35 Burst results for "Wells Fargo"
U.S. Banking Community Launches Proof-of-Concept Digital Money Platform
"10 a.m. Wednesday November 16th 2022 U.S. banking community launches proof of concept digital money platform the post U.S. banking community launches proof off concept digital money platform appeared first on Cohen PD a FinTech news A group of United States banks including BNY Mellon city HSBC Mastercard PNC bank TD bank trust U.S. bank and Wells Fargo announced the launch of a proof of concept POC project aimed at developing a digital dollar currency platform dubbed the regulated liability network are all in According to the announcement the rl end is expected to harness the
JP Morgan Chase Cuts Ties With Kanye West
"I told you that the bank that you use might just be able to deactivate your account at any moment. This is one of the reasons why at turning point USA we've been moving all of our funds away from JPMorgan Chase. You should never use JPMorgan Chase because yesterday, JPMorgan Chase comes out and they have cut all ties with Kanye West. They say we don't want your business anymore, which I can't imagine would be a good business decision to cancel a guy worth $2 billion. And look, you might not like what Kanye had to say recently, I certainly believe he could have said it differently. I don't even know what he was trying to say, but I met Kanye years ago. He's a good person. He's a creative person. He's a Christian and he's brought a lot of people to the lord with one of the best selling best performing Christian music albums ever, and there's very good things in there. There really is. And people slander him and they attack him in all this, but you have to understand Kanye's a creative mind. He communicates differently. And that's for whatever reason why JPMorgan and sends him a letter where JPMorgan says, dear Ye, we're sending this letter to confirm our recent discussion that JPMorgan Chase has decided to end its banking relationship with yeezy LLC. Now, it's so amazing to me. Is that I was told for years by the market Puritans, which I love free markets. That's great. That companies will never do anything that is not in their profit interest. This is not in their profit interest. This is in their political interest. They tend to lose millions of dollars in fees and commissions to close the yeezy LLC to provide the company with sufficient time to transition. We will obviously keep your account open for another month. By the way, I know of at least ten conservatives. Ten conservatives that have been canceled by BOA by Wells Fargo and JPMorgan Chase in the last couple of days. At
We May Be Heading Into Challenging Times for Housing
"Got inflation going on. And then what do you know? We've got the prospect of a potential recession in housing. I mean, you think to yourself, how can that even be possible right now, given how on fire this housing market really has been, and yet some of the recent data both in terms of home affordability and then now what you're seeing in terms of sentiment suggests that we're heading for a more challenging time. As we said, I mean, look, these things are cyclical and you can't have something going up up up and away forever. I mean, you've seen that it's hard to actually get a house because the prices now have gone. So high. And now some are suggesting that, in fact, we are in what you might call a housing recession. This is what home builders are saying in fact confidence among builders in that U.S. housing market has actually plunged the lowest level that we've seen really since. I mean, you're going to go back to March 2020. Of course, they could be totally wrong. I mean, look at what happened after March 2020, the housing market went totally on fire. But this is the national association of home builders, Wells Fargo, housing market index, and it measures kind of the pulse of the single-family housing market to see what the sentiment is for that. And it fell for the 8th straight consecutive month down to 49, which is actually the worst stretch that we've seen for housing since 2008. Any reading above 50 is considered positive when you're at 49, that's considered negative. And so we may be heading into more challenging times for housing.
Employers added a whopping 528,000 jobs last month. So why does the economy still feel off?
"American employers added a stunning number of jobs last month despite raging inflation and recession fears 528,000 jobs Here at The White House President Biden is celebrating and many economists are surprised after employers added more than double the jobs predicted It was the best hiring month since February The economy has now recovered all 22 million jobs lost in the pandemic's early days and the unemployment rate is down to three and a half percent matching a more than 50 year low For now Wells Fargo senior economist Sarah House says one debate is over The recession clocks hasn't started taking yet The economy did contract in two straight quarters a common but informal definition of a recession Some economists say what the Federal Reserve likely to keep boosting interest rates in a bid to ease inflation a recession may be coming At
Gov't: US Bank workers opened fake accounts for sales goals
"The government says U.S. bank workers opened fake accounts to meet sales goals I'm Lisa dwyer with the latest For more than a decade U.S. bank pressured its employees to open fake accounts in their customers names in order to meet unrealistic sales goals The consumer financial protection bureau says the case is deeply similar to the sales practices scandal uncovered at Wells Fargo several years ago The CFPB says that U.S. bank accessed consumers credit reports to open checking and savings accounts credit cards and lines of credit without their permission Employees were encouraged to do so in order to meet the bank's goals of selling multiple products to each customer with a bank U.S. bank was forced to pay $37.5 million in fines and penalties and will have to refund customers any fees they paid for the fake accounts I'm Lisa dwyer
US economy likely grew modestly, if at all, last quarter
"Are we in a recession The Department of Commerce's bureau of economic analysis will release second quarter gross domestic product numbers this morning as the Biden administration tries to spin the definition of an economic slowdown After roaring back from the pandemic with 5.7% growth last year the U.S. economy contracted 1.6% in the January March quarter and is forecast to have grown modestly if at all from April to June GDP estimates for the second quarter range from a glacial 0.2% growth by economists from Wells Fargo the firm fact set predicts a tepid 0.8% annual gain while the Federal Reserve bank of Atlanta is signaling a 1.2% decline The U.S. economy is facing headwinds including higher inflation energy prices and supply chain bottlenecks but fed shared Jerome Powell says the strength of America's job market makes you question the GDP data Jennifer King Washington
"wells fargo" Discussed on Bloomberg Radio New York
"Focusing on equality An Ed companies of course are becoming increasingly aware of the profit potential that LGBTQ people represent in terms of a potential customer base Yeah that's right Denise and that's certainly true in the world of finance as well And it's a very diverse group though of people when you think about it And that makes the impact difficult to measure Yeah so we had a chance to hear about this from Jay Bryson chief economist at Wells Fargo He's also been an economist for the Federal Reserve And he's taught at SEIS Johns Hopkins Georgetown the university of Alabama and Chapel Hill as well And he tells Bloomberg's Paul Sweeney and Matt Miller that LGBTQ customers represent a growing market for financial companies in particular Let's listen in It is growing So just put this to level set here And yes kind of vary But if you look at the Gallup data it would be around 7% or so of the population today but that in perspective that was only three and a half percent About a decade ago So certainly is growing And whether or not it gets the full attention of the financial service community at this point I think is an open question But this is also a young population And well educated And as that population continues to grow the young population they're going to be more financial services and other sorts of business services as well Well it's also an incredibly diverse group I mean there are a lot of letters there And each one person in this community is an individual human Is it hard to market to or offer financial services to a group like this when it's made up of such unique individuals Yeah I think it is And part of the part of the issue I think is so not only is it very diverse in terms of different sexual orientation But it's also the data is it all that really good right now The best day that we have really would be on individuals who are lesbian gay and bisexual When it comes to trans or queer or other sorts of areas the data isn't as good And probably because what you're looking at is you're looking at self identification And for many reasons many of these individuals don't really want to self identify as that So whereas you may have really good data on say white males or black females et cetera the data in this community is not quite as robust as it is in other areas Jay from I guess an economic demographic perspective What do we know about the LGBT population in terms of educations and incomes and things like that Yeah So again what we're looked at here and the data we have would be on individuals who identify as lesbian and gay and bisexual And I would say that that group of people is more educated than the overall population So individuals have to be fair to get going if you have you know if you feel secure enough in your environment that if you feel safe enough to identify as one of these as a part of the group that's discriminated against like this from the get go you're automatically going to be likely to have more wealth and more education right I think that's right Yeah And again it's hard to parse all that out But what we do know are a lesbian gay exceptional individuals If you look at the people who have a bachelor's degree that's roughly 27% of that community the overall population that's about 23% And then when you look at post bachelor so that would be master's PhD professional degree You're looking at more than 20% And that's 5 percentage points higher than the overall population And consequently these individuals tend to have higher income in general than the overall population Jay any geographic diversification there I mean I think the expectation or the supposition is that maybe more on the coastal cities for example New York and San Francisco might have a higher percentage Is that what your data shows Yes So we need to look at it in terms of metropolitan statistical areas per se When we look at it in terms of states and the District of Columbia Got it And when you look at it there Washington D.C. that's 14% So the overall average again is somewhere 7 to 8% Outside of Washington these individuals are going to be concentrated in the West Coast in the upper Midwest in the northeast But that said every state in the United States has individuals who identify with this community That was Jay Bryson chief economist at Wells Fargo with Bloomberg's Paul Sweeney and Matt Miller And coming up we'll hear from marielle and isca darion CEO and president of women's world banking And we'll hear from us guderian about women in the workplace and women when it comes to finance and whether they are all well served by banks.
