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The Words ‘Surprise,’ ‘Scandal’ And ‘Wells Fargo’ Do Not Belong In The Same Sentence

Aren’t we long passed being blindsided by this stuff, Chris Kotowski?
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Wells Fargo’s third-quarter profit is down. In part, this is because the bank’s revenues are down—possibly because no one trusts it anymore—but mostly because Wells is going to have to pony up another $1 billion to make another regulatory investigation go away.

Wells Fargo.Insane

None of the above is surprising. Nor should the fact that—in spite of the current mortgage scandal currently embroiling the bank (among others!)—the billion-dollar charge is actually to pay off decade-old mortgage scandals. And yet:

“That charge was something of a surprise for us, but let us leave that on the side and the underlying trends remains in a lackluster trend,” Chris Kotowski, an analyst at Oppenheimer & Co., said in a note Friday.

The only surprise in any of this is that Wells Fargo retains its ability to surprise anyone with bad news.

Wells Fargo, Trying to Move Past Its Sales-Practices Scandal, Posts Weaker Earnings [WSJ]
Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages [Bloomberg]


Wells Fargo.Insane

How Many Accounts Does Wells Fargo Actually Have?

Is anyone willing to vouch for more than a few dozen?

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Wells Fargo Back To Being Wells Fargo

That’s two new scandals in as many days, for those keeping score.

Wells Fargo.Insane

Wells Fargo Having A Very Wells Fargo Day

Tim Sloan probably hoped having it all drop on Election Day would keep people from noticing, but then Tim Sloan hopes for lots of things that don’t materialize.

Wells Fargo.Insane

Wells Fargo Still Wells Fargo

Time for your monthly installment of oh-the-humanity from Tim Sloan and co.

Wells Fargo.Insane

So, Wells Fargo Has Gone And Lost Its Damn Mind

Is John Stumpf smoking bath salts?!?!

Wells Fargo.Insane

Now Is Not The Time To Be Talking Shit About Regulators At Wells Fargo

At least, not if you want to continue working there.

Wells Fargo.Insane

Mick Mulvaney To Fine Wells Fargo Nine Figures Because His Boss Said He Would

A presidential tweet has, after all, the force of an amendment to the Constitution. Sorry, Tim Sloan.