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Yellen's all but gives away who will and who won't be rescued...
Vanguard CD, do I need to do anything at maturity? Will it roll over?
Okay, okay, bulls I can't tell if this is a rally or bulls***
This is a weird whale play…🐋
Detailed comparison of the (M)AANG stocks performance through the years...
Is it illegal to purposely not paying back credit card debts in order for the banks to lose money, while shorting the banks?
Tried Fidelity brokerage, underwhelmed, anything wrong with staying with Wells Fargo?
Netflix’s Qwikster 2.0: Growth Loss and Pivot into Gaming
Buy $XLF before Thursday's momentum fund rebalancing
I have about $2k sitting on the sidelines. What should I do?
Apes face the greatest Marshmallow Test in history. Will you pass? [Psychological DD] 💎🙌
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Everyone yesterday evening was all hyped up by Hindenburg’s tweet hoping for a bank like BoA of WF and they get this instead 
Truly don’t understand the thirst for big banks like BoA or WF or JPM to go down. If that happens it’s not just banks that are fucked. The rich will still be rich and you will be fighting your neighbor over cans of cat food. And it won’t be for your cat.
Yup, Just a few years ago Wells Fargo had to pay a Massive fine for unlawfully opening new accounts under existing customer's names without knowledge, Elizabeth Warren grilled the CEO big time , so yeah I wouldn't be surprised if WF is on thin ice
Wells Fargo is one of the most ruthless, greedy, predatory and corrupt companies in the US. Unfortunately, they are also one of the most well capitalized and stable. WF will be just fine.
Mine is GS. you think WF is in a better position than Boa, JPM, etc???
WF was doing stuff like opening credit cards people didn't want or request, not actually stealing money.
It's more that investment related fraud will get you in trouble with the SEC, so there are a LOT more regulatory controls in place on the company, and the company places more controls on the employees. The WF frauds are a poor example. They've all generally been from a specific string of management presuring their sales people, and the sales people doing sleazy things to reach unreasonable goals.
Gonna overdraw my WF account while transferring money to another bank.
Regulators grade banks on risk in accordance with CAMELS ratings. The “S” is for grading the bank’s sensitivity to market risk rating. With the HUGE imbalance between the bank using the short term deposits to fund long term bond investments, the bank should have been under regulatory scrutiny and possibly an action plan. If they were not, the regulators have a lot of answering to do. Read the OIG report on the Washington Federal failure in Chicago. It sure seems that, based on WF and now SVB and Silvergate, the Fed is derelict in its duties.
you also need to remember the magnitude and levels that seperate JPM/BAC from regional banks. If JPM falls, we are in a disaster beyond the stock market. I am talking civilization and global collapse, If another regional bank collapse, life will go on. You start to worry if WF, BAC, and JPM start to get stressed out. Also it worth noting that the assets the Feds purchased from SVB are not worthless. It is pretty much like putting $1000 in your WF savings account in 2013 that pays 0.001% interest for 10 years. Did you lose money? No, was it smart choice? aslo no. I don't understand what people want, or what they are going gaining from freaking everyone out to get their money out and put it in smart investments like bitcoin?
Why would an average person wish for a bank like WF to crash other than the brain dead take of oh no more car payment? I just don’t get it. Yeah no more car payment and no more functioning economy either.
Middle box always free, why use JPM. Should have been WF
Question for you all that are more regarded than I am. Are big banks actually set to make record profits right now? Think about it. 1. Everyone is flocking to the big banks to do business with going forward. 2. The Federal Reserve will continue to increase interest rates, thus driving up the rates the big banks can demand for their loans. 3. The big banks have the benefit of increasing their cash position through the BTFP thus increasing the amount of new loans they can issue at absurdly high rates. 4. The big banks will never go under, the Federal Reserve and Treasury department have made that very clear. 5. Lastly, the big banks have taken a pretty significant haircut right now due to the overall finance sector getting hit. Like, what is the downside here? Sounds like buying WF or JPM is a slam dunk.
WF is a mess of a fucking bank https://www.reuters.com/business/finance/us-cfpb-orders-wells-fargo-pay-37-bln-penalties-mismanagement-2022-12-20/
I have 3 4/6 $WF $28 puts that are even. Should I hold ? Or move to a different position?