"wells fargo" Discussed on GOLF.com Podcast
"The best players <Speech_Male> in the world that <Speech_Male> the top 50 <Speech_Male> performers, <Speech_Male> you get <Speech_Male> to play for these <Speech_Male> boo ko bucks <Speech_Male> on some international <Speech_Male> series and we'll <Speech_Male> try to continue <Speech_Male> to <Speech_Male> advance the PGA <Speech_Male> Tour's footprint <Speech_Male> in <Speech_Male> Asia. <Speech_Male> In <Speech_Male> Africa, in Europe <Speech_Male> or something like that. That's <Speech_Male> what's kind of being <Speech_Male> discussed right now. And <Speech_Male> you know what? <Speech_Male> The fact that it's being <Speech_Male> discussed <Speech_Male> seriously <Speech_Male> for the first time <Speech_Male> in March <Speech_Male> and the first <Speech_Male> time, the second time <Speech_Male> in April, <Speech_Male> I guess maybe the <Speech_Male> first time was in February. <Speech_Male> Players are <Speech_Male> not responding well <Speech_Male> to it. <Speech_Male> That's a huge issue <Speech_Male> for the PGA Tour. <Speech_Male> They're <Speech_Male> <Advertisement> trying to go to market <Silence> with their <Speech_Male> members <Speech_Male> with this new <Silence> exciting idea. <Speech_Male> <Speech_Male> It's an idea that is <Speech_Male> somewhat taken from <Speech_Male> these rival gulf tours. <Speech_Male> And it's <Speech_Male> coming at least a <Speech_Male> year too late, <Speech_Male> maybe two years <Speech_Male> too late to <Speech_Male> really compete <SpeakerChange> with <Silence> these tours. Clearly, <Speech_Male> I mean, <Speech_Male> yeah. I <Speech_Male> think they've unquestionably <Speech_Male> dragged their feet. <Speech_Male> They have definitely <Speech_Male> relied on <Speech_Male> their existing product. <Speech_Male> They <Speech_Male> really continue to, <Speech_Male> <Speech_Male> whether what they're responding <Speech_Male> to <Speech_Male> <Speech_Male> is, <Speech_Male> it definitely <Speech_Male> doesn't feel <Silence> like a direct, <Speech_Male> <Speech_Male> you know, a bit of competition <Speech_Male> to the <Speech_Male> rival tours. That's <Speech_Male> the only thing. So <Speech_Male> stay tuned, <Speech_Male> Sean. <Speech_Male> I'm worried that <Speech_Male> our listeners <Speech_Male> have as much fatigue <Speech_Male> about this as <Speech_Male> maybe the PGA Tour <Speech_Male> players themselves. But <Speech_Male> I think one of the big lessons <Speech_Male> is that it's hard to get <Speech_Male> a lot of PGA <Speech_Male> Tour pros <Speech_Male> to agree on much of <Speech_Male> anything. So that's <Speech_Male> probably the biggest <Silence> battle <SpeakerChange> that they <Speech_Male> face. <Speech_Male> My last <Speech_Male> story that we got <Speech_Male> to discuss this week <Silence> is also a money <Speech_Male> story. <Silence> According <Speech_Male> to <Speech_Male> our friend <Speech_Male> Alan ship next <Speech_Male> book, which <Speech_Male> comes out very soon. <Speech_Male> About <Silence> Phil Mickelson, <Speech_Male> big <Speech_Male> homie lefty, <Speech_Male> accrued <Speech_Male> $40 million <Speech_Male> in gambling <Speech_Male> debts over a <Silence> 5 year <Speech_Male> span. <Speech_Male> At the beginning of <Silence> the 2010 <Speech_Male> decade. <Speech_Male> I have <Speech_Male> nothing more to say <Speech_Male> about that other than <Speech_Male> it's incredible <Speech_Male> in <Speech_Male> how the hell <Silence> do you go <Speech_Male> past <Speech_Male> $20 million <Speech_Male> in gambling debt <Speech_Male> and you <Speech_Male> accrue the 21st <Speech_Male> $1 million <Speech_Male> of debt <Speech_Male> and the 22nd <Speech_Male> $1 million <Speech_Male> of debt? <Speech_Male> How do you move past <Silence> that? I think the answer <Silence> is <Speech_Male> <Speech_Male> you make <SpeakerChange> 40 million <Speech_Male> a year. And it's <Speech_Male> just double down, <Speech_Male> Sean. You <Speech_Male> just double down. <Speech_Male> <Speech_Male> It definitely makes you <Silence> wonder like, <Speech_Male> <Speech_Male> you would love to <Silence> see the betting slips, <Speech_Male> you know? <Speech_Male> I don't know <Silence> exactly in what capacity <Speech_Male> <Speech_Male> these losses <Speech_Male> came if they were <Speech_Male> on the course <Speech_Male> with high rollers. <Speech_Male> <Speech_Male> If they were at the <Speech_Male> blackjack <SpeakerChange> table, <Speech_Male> if they were on <Speech_Male> sports, <Speech_Male> but you know, <Speech_Male> if you're just throwing <Speech_Male> out 5 <Speech_Male> leg parlays on <Silence> NFL Sundays for <Speech_Male> a few years, <Speech_Male> and they're just not hitting, <Speech_Male> and you just <Speech_Male> ban the <Speech_Male> next one. <Speech_Male> I don't know. <Speech_Male> Just you'd <Speech_Male> think you'd <SpeakerChange> think <Silence> you win one at some <Speech_Male> point, right? <Speech_Male> Well, I'm sure you <Speech_Male> did. That's <Speech_Male> how gambling addiction <Speech_Male> works. You <Speech_Male> win one out of <Speech_Male> <Speech_Male> one out of 20 of <Speech_Male> those, essentially. <Speech_Male> <SpeakerChange> <Speech_Male> And you're convinced <Speech_Male> that you're, <Silence> <SpeakerChange> you know <Speech_Male> what? <Speech_Male> Sports <Speech_Male> gambling <Speech_Male> aligns with <Silence> other things. <Speech_Male> <Speech_Male> That I <Speech_Male> have heard about Phil <Silence> Mickelson. <Speech_Male> <Silence>
"wells fargo" Discussed on GOLF.com Podcast
"I don't think you want to be as oppositional and again, so based off ultimatums. And using the word bullshit, you know, that you have to approach players, and it may be a little more even keeled way. And this did not strike me as even keeled. I think invoking Rory McIlroy's name and words don't necessarily help you for trying to appeal to the PGA Tour's government. Now, it's a thing that I didn't understand for a long time. A lot of people don't understand, there are 16 members of a PGA Tour advisory council. It's a cross section of the FedExCup standings from a year ago. You have people like John rom on it in Brooks Koepka and you have people like Peter malnati on the bottom end of it. You have four players that are on the PGA Tour's board that have zero PGA Tour execs on it, but they have a handful of CEOs from across the business world and you have four tour players right now and you're going to have a 5th next year when Patrick can't lay joins, but that's the people that make this decision and so kind of throwing Rory under the bus, I think unintentionally and just kind of this is going to go through the back door of getting a lot of PGA Tour players to call out this board to call out Kevin kisner. You're not doing a good enough job..
