Firings, Reduced Seamless Bills Really Paying Off For Wells Fargo

And just wait until those RMBS profits start rolling in.
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Tim Sloan (Wells Fargo)

Tim Sloan (Wells Fargo)

When Gary Cohn decided that he’d rather do literally anything but run Wells Fargo, it made sense. I mean, who on earth would want to run Wells Fargo? Gary may have convinced himself that helping the most immoral president in U.S. history push through an immoral tax cut that, however briefly, took the spotlight off of all of the remarkably more immoral shit he was doing was a good thing. He also seems to have convinced himself that he’s still a Democrat. But even he’s not as delusional as Tim Sloan.

Well, Tim Sloan’s got the last laugh here: He’s cut enough jobs and scared enough employees into paying for their own meals to produce some meaningful progress.

Wells Fargo & Co. said its third-quarter profit jumped 32% as it continued to cuts costs and boost its businesses while trying to move past regulatory problems…. Wells Fargo’s return on equity, a key measure of profitability, increased in the third quarter to 12.04%.

And Sloan’s got just the thing to keep the party going in the fourth quarter: Wells’ triumphant re-entry into a market it just got fined $2 billion in.

Wells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing, according to people familiar with the matter.

The $441 million non-agency bond will include top portions, which will be rated AAA…

Naturally.

Wells Fargo Profit Rises 32% Amid Cost Cutting [WSJ]
Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond [Bloomberg]
Gary Cohn joins advisory board of blockchain company Spring Labs [MarketWatch]

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