I think Wells Fargo may be next. I know someone whose WF is a client and they noticed a lot fucking activity that wasn't there before.
My mortgage is with WF, I'm hoping for a free house
I got two mortgages through WF lol 🤡 🔫
WF was mandated not to touch the investment side. Restriction ended last week I think. So much cash on the side lol.
WF. Yes, they are GSIB, but you know those MFs have put a bunch of money into some shadow banking derivative of a derivative and completely misrepresented it on their books so that they still pass the stress tests.
I'm In a weird spot with WF, they really don't want to offer me decent rates on checking/savings which kind of forces me to put it elsewhere. So I did.
If WF fails you will have far bigger problems than a car loan
JPM, WF, Citigroup and BoA won't go down lmao
These are actual banks asking to insure their customers not themselves… SURPRISE every bank in the country has an unrealized loss on their securities portfolio item on their balance sheet right now. If they have to realized that loss because deposits are flowing out and they need additional capital it’s going to be a nationwide collapse and everyone will be banking at JPM, BoA, or WF. Additional note: these aren’t risky securities, they’re typically 2 year t bills. But with the recent rapid rise in interest rates new 2 year t bills are paying 200 bps more. So obviously, why would you pay the same amount for a security that pays less with the same risk profile?
I would look at any of the banks who lent to Republic to keep it afloat [https://www.cnbc.com/2023/03/16/group-of-financial-institutions-in-talks-to-deposit-about-20-billion-in-first-republic-sources-say.html](https://www.cnn.com/2023/03/16/investing/first-republic-bank/index.html#:~:text=The%20major%20banks%20include%20JPMorgan,a%20tumultuous%20moment%20for%20lenders) List: * JPMorgan Chase (JPM) * Bank of America (BAC) * Wells Fargo (WF) * Citigroup (C) * Truist (TFC) * Goldman Sachs (GS) * Morgan Stanley (MS) * PNC (PNC) * U S Bankcorp (USB) * State Street (STT) * Bank of New York Mellon (BK) I own GS and USB, and am accumulating them right now. I personally won't ever own WF. Many people here like JPM and that's an easy bet.
I went into our WF back in Oct 22 to drop off some BS signature they said my wife hadn't signed to actually make our account joint after they upgraded us to some fancier account with fees since we were a bit over the FDIC max in one account (without our knowledge) that would charge fees if we dropped below a certain minimum. I told them to go back to our original, and they did. I then said, well, if you're going to be competitive with savings your rate is crap either match or we are taking most of it out... consult had nothing for me. In Nov 22 I took the bulk and did a cap 360 performance transfer for the majority of our cash nest egg. The next day WF took our remaining savings rate all the way up to 0.26%! $14a month! Wow! Meanwhile, the cap one 360 performance has netted close to $3k in interest and bonus in 4 months.
I’ve been pulling $2k a day out of WF. imma drain this bitch and laugh when it goes up in smoke.
I'm not buying this at all. JPM, Citi, WF... those guys won't be allowed to fail. They'll receive 0 interest "loans" from the fed to keep operating or even buy up smaller banks. Schwab is predominantly a trading company. Are you implying they lost on huge bets? Some of the regional banks like Frost have very strict lending policies. This feels like cherrypicked data, and fails to acknowledge social media's influence of SVB's insolvency. Too many customers in too short of a time attempted to pull all of their funds out. That would literally kill any bank not backed by the US fed or PRC.