"wells fargo" Discussed on GOLF.com Podcast
"But yeah, I would like I like it when people are willing to defend whatever decisions they're making. And when Sergio will say it on a hot mic, but won't actually defend it to the general public. I don't love that. Yeah. And as you said, here's like sympathy requests, just don't get granted by the court of public opinion anymore when they build up and build up and build up. So in terms of rival gulf tours, we had some news about that this week. The premier golf league came out with a letter on dated May 5th, released on May 4th. And for people who don't know, which I think is a lot of people, the premier golf league is different than the Saudi backed live golf investments league, which are both very different than the PGA Tour. They have all the same things on the mind, which is, can we get as many good golfers to play our events? And what I think is very important Dylan is that we set out for people what the hell the differences are between the premier golf league and Liv golf invitationals. You know what? If you know the difference, you can fast forward on your podcast. It might be worthwhile to actually listen because I think the difference is are important. But at one point, Dylan, what's most confusing is that the premier golf league was the Saudi backed golf league. Way back in time, these used to be not just synonymous, but the same thing. Sure. Yeah, and what emerged was the Saudi golf league, the SGL, the live invitational golf series, whatever you now want to call that corner of the breakaway golf world. Has emerged from the original idea with a similar format, similar structure, but yeah, let's talk about the distinctions because now the PG L is grinding to try to gain some traction with the PGA Tour and with PGA Tour players. And their points of differentiation are one they do not have the backing of the Saudi government where the live invitational series is essentially funded entirely by that public investment fund, which is the investment arm of the Saudi government. But it's funny. The pgl does not, they don't really lean on that as a moral argument. They're more saying that what we are offering is the players get a stake in the action. So that's a big thing for them. Instead of the players getting to play for just a ton of money, they get a bunch of the equity going into it. So based on their model, every PGA Tour player would get a couple $1 million, just like right off the bat, everyone top to bottom, every corn ferry tour player would get 300 K right off the bat. And then they would,.
"wells fargo" Discussed on GOLF.com Podcast
"And I've had enough of it. This erasure of Keegan Bradley's talent, he's an American hero. He's an absolute gamer, like no one grinds harder than Keegan Bradley. I have a real appreciation for him. I feel like the cool kids of new golf media are anti Keegan Bradley, and I think it's bullshit. I'm gonna give you some straightforward reasons why he could be disliked. I don't dislike him. But I'll tell you why he could be disliked. I'm willing to listen. He won with an anchored putter. And I know that that's what the rules allowed at the time, but the rules don't allow it anymore. And he has not contended in a major sense. It makes that win feel a little a little fraudulent. That's it, just a little, just a little. He Webb Simpson would like a word. You know what Webb Simpson backed it up by winning the players a couple of years ago. Actually, I guess I should say, I guess I should say, the people you just mentioned would like a word Webb Simpson. Now his pre shot routine. I would say is extremely unlikeable. He steps in behind the boss, steps back, steps in, pan the ball, steps back. There's a great shot today of the drone. I think it's a drone, maybe a blimp hovering over her head of Keegan, way up above, and it's kind of like zooming in down on him. And he's like going back and forth and back and forth. And then it cuts to a ground level camera. He's going back and forth and he goes and he kind of moves something out of the way of his golf ball. And then he goes back and forth one more time. Then he gets over the ball, spins the club a couple of times and then finally starts to take a swing. That, I think, rather unlikeable. I would say, if he was on a winning writer cup team at Medina, I bet you he's way more likeable. Which is unfortunate, but one of his crowning achievements in the game is being a buzz saw with Phil Mickelson that week on a team that blew it. And I bet if he was on a wider cup team that one, I bet he'd be a lot more likeable. Now, you could say you can poke holes through all these reasons..
"wells fargo" Discussed on GOLF.com Podcast
"Drop your golf ball. Sure speeds up play when you have those route barriers. Fowler has dropped the ball twice. The shambo is going to get a free drop. Something bad has happened if we end up here. This is the drop zone. Good evening, Dylan to chair. Good evening to all you drop zone fans, zones as they drop zone fan recently called the fans and friends of this podcast. I am your captain, Sean zock. The Wells Fargo championship was a lot of fun to watch painful to play in for some of those players. Dylan, you enjoyed watching all the action, didn't you? I really did. Yeah, I mean, if you talk about golfers that I remain interested in, kind of weekend, week out, personal biases. I mean, short of Martin trainer being in contention, Keegan Bradley being up there. Max homa being up there, Rory McIlroy being up there. I mean, this one kind of really had it all for me. So yeah, I was dialed in. This is what could be an in between week. What has been a big week in sort of also just a regular PGA Tour week in the past based on whether Tiger Woods is playing or not. But yeah, the Wells Fargo is in that. It's in that zone where it's certainly not in 5th major talk. It's certainly not in invitational talk, but it's kind of at the upper crust of the regular PGA Tour events. And new golf course this year. I mean, look, actually kind of a bunch to talk about, but to answer your question, Sean, I had a nice time watching the golf tournament this weekend. What about you? I really enjoyed it on Sunday because birdies and bogeys, right? Yeah. Keegan Bradley almost won. He made two double bogeys on Sunday. Made 5 birdies. Max homa made 5 birdies, damn near made it 6. Rory McIlroy in contention. Matthew Fitzpatrick playing in horrible conditions playing really well. He always does. So it was a good fun watch. Sean, one of the reasons that I really liked watching this week is because they had some of that good Seattle weather. And Sean, one thing that makes me think of is our friends at radmore golf. That's a Seattle based apparel startup. They make the most stylish, but also the most sustainable golf clothing. It's cool. It brings this kind of retro edge to modern golf apparel. You don't necessarily need to wear a hardcore collar..
