trust II will be canceled, and the Floating Rate Junior Subordinated Deferrable Interest Debentures due January 15, 2027 (the “Wachovia Debentures” and, together with the Central Fidelity Debentures, the “Debentures”), issued by Wells Fargo & Company, as successor to Wachovia Corporation, and currently held by Wachovia Capital Trust II will be distributed pro rata to the holders of the Wachovia Capital Securities and Wachovia Common Securities, all in accordance with the amended and restated declaration of trust of Wachovia Capital Trust II.

On the Liquidation Date, each $1,000 in liquidation amount of the Capital Securities will be exchanged for $1,000 principal amount of the corresponding series of Debentures, and the principal amount of the Debentures that is distributed to Wells Fargo & Company, as the holder of Common Securities, will be extinguished. The following table sets forth information concerning the Capital Securities that will be canceled, and the corresponding Debentures that will be exchanged for those Capital Securities, on the Liquidation Date.