I think the power dynamic here is backwards. Banks don't exist without the FED. Even the big ones. "Too big to fail" was just a catchphrase passed around to justify the increasing monopoly the big banks get. ...Think of it like an old boys club. You behave to stay in the club, you misbehave, you're kicked out. The chair of the fed is the leader of the club. SVB was misbehaving in a huge way, and was not saved, even a little bit. FRC was saved because, fundamentally, the concept of 'too big to fail' was being abused a bit too flagrantly for JPOW to stomach. Money was flowing out of FRC to the big banks, and the big banks were refusing to buy FRC's bonds to keep it solvent. JPOW steps in and says "no, you're going to fix this madness yourself, and here's a special pot of money to do it with. Now go and fix.", so they did. FRC is in the club. SVB is not. Any time you print money, you MUST issue that money at an interest rate that makes sense. If you print 2% money a year with 2% interest, everything is fine. If you print 10% money in a year with 2% interest, you're going to have a bubble like we do now. So if JPOW lowers interest rates, he'll just be adding fuel to the fire. If he raises them, it will be too little (unless it's like a 100bps increase), too late. The bonds, ideally, need to be issued with an interest rate baked in that already makes sense. But we don't do that because boom-bust cycles that feed the monopoly are the entire point. I don't think the big banks are the major players here. I think they listen to JPOW because he could push any of them under in a heartbeat. The exist at his whim, he does not exist at theirs. The big banks did get something advantageous to them, low interest and favorable terms on easy money that they are supposed to use to help keep bank runs on smaller banks from crippling those banks. It's a very similar play to post-2008, when Wells Fargo was one of the only banks NOT insolvent by all that bad lending malarky. But then the Fed forced WF to buy up bad debt in order to 'save the economy'. This is just 'forcing banks to buy bad debt 2.0'.
I am not an SVB costumer. I don't know how things work in SVB, but what I know is that the majority of banks have relationships with other banks for *cash sweep*. If for example you deposited a $1m in WF, in practice WF opens accounts in other banks and deposit $250k in each. So in practice you are usually insured for way way more than $250K. The problem is not those that have $1m or $2m. The problem is costumers like VC and start-ups who had more than $100m in SVB and those are the ones that are bailed out.
The answer is probably none… if you must, look for banks that have stability in loans, like WF(lots of mortgages at low interest so low default risk and stable income). Think as a consumer that has no choice in defaulting… what would you stop paying first? Personally, I am in on Visa (V) but I have been in Visa a long time and have no reason to get out. I won’t be getting into any Bank stocks though. Would have been nice to catch the bounce on Schwab this week though for a quick hit.
There are no incentives to keep your money in any bank other than the big 4 (JPM, BAC, C, WF). The big 4 are backstopped 100% by the federal government. Or you can park your money in treasuries or money market funds to earn 4-5%. Therefore the mass exodus of depositors will continue forcing banks to realize huge losses on their long term fixed income purchases.
Yellen was being questioned by Senators today. It was a complete clown show. She essentially confirmed that there are two types of banks: 1. "Too big to fail" banks that are so big the government can't allow them to croak because it would cause systemic risk tot he financial system. Therefore they are guaranteed to get bail outs. These consist of (JPM, BAC, C, WF). 2. Every other bank is at risk if you hold deposits above $250K. If they go bust government won't come to the rescue. Why risk keeping money in small banks at all when you can move it to a bank with a government guarantee to keep them solvent or into vehicles that earn better yields (treasuries or money market funds)? A new study was also published that 186 banks are exposed to similar risks of SVB. With no incentives for depositors to stop fleeing why would anyone stick around to find out if their bank is safe? BTW FDIC is a private insurance company that only has $120 billion to distribute to claims while the money in the banking system is $6 trillion. And the Exchange Stabilization Fund that Yellen tapped $25 billion into to provide assistance to banks is down to $35 Billion. The recent moves in gold (+9%) & bitcoin (+37%) are also showing that people are having their confidence shaken and want to get some money out of the financial system.
I have a Discover savings account. I transfer money between it and my WF checking occasionally. There are no fees.
Read carefully ALL the details…it’s not WF wrongdoing btw…
WSJ says FR is being given capital injections by WF, JPMC, BoA, GS, and more. This is a developing story. Do I sound like I know what I’m talking about
KPMG has been there, done that. Nobody batted an eye at that firm when the last WF scandal went down.
WF is the 4th largest bank in the US. Also, if anyone still has money in WF after all the crap they've pulled over the last decade, that's on them.
WF kindly opened several accounts for me on their own Each with a line of credit I never felt so rich for a mere $30 a month. Each.
R/StockMarket is full of sassy teenagers and bored apes with no money left. I only pay attention to those with a brain and preferably no bias. I am OK with a shelf offering, especially if they plan acquisitions at bargain rates. WF has been through so many years of bunko, but my experience with them as a trust bank has been very straight forward. It is Chase Bank that keeps calling for more business. I like your name-
I heard there are a couple of banks with assets for sale. WF getting ready to go shopping.
hmmmm blatantly lying in a S-3 would almost certainly result in a crippling, class action lawsuit for both WF and whoever their auditors are. But I'm guessing you're not super well read on SEC financial reporting rules and regs.....