Homa steady in Sunday duel, gets 4th tour win at Wells Fargo
"Thirty thirty thirty thirty one one one one year year year year old old old old Max Max Max Max timers timers timers timers held held held held his his his his nerve nerve nerve nerve on on on on the the the the back back back back nine nine nine nine to to to to secure secure secure secure it it it it to to to to shot shot shot shot victory victory victory victory at at at at the the the the Wells Wells Wells Wells Fargo Fargo Fargo Fargo championship championship championship championship the the the the California California California California broke broke broke broke out out out out of of of of a a a a tie tie tie tie for for for for the the the the lead lead lead lead with with with with a a a a birdie birdie birdie birdie at at at at ten ten ten ten and and and and saw saw saw saw his his his his lead lead lead lead states states states states or or or or between between between between three three three three Shelton Shelton Shelton Shelton one one one one throughout throughout throughout throughout the the the the back back back back nine nine nine nine but but but but a a a a solid solid solid solid power power power power of of of of the the the the last last last last gave gave gave gave him him him him a a a a final final final final round round round round sixty sixty sixty sixty eight eight eight eight a a a a total total total total of of of of eight eight eight eight Honda Honda Honda Honda and and and and secured secured secured secured his his his his fourth fourth fourth fourth career career career career win win win win until until until until his his his his second second second second for for for for the the the the season season season season gegen gegen gegen gegen Bradley Bradley Bradley Bradley lost lost lost lost his his his his chance chance chance chance to to to to steal steal steal steal a a a a last last last last topic topic topic topic three three three three when when when when he he he he topped topped topped topped the the the the second second second second shot shot shot shot from from from from a a a a fairway fairway fairway fairway bunker bunker bunker bunker falling falling falling falling back back back back into into into into a a a a tie tie tie tie for for for for second second second second with with with with Matt Matt Matt Matt Fitzpatrick Fitzpatrick Fitzpatrick Fitzpatrick and and and and Cameron Cameron Cameron Cameron young young young young I'm I'm I'm I'm Graham Graham Graham Graham like like like like us us us us
"wells fargo" Discussed on KGO 810
"To remake the bank's image She quit after less than two years on the job Why is Wells Fargo still allowed to be in business Well finally they may not be row at Chopra He's director of the consumer financial protection bureau the CFPB and Chopra says that Wells Fargo's licenses should be revoked He named Wells Fargo is one of the worst repeat offenders having broken consumer protection laws at least three times Well let's get back to that refi problem where 72% of Wells Fargo's white customers got approved to refinance but only 47% of black customers got approval Here's an overall industry statistic Of all the appraisers in America 85% of them are white 77% of them are men studies show that appraisers often undervalue homes sometimes by hundreds of thousands of dollars when the homeowner is black or Latino Exponential technologies to the rescue remote appraisals where the appraiser never has to go physically see the house They never meet the homeowner They don't see family portraits on the walls Fannie Mae and Freddie Mac are now allowing desktop appraisals appraisers analyze the home without physically inspecting the property The home valuations are based on tax records and comparable homes in the neighborhood and the floor plans Fannie and Freddie say the process is as accurate as traditional appraisal methods If we can't get the bias out of the appraisers let's get the appraisers out of the process I'm Rick Edelman This is the truth about your future Ned Johnson the third recently passed away he was 91 years old Ned Johnson has helped perhaps more people participate in the financial markets and create wealth than any other single individual May Johnson ran a family business You might have heard of it Called fidelity His father started the firm Ned joined in 1957 He became president in 1972 inherited the company later that decade At the time he became president fidelity managed less than $4 billion Today they manage four and a half $1 trillion Net Johnson had dyslexia He struggled with reading but he never let that stop him If you're saving for retirement if you're using financial investments stocks bonds mutual funds ETFs four-o-one-ks You can probably thank Ned Johnson for helping.
Embiid has 35 points, 17 rebounds as 76ers beat Cavs 118-114
"Jo Ellan be tallied a game high thirty five points and seventeen rebounds to help the seventy Sixers but the Cavaliers one eighteen one fourteen and B. dot Philadelphia off on the right foot as the Sixers raced out to an eight three to four lead behind a beat first quarter effort to thirteen points and eight rebounds we moved up at the store where do brother focus office discussing your machine there that long but we're going to also be for post Watergate he helped Philly stay red hot on the road winning for the sixth time in seven tries away from the Wells Fargo center the Cavaliers fell for the third time in the last four games as they struggle to stay ahead of the raptors for the sixth seed in the east Darius garland paced Cleveland with twenty two points and seven assists I'm Danny cap
"wells fargo" Discussed on Bloomberg Radio New York
"We've got a ton to get through this morning and good morning to you about one hour away from retail sales JPMorgan and Wells Fargo numbers behind us in front of us is city Equity features right now on the S&P down about a quarter of 1% On a NASDAQ down four tenths of 1% on the Russell we're down a half of 1% on the S&P on a session with lower on the week We're lower Want to talk about the banks here today and want to run it has been for the S&P 500 banks year to date right now at more than 10% into today on the session We'll talk about JPMorgan and the free market with remain in just a moment We're a little bit softer But Lisa even I've been discussing just how much the banks capture the stories of the moment The health of this economy has improved Look at the reserve release That's been the story for so many people The stocks have rallied aggressively Look at the projection for interest rates and the expense line This story about wages and compensation is not going away This is just the beginning at least you see it very very clearly from JPMorgan this morning Yeah they're expenses really driving driven by the wages going up I'm struck also by the price reaction and their shares down nearly 3% in pre market trading Is this story of higher comp priced in And some is this story of higher rates priced in because as some people have pointed out TK in two weeks we've had about a year of performance on the S&P 500 banks There are almost 10% plus to 11 Yeah it's a movable feast right now on the right front I just will have to see to me to dovetail this John into the economy The biggest surprise of the week for me are the pro epidemiologists saying I'm a crime is going to end fast How does that change dovetail in to the mathiness we're talking about It's only been in the story for a lot of people You know in the previous hour I talked about bessie grace of Morgan Stanley who lifted Wells Fargo to overweight at the start of December looked through on the cron looked at the prospect of higher interest rates and went overweight Their stock delivered This sector this industry is delivered in a big way as well Switch at the border let's finish on the bond market just briefly Two tens and 30s going into retail sales a little bit later on a ten year What's 74 15 yields higher by four basis points on twos a similar story up three to zero .92 We had a little look at 93 earlier on That's the question I said price sanction Let's get you some single names and moves and kick things off with those banks and say good morning to remain Absolutely John and you put it in the context of the broader market One of the bright spots over the last couple of weeks has really been the banks We did see a pretty decent rally heading into these earnings JPMorgan shares down about almost 3% here in the pre market Let's keep in mind they missed on fiction They missed on equity trading They missed on equity underwriting There were some bright spots there with regards to that investment banking unit but of course as you guys have been talking about all morning this isn't just about the revenue JPMorgan pulls in It's about the payouts that they're having to make to retain some of that talent those compensation expenses significantly higher non-interest expenses also higher here as well We'll be interesting to see what they talk about on the call with regards to how persistent some of that's going to be Wells Fargo actually surprising here Remember this is a business much more built around loan growth and they actually saw some of that loan growth in the most recent quarter We should point out that you.
"wells fargo" Discussed on Bloomberg Radio New York
"Head of equity strategy at Wells Fargo securities joining us now Chris great to see you And I hope that you continue in your successful negative run into Christmas I think everybody is focusing on that right now Talk to me about where we are with this cycle A lot of people are starting to tell me that we're late cycle Do you believe that Is that true And if so what does it mean in terms of portfolio structure I think we are a light cycle At the very least we're late mid cycle but I think we're early lead cycle If you look at credit spreads credit spreads are tight We look at growth growth as decelerating You're starting to see a lot of speculation The marketplace And at the end of the day we've had an incredible run And what we're looking at is we're looking at a more hawkish fed These are all classic late cycle signs So I think we are late cycle at this juncture in the market You think we're at cycle and you also think we're close to an inflection point when it comes to risk appetite What's the trigger What flips the switch on that So one of the things that we've looked at in the past and the second year of the recovery typically you see multiple compression So why should we see multiple compression next year We should see multiple compression next year for some of the reasons we're talking about You've squeezed a lot of the juice on this tree You're going to decelerate the fed is going to be more aggressive We've had never seen the kind of pricing power corporations have And my career spans over two decades We're probably going to see peak pricing which means we're likely to see peak margins and keep multiples That all tells you it's time to re rest It's time to start thinking about the risk side of the equation first And the return second And there's a ton of speculation on the marketplace No matter where you look So Chris as you talk about derisking how do you do that in your equity portfolio you talk Do you move into low Volt securities Do you move into sort of more sustainable margin low earnings variability What's the factor that defines for you moving low risk in this climate That's a great question And we do like low volume but really what we're pushing what we think the best risk of war it is is to move up in quality And there's three reasons to move up in quality You're not paying much of a premium especially as you go down the capitalization The second thing is as we've talked about it's late cycle Usually quality does much better when growth is decelerating It does better when credit spreads are tight or widening And it does better in a low risk environment And the last thing I would say is what quality does it gives you a certain return distribution And that return distribution is very attractive to us It allows you to participate to the upside but really protect to the downside So you can stay in the game but really you just shift it around the risk of your portfolio So we like higher quality a lot next year And we've been recommending that to all our clients.
US jobless rate sinks to 4.2% as many more people find jobs
"The the latest latest jobs jobs report report as as provided provided a a mixed mixed picture picture that that still still points points to to a a resilient resilient economy economy employers employers added added just just two two hundred hundred ten ten thousand thousand jobs jobs in in November November the the few few wispy wispy nearly nearly a a year year and and less less than than half half of of what what Wells Wells Fargo Fargo Serra Serra house house as as a a condom condom is is predicted predicted overall overall headline headline rate rate of of job job gains gains were were pretty pretty disappointing disappointing but but the the unemployment unemployment rate rate also also dropped dropped sharply sharply to to four four point point two two percent percent to to the the lowest lowest since since the the pandemic pandemic hit hit with with one one point point one one million million Americans Americans saying saying they they found found jobs jobs last last month month we're we're looking looking at at the the sharpest sharpest one one year year decline decline in in unemployment unemployment ever ever simply simply put put America America Americans Americans back back to to work work president president Biden Biden notes notes Americans Americans are are still still anxious anxious to to meet meet high high inflation inflation and and Omicron Omicron variant variant fears fears but but says says the the economic economic recovery recovery continues continues Sager Sager mag mag ani ani Washington Washington
"wells fargo" Discussed on Clark Howard Show
"Wells fargo in a spotlight again and not a good one. I got a special warning for you about this giant monster megabank and later a ponzi scheme warning for you about ways you need to be careful even when you hire somebody who you think is a respected professional so wells fargo which i have long referred to as a criminal enterprise impersonating a bank and you know i've always offered wells fargo a chance to rebut that and say i'm being cruel or dishonest or whatever but there's silence from them it also turns out there's a lot of silence from wells fargo and doing what they were supposed to to take care of people that they cheated over the years with a variety of things that wells fargo engaged in where they cheated people on auto loans. They cheated people by create doing identity. Theft opening accounts is if they were the individuals so that people could reach bonus levels and things like that. I mean it's unbelievable. The things that have gone on at wells fargo will now. There's a brand new report that from bloomberg that both the office of the controller the currency. That's a federal agency that usually only kisses up to the banks and the consumer financial protection bureau have warned that new sanctions are coming to wells fargo because they have not complied with the settlements that they reached in cheating people. It also came out this week in barron's magazine that one of the key architects of fraudulent activity at wells fargo is claiming the fifth amendment the right against self-incrimination hundreds of times on questions asked and so far no-one wells fargo has gone to prison not a soul for engaging in wholesale fraud against customers..