WF employee, can confirm. Charlie came in and really cleaned the place up. All the people associated with the old scandals are gone and we have a crap ton of policies and red tape in place now to ensure bad stuff like before can't happen again without there being some tracing that raises red flags immediately. I have my complaints for my segment but overall, WF is so much better internally now from a senior leadership perspective, I have been gobbling up stock every time it dips and writing calls for a tidy profit. The dividend will hopefully get better after the economy rebounds.
Goldman Sachs bond portfolio is much better (GS only has 1B in HTM bonds, BAC has 109, C has 25, WF has 41 etc) than the banks you've named. Why do you consider those ones to be "safe"?
I read several comments, but couldn’t find anything. If I use Wells Fargo as my primary financial institution, should I pull all my money from my accounts and put it in another financial institution? FYI- I’ve been a member with WF since 1995.
The latter - the big five banks let's say. No science behind it but BAC, MS, C, JPM, WF
Did you make an payment on the principal? The moment I made an extra payment on my principal my mortgage got sold to WF from my regional bank.
Lot of money ~~on~~ for WF. Ftfy
Ya read all this w a grain of salt. I know for a fact that they made at least some money for some accts during 2022. Meaning if you’d gone to a WF advisor Jan 1st 2022 you might’ve finished the year _up_.
But is WF on shaky ground, or do they just steal from their customers?
There's a ship of Theseus argument here about how much the Wells Fargo of today is still the same Wells Fargo of 1852 with all the mergers, or if it's just a famous brand used by a modern bank. The current WF could probably go under and someone would buy the name to use for a completely different bank.
“If wells has 1 customer they have at least 12 more” WF executive probably
Walking into a WF branch be like
My mortgage was sold to WF... I hate that I am giving them money instead of my local bank who originated the loan. I dont understand.
I actually made a lot of money on WF.
Who “is the company” that wants to provide this 9 billion? That’s what you would want to know. And no, it’s not retail investors. WF sell this shit to go into our 401k, then you go to work and put 10% of your hard earned money into your 401k. Nonsense.
The amount of coping here is insane. WF just had an offering a month ago
WF is just as bad, they steal from their customers non stop.
Don’t conflate WF with CS business practices
BoA & WF...ATM withdrawals 🤣
Yesterday i said calls on WF. I got down voted to hell. It popped 10% easy double up on calls. Now im saying Leafly gonna pop and everyone downvoting me again wtf.
WF went up 7% since i bought calls. The calls havent changed in value at all. Wtf ????
I got $3k from WF and got asked if that was all I wanted. I was shook. I mean, I still am, but I was then too.
WF to rise sharply after GS points out they have no ties to SVB
You'd be surprised, scroll down to the "Exhibit 1 - Deposits less than $250k as a percentage of total deposits" on this page: https://www.financialsamurai.com/how-to-prepare-for-another-bank-run-contagion/ SVB was at 97%, but BAC is at 69%, and WF are at 58%. Those are hefty amounts when you start considering total AUM for those big hitters.
WF is in too big to fail territory that makes no sense
Citi and WF pummeled amongst the Big Banks. Bank of America also down but not like Citi/WF Meanwhile, JPM is like 🤷♂️
My brother already yanked his money out of WF 😂
I left them for a bay area credit union 16 years ago. WF was/is heinous. The difference is night and day. Anyone still willingly supporting for profit behemoth banks deserve to be sucked dry by those parasites. Me: in Chase Bank, I have an overdraft to pay up. Chase: we don't cash checks unless you're an account holder. Me: I was until you assessed 3 overdraft fees for my account on one transaction. You closed it. Chase: we can't open your new account until you pay these od fees. Me: I can't pay your fees because you won't allow me to deposit or cash this check written in your financial institution's name. Chase: .... Me: .... Chase manager: just deposit the check, apply it to his fees and give him his $1.13 in cash, since that balance would only trigger more fees and leave his account in the negative, triggering even more fees. The wealthy are parasites. Change my mind.
Missing Wachovia too. Did contract work for them and when the got bought out by WF eventually stopped working for WF because or so many hassles that wasn’t worth putting up with.