Wells Fargo Launches Passive Bitcoin Fund for Rich Clients
"Wells fargo has registered a new private bitcoin fund with us regulators. The fund is operated in partnership with the breakdown sponsor night gig as well as investments who've worked together on other funds such as i believe the morgan stanley bitcoin funds. According to a coin desk source the new wells fargo fund is passively managed earlier reports had suggested it would be an actively managed fund for wealthy clients on top of the wells fargo news j. p. morgan's passive bitcoin fund. Also a partnership with nine was also filed with the sec. Today so if you wanna know what people think of bitcoin just keep watching what they do not what they say next on the roof today. These scars of past crypto winters run deep according to a report from the wall street journal coin. B.'s has a pretty significant cash reserve at the end of june those reserves stood at four point three six billion dollars. That's up from one point. One billion at the end of last year quinn basis. Cfo lsu haas said we want to ensure that we maintain those cash reserves so can continue to invest and continue to grow our products and services in the event that we go into crypto winter. She also said that part of it could go towards acquisitions. I just want to point out that in a market that so many think is absolutely batty because it's disconnected from fundamentals. Queen base as a company is not only profitable but is keeping a large number of cash reserves on hand in the event of a rainy day. Something which basically no other companies do. So i don't know. Man maybe crypto has something figured out that other industries have forgotten last on the brief today. Brian quinn tens is stepping down from the cftc. Brian quinn tens is one of the most vocal advocates for crypto among the us regulatory ranks. The commissioner's term technically expired. Last april and he had previously planned to step down by october twenty twenty but ended up sticking around which he's legally allowed to do until the end of this year. He has been fierce about giving crypto a fair shake in policy discussions as well as advocating for the cftc's role in regulating crypto. According to the wall street journal he'll be gone by the end of the month and headed to the private sector where he intends to quote keep innovation particularly related to crypto currency and defy relevant to my career
US Hiring Surges In July, But The Variant Is The Wild Card
"Even as the economy shows signs of a surprisingly strong pandemic recovery there are fears of resurgent virus could send it back the delta variant is the wild card but the White House says the nation shouldn't worry much about its effects on the economy this is not March twenty twenty or even January twenty twenty one spokeswoman Jen Psaki says the country is in a much better place with vaccines there will not be lockdowns we are not turning back the clock Wells Fargo senior economist Sarah house says she doesn't expect any widespread restrictions that would badly hurt the economy but the delta spread may have some impact that might lead some people to to curbs on their outings and and spending and therefore potentially some from hiring Sager mag ani Washington
If You Don't Like The "Woke" Nonsense, Stop Using The "Woke" Banks
"Look we all complain. About the woke industrial complex the woke marxist that are running our schools that are running media and yes also running our banks. You see like the real estate market. It's red hot tyler. He just sold his home and he said charlie. I've never seen the market so unbelievable. So maybe you want to go buy a home. Maybe they're taking advantage of low interest rates with all the economic uncertainty underway. People need to invest in real stuff. So here's a rule of thumb. We hear our solution based show. So if you don't like the woke nonsense stop using the woke banks. It's that simple. No more wells fargo. No more j. p. morgan no more goldman sachs no more big bank culture instead. I have these two great friends and they do a great job. It's andrew and todd andrew del ray and todd avakian. They love the lord. They are christians. They are honest. They are straight shooters and they are a mission to make sure that you guys can refinance but be told the truth. Look when i took out mortgages for the properties that i have. It was one of the worst experiences i've ever been through. Yes some of the people. Were very nice. But i could tell you. The bank itself was just so bureaucratic and hard to work with my producer. Andrew is working right now with andrew and todd to fight against the woke banking culture. And he tells me that they're part counselors part financial counselors planners. And they're really helping and so here's the thing andrew and todd our mortgage bankers they're not brokers that means andrew and todd and their team can take care of your loan personally from start to finish. You'll likely actually talked to andrew and todd yourself to right now. Maybe you're walking. You're like i want to refinance the home. Or maybe i'm under the process stop it no more wells fargo their funding a billion dollars. The belove inc drives me
Biden's Senior Advisor Admits Latest Eviction Ban Is Unconstitutional
"Gene sperling is joe biden's senior adviser. Here's a senior adviser at admitting that extending the ban on evictions for people who won't pay rent is unconstitutional to date. The director and her team have been unable to find legal authority even for a more targeted eviction moratorium that would focus just on counties with higher rates of of kovic. This is a president who really understands the heartbreak of the fiction. He is the reason why he is pressing and pressing. Even when legal authority look slim is because he wants to make sure we have word. Every potential authority. Can you believe this. Jr here's the legal authority. Looks slim but he knows the heartbreak of addiction. Does he know the heartbreak of people losing their livelihood when they can't get rent when they're not receiving the rent payment. That's do what about the heartbreak of people who know that wells fargo needs the mortgage payment. They're not gonna they're not waving it away. I got to pay the bank. I gotta pay. What about that
"wells fargo" Discussed on Money Rehab with Nicole Lapin
"It's a good idea to see what kind of shape you're in you know whether or not you can weather a hit number to revisit. You're spending goals and see if you can adjust your priorities if you've been budgeting toward getting a new or hopefully used car. Would it be better for you to put a chunk of change toward paying off your wells fargo debt. Instead probably number three practice some credit hygiene and do your best to get your utilization rate to about thirty thirty five percent in the example. We just talked about when your credit line went. Down to ten thousand dollars to get that. Thirty percent utilization score. You're gonna have to cut the ten thousand dollars that you down to three thousand dollars or get more credit number four..
"wells fargo" Discussed on Money Rehab with Nicole Lapin
"Knowing that you're eight hundred dollar wrench check is gonna clear no problem but because wells fargo had moved that money into a different account bom the customer would accidentally overdraft and have to pay a fee. And who would that fee to wells fargo. Of course this happened to tons of people. I'm not one to say. I told you so but if i was i would say again guys. Never opt into overdraft protection eight will by y'all in the ass if you can believe it. It gets worse. According to cnn wells fargo employees also submitted applications for more than five hundred sixty five thousand credit card accounts without their customer's knowledge or consent and roughly fourteen thousand of those accounts incurred more than four hundred thousand dollars in fees including annual fees interest charges and overdraft protection.
"wells fargo" Discussed on CRUSADE Channel Previews
"See it also has a at with. Its latest move. Wells fargo warn customers at the account. Closures may have an impact on your credit score. So you guys are saying that can continue to pay. I don't think so. I actually don't think you can continue to pay because remember if you look at this and i did this when i was a collection agent those pages of documents they you signed for those loans. You give the bank access to all kinds of abilities. Here's an example. I forgot the actual name of the maneuver. But when i worked as a collection agent we had the ability if you had a bank loan and end a checking account in the same bank. Let's say at wellsfargo. You had a loan out for a car and you had a checking account and you were thirty one. Thirty two days late. We could check your checking. We can look at your checking account and if you had enough to pay the bill. Guess what we did. We took your money and paid the bill. We get calls from angry. Why do i have to do dollars in my bank account. I gotta eat this week and people would go. Listen bro. you're thirty days late. We took the money to pay your bill. You don't understand a collection. Agent is somebody that collects on past due bills home loans. Car loans are the most personal lines of of Personal lines of credit things like that. It didn't happen a lot because at least in my group because my the the manager who ran my group d felt gross when he did it sometimes though he gave all through we had to get authorization from from our manager to pull that trigger. And that's just an example. When you sign those pages they can't just close the line of credit. Sounds like they're gonna sounds like there's going to be some passage in that legal ease. They you and i don't read. That gives them the ability to shut down these accounts whenever they want. Because they're not going to be like. Oh by the way this might impact your credit if they're going to allow you to continue to make payments they're shutting the suckers down without question another part of the frequently asked questions asserted that the account closures couldn't be reviewed or reversed. So you're gonna shut down your account. Let's see you need access to that. And you're done we apologize for the inconvenience. This line of credit closure will cause the account closure is final. It is final now. I wells fargo. Is playing this off like all wells because we did this stupid stuff earlier and now we got. I don't think so because they've been allowed the it was twenty eighteen at the fed. Did this so they were allowed to prosper for four years three years. Sorry math is hard for me now. They're shutting everything down if it was such a huge deal. Let me say this if it was such a huge deal at the time. Why didn't they not offer personal lines of credit. Why did they not do any of these things before..
"wells fargo" Discussed on CRUSADE Channel Previews
"The foundations are stored is the epic seventeen. Dvd were streaming download series. That completely refuse that most pernicious of modernist errors evolution his forces visually stunning and has presented. So that lay people can grasp material and are themselves with true and the now necessary battle against the unscientific and diabolic evolution. Pushers the order's simply use our andy ordering save channel dot com forward slash adult. You can sample the first two episodes for free and believe me you'll be cooked and want to watch the rest of the course. This is of course in all facets of the mid that is evolution including biology cosmology and geology. Your first two episodes free foundations restored a catholic perspective on creation go to precede channel dot com forward slash. Adam that's per se channel dot com forward slash. Let's talk about the story that i am some of you. In the jabber microbes channel dot com said. Yeah i heard about this about this. The other day heard about this the other day or i got a letter sent me or whatever the case may be your your up to it as well. And that's the story that cnbc posted this morning about wells. Fargo n lines of credit. And how they're just going our just. We're just not doing it anymore. Do you mean you're not ever just not anymore. We're good do because we just don't we don't feel like it. So this is the acting offers of via cnbc. Dot com wells. Fargo is telling their customers. It is shuttering all personal lines of credit and nobody seems to even zero hedge. Those zero edgewood would have would have a heads up on even zero hedges and talking about this. And what's going on in this regard. I mean they're talking about other stuff but you would figure so pretty big deal in regards to the last time this happened. The last time this happened was in two thousand eight. Let's read the article. Wells fargo is ending a popular consumer lending product. Angering some of its customers. The bank is shutting down all in all not people with bad credit all existing personal lines of credit in the coming weeks and no longer offers the product. So if you have a personal line of credit active right now there's gonna shut you off gonna shut you off with it. Thank you allegations for you. Twenty dollars donation sir. Greatly appreciated help and support the crusade. David's trying to warn you about this. I've been trying to do my best. Mike judge and try to do his best warning. You of a new this part of the great reset two guys. This is definitely part of the great reset. And you're right people are right you gotta get your kingdoms in order you got to put yourself in a position where you own little debt as possible as little debt as possible. Yeah i don't know how they're doing it. But this is what they're saying the revolving the revolving credit lines which typically let users borrow three thousand one hundred thousand were pitched as a way to consolidate high interest credit card debt remember. They're doing this for the last year. Oh reconsolidate consolidate. Oh refinance get more money. Pay off your loans at blah blah blah. Now we're not doing that anymore. Let's see wells. Fargo recently reviewed its product offerings and decided to discontinuing offering new personal and portfolio line of credit accounts and close all existing account. So i'm guessing i'm guessing they're calling in these loans. They're calling if you have a low now. I don't know how they're gonna do it. But they're we're closing everything. They're shoring up their their financial their financial situation. What is the bank doing. Look at this. what is this bank doing. Its closing out as much existing debt that it owes as possible. Why would a bank do that. Why i'm asking you listener people in the chat room. Why would a bank closed all personal lines of credit and all its existing lines and not even offer it going forward who knows law right now saying that. It's shutdown these lines so i don't know how they're doing it all the bank's not going bust. They're just trying to weather the oncoming storm because people are going to be desperate and they know they need to have as much what they need to have as much liquidity as possible in the more personalized credit. That are out there that ties up their liquidity. Let's see here at the wells. fargo ceo. Charles schwab scharf has been forced to make difficult decisions during the covid. Nineteen wuhan superbug offloading assets and deposits in stepping back. All right this is part of the letter From some products because of limitations imposed by the feds neither blaming the feds two thousand eighteen. The fed barred wells fargo from growing its balance sheet until it fixes. Shortcomings reveal by the banks. Fake account scandal the asset cat has ultimately caused the bank billions of dollars in lost earnings based on the balance sheet growth of rivals is also affected wells. Fargo customers last year. The lender told it staff it was halting all new home equity lines of credit months later. The bank also withdrew from a segment of auto lending so the people are saying. They're trying to make their balance books. Look the better are correct now. There was a bagel. there's a big old lawsuit or there's a big hubbub do hullabaloo with wells fargo creating fake bank accounts to push up their numbers to make themselves look better in. This looks like it is a result of that. Let's.
Wells Fargo Tells Customers It’s Shuttering All Personal Lines of Credit
The Energist | Micah Renfro on Oil and Gas Startups
"Welcome back to yesterday's podcasts. We've got about a mica. Mike renfro the right. Okay just make sure with is an energetic. The energised the z. Energised mike what do you guys do with you. Just so we do executive recruiting and consulting visory Been around since nineteen seventy nine I haven't been there since. Nineteen seventy nine but the firm was. The firm was founded by a couple engineers and a couple of geologists that drew their rotation to think it was like west africa and they were in their twenties. And i don't want to go to west africa on rotation. Now i can't imagine back in the seventies wanting to go g and So they decided to start The energised is technical. People recruiting technical people. then. We've stayed in energy throughout to my knowledge where the one of the longest standing if not the longest standing energy focused recruiting firms out there head hunting firms out there and so i started working there about eleven years ago. Maybe ten years ago something like that started in investment banking kind of got my teeth kicked in that for a few years rather wells fargo fargo tweet san francisco and new york so go energy investment banking. Yes so i was in the capital markets group. So i say we did. Like i did pretty much spreadsheets. And kind of converting senior bankers notes So i didn't didn't really have a whole lot inputting any other stuff
Do Your People Believe You Lead With Fairness
"For this week's episode. I wanna talk about the interview. I just had with ron carucci author of the new book to be honest. The book details four factors company should look at. When determining whether they're at risk for the types of headlines we've seen in recent years from companies like wells fargo and volkswagen. This is a true thoughtful thursday. Because i've been thinking about something. Ron said to me this interview all day. You'll be able to listen to him articulate all this much better than me and a couple of weeks when his injury publishes but i did ask him what individual leaders can do to ensure their words and their actions line up with each other and with high standards of ethical honest leadership. He said something individual leaders can do right away is think about and write down ten different scenarios that might fallen an or moral gray area. Then give the list of their people on their team and ask them what they believe. The leader would do in these scenarios. How would they react. What would the outcome be. But the other thing they need to ask people to do is time how long it took to settle on an answer for each question. Do the inherently know how their leader would respond or did it take a minute or two to feel confident in an answer. I i love that. He had to write these things down. Anyone listening right now. Who has heard even one or two episodes of the show knows. Lorenzo and i are huge fans of writing things down as part of these exercises. It's much harder to let yourself off the hook when your commitments are staring back at you from paper but the reason is stuck with me all day since our interview is because thinking about doing this exercise with people reporting to me made me a little uneasy. Now i'd like to think i'm an honest ethical person. I like to think my people would know in a millisecond. What i do ethically gray situation but even if i'm an absolute pillar of honesty and integrity if i've not been purposeful with my people on making sure they see examples of this all. The time is getting the benefit of team. Who believes in me like they. Should you see if you're a leader of people. The appearance of propriety is just as important as actual propriety. The appearance of fairness and ethics is just as important as actual fairness and ethics. Knowing that you do the right thing even if no one was looking is great but if your people aren't confident you do it. It doesn't matter so the next time you find yourself having to make a decision where leaned on personal values of fairness integrity or justice. Be vocal about your decision making process with people. Show them examples of why these things are important to you. You never know you'll need them to give you the benefit of the doubt in the future.