Check this out. About 5-6 years ago I wanted to remove the escrow from my mortgage with WF. I figured why pay insurance and taxes monthly when I could use that money to flip and make profits. Contact them and they send me a laundry list of things I have to do before it can be removed. One made sense, 12 months of on time payments. The weirdest one, 750 fico? Fast forward to about 3 years ago. I was reselling like crazy and and wanted to pay off the house. Got the payoff amount, and attempted to pay it off through the app. It wouldn’t take the payment, I send in a check instead. They wouldn’t cash it without verification of funds, even though the funds were being directly sent to my WF account. They simply want to do anything they can to keep you under their control while you pay them.
I bank with WF and unpopular opinion, big fan. Many financial products available with WF available nowhere else.
Long story short. A debt collector went through bankruptcy and didn't respond to a credit dispute. So I managed to erase 4.5k of debt from my report. Between that, the WF account, and a new CC, I moved my score from 400 to about 620 which is like a useable credit score. So I never said shit. It just went away eventually
I can use any atm with my bank - I'll go to WF first just because of your comment 🤣
Wells Fargo is apparently pulling money from people’s accounts too. Add them to the image. My wife was reading that people see their deposit one minute and it’s gone the next. One second an employer pays someone, it’s there in the WF checking, then it’s just gone.
I'm not making a judgement here, just explaining: The bank is not getting rescued. In this case, depositors will be made whole, but equity and SVB debt holders will be fucked (equity to zero, debt probably substantial haircut). One can certainly argue that depositors are also creditors to SVB and should lose money (this is historically how it's handled, actually), but if everyone takes this one or two insolvent banks and extrapolates to all non-Big 4 (JPM, Citi, WF, BAC), then there will be a run on every bank this week and our financial system will collapse.
Someone very close to me is a private banker at WF and only deals with customers with a net worth over 1 million. I'm at their house right now, actually, and we've been discussing this... their work phone and email are blowing up with customers asking to move accounts w over 250k into new accounts so they're covered come monday morning. There are many things at play in this, but that's the jist. There might not be a real risk, but the fear is real..
Who in the hell is going to use a regional bank anymore? What depositor thought SVB was an unsafe vehicle to park a few million in payroll? Why would I take a chance on any small brokerage, bank, financial institution when there's always a chance of having to deal with this shit? If I park my money in BoA, JPM, WF I sleep soundly at night, anywhere else and one day i might wake up and have to deal with another SVB nightmare
I would not touch WF. The govt has been after them for like a decade.
These tech startups decided to bank with SVB because SVB provides perks to tech startups. This comes with the risk of bank failure that comes with banking with a mid-sized bank. The startups could’ve parked their money with a big bank like JPM, BoA, Citi, WF that has no chance of failure. You take risks, you eat the consequences. I’m tired of government bailing out businesses time and time again.
Should have done that a long time ago, but I’m proud of you! CU has been very good to me since closing my WF…
That’s fair. I wouldn’t recommend WF on a good day.
Closing my WF account, going to a CU
This tongue in cheek answer is actually the correct take. Except not JPM The global financiers have long known which banks are too big to fail and they’re kind enough to list them for us https://www.fsb.org/2022/11/2022-list-of-global-systemically-important-banks-g-sibs/ So buy MS, BNYM or WF
Odds of JPM or BoA/WF taking over SVB this weekend are like 340% according to my intuition.
Not sure if you're being sarcastic but you realize WF is too big to fail and your deposits are insured... Right?
Its over bros. Went to Wells Fargo today to close my account. I had over eleven thousand bucks in the account. They refused to give me my money. I ended up making a scene telling them to give me my damn money. They called security and had me escorted out of the mall. Tomorrow is Sunday so the local WF are all closed. I'm going from one WF to another on Monday to get my money out. I hope it isn't too late. Just a heads up if you have a Wells Fargo account you better start working to get your money out before its too late.
Make sure you check all of your accounts with WF. I'm sure you only opened one but you probably have 37 by now
>Must be young if you think of WF and BoA as safe. Why don't they put it in safe banks like Washington Mutual?
Must be young if you think of WF and BoA as safe. That said I mostly agree with you. The only time it makes sense is when someone's got a lot of cash. Then they're probably better off splitting between many banks, which would likely include SBV as a (former) top 20 bank. Also don't underestimate the advantage of credit unions over banks in general.