How to Get Business Credit, with Ty Crandall
"How did you get into credit in the first place. Well the first company ever owned was a mortgage company. And i own did back in two thousand six seven and i just thought i was a rockstar like wow. I'm just not true entrepreneur to be seven figures pretty quickly. Apparently is like you know pretty easy to do. When mortgages were spiking like the same as seeing with real estate now and then i was there and road that out until everything collapsed and at that point i was doing jumbo loans. My entire segment of that industry went away overnight and we went from producing a lot of money to producing no money and not having an ability to produce. We couldn't even place loans. The lenders weren't even accepting loans for months in what we were doing. And then we'll be on. So i kinda went through this process building successful business and then being there and watching it fail and i like a lot of business owner personally guaranteed credit lines. Credit cards. didn't think much about it but then the problem was was started to go late on some things for the business. Those in showed up on my personal credit report in a couple of things happen and i hadn't accounted for a thought well if the economy shifts i've had hundreds of thousands of dollars of revolving credit i've gone. All this money in the bank will what happened at that. Point was both things went when that stuff started. Hit my consumer poor all my credit card issuers. Lower my list. What i owed that crushed by credit scores and then at the same time of the banks that i didn't owed money to for the credit lines to the business came in literally removed all the money from all my bank accounts naaman all set so people. Listen i'm going to interject for a second. That is really scary. That's really scary. When you're in a position of saying. I have this credit limit. What could possibly go wrong. They shrunk your credit when they lowered your ceiling and then suck money out of your counts. That is terrifying. Sure going over much happens in the credit system that credit bureaus get alerts when thanks change and what people don't understand is that there's something called the small business financial exchange and in order to be part of the small business financial exchanges to give get metality so all the major banks all the major credit card. Issuers are part of it. And what happens. Is they openly exchange information with each other whether it is or is not on your credit report so if you fill out an application for a credit card or for loan at bank of america well most people don't realize is wells fargo chase. They all have that information eating medial acceptable when you do so this even can help them trigger alerts when things change so if you have five credit card companies and you go late on one whether reports are a dozen than the other ones no and immediately typically than lower your limits and since available credit is thirteen percent of your score thirty score. I mean just your score overnight can go from seven hundred fifty seven sixty down to five twenty like it did and then your ability to use that credit to be able to rebound goes away. That's very real. What happens when you go lay on any accounts which is one of the reasons you wanna keep accounts putting on your business credit reports not your consumer but the second part was scary too because when they remove all your bank not even money. That's their right. You have checks written against so all kinds of of adverse consequences happened. All these checks bounced utilities. Are getting shut off. Things happen as a result of that
Elizabeth Warren Spars With JPMorgan Chase Head Jamie Dimon on Overdraft Fees
"The nation's top bankers taking some serious heat today on capitol hill see. Jp morgan citi goldman wells. Fargo morgan stanley and bank of america. Kicking off two days of testimony before congress. And if you wanna taste of how things went down. Check out this exchange between senator elizabeth warren and j. p. morgan ceo. Jamie dimon mr diamond. How much did j. p. morgan collect an overdraft fees from their consumers in twenty twenty. Your i think your numbers are totally inaccurate but blessed temporary public. I also want to point out. We did not overdraft. Can you just answer my question. John anymore than over and how much in fact to jfk mortgage collect an overdraft fees from their customers in two thousand twenty the number. I don't remember in front of me. I actually have. Non exceed three billion dollars. We waived the fees for customers upon request if they were under stress because cove it. But you can fix that right now. Mr diamond will you commit right now to refund a half billion dollars you took from consumers during the pandemic. Not pretty
"wells fargo" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"Back to something you said you talk about wells multi-channel affiliation model and you'd be right that i think thinking about how much advisors sentiment has changed in the last number of years one of the biggest things driving advisors away from the employer model other traditional firms in general is a desire for more freedom in control flexibility ownership and control. Do you think that given that that the other wire houses meaning merrill morgan. Ubs another major firms will eventually get into the same game began to offer multiple models under one roof. Good question again mindy. And it's one that i've been asked. It seems like for decades now. And i've never really been one to try to predict. Our models are competitors business models and their strategies. But i've never understood why others haven't expanded more in the multi channel business. But what i will say is that you know we've been operating with multiple business models and different channels For a long time and certainly when we introduced profit formula and then find out of those were examples of two different business models. Our view is that as advisers mature and as they gain more experience in the business we want to always be in a position that was solution on our platform that measures to how they want to achieve their vision for growth in serving clients so again adding the ria service in custody. Business model is a natural extension of our multi channel strategy. Count the that. I know other wirehouse leaders have and some advisers site is the worry about cannibalization meaning does in fact that you would allow wells. Fargo would allow an advisor. That's part of the private and employees of the private client group. Slide into the ara space around to find that does that cannibalize the wells fargo advisors. You think that's that's a legitimate fear. It's a legitimate concern to have four multi-channel model. We've addressed it by being methodical in our approach. We are first target audience for our a businesses those advisers who are maturing within the current wells environment. So we're tackling head on so whether that's a private client group adviser or an independent business owner who is naturally moving to that next level of independence. So you know. We are working with those advisers first and foremost and those that fit that business model we want to retain them so they can continue to grow our wet one so that raises an interesting question. What you're saying is the first for these independent models. The ria channel as well as the final model is the advisers that are currently employees within the brokerage dealer space. That is correct. We transitioned a sixteen such practices over the last eighteen months or so teen into space. Yes okay and so. Are there any barriers. to entrance. another words. let's say an advisor has been with wells. Fargo private client group as an employee for ten years he's got x. amount of unvetted deferred comp and may have some notes some forgivable notes or whatnot. What are the barriers eventually or are there any sort of limitations to him. Just jumping from one to the other well yeah. There are many controls in place. First and foremost they need one hundred million in advisory assets because we require federal registration with the sec. And then second. I need to be willing able and capable of going independent because they do after voluntarily resign as an employee in forego any deferred comp or any other new employee benefits. So those right. They're pretty big hurdles. Now keep in mind. We've had find around for twenty years in so many of the same practices that govern a move from an employee in private client to being independent and find that. Were able to use those same controls. So this is not something that we really pioneer. Since we offered the roi service in custody space. It's really something that were piggybacking on. Twenty years of learnings. Yeah so let me ask you a question. I have to imagine an adviser that is with an employee as part of the private client. Group who is beginning to consider independence is going to look at finance and is going to look at the space under the wells umbrella because that's a natural extension and it's certainly the path of least resistance. It means not having to put your clients up for bid. But i also imagine that are in most cases comparing it to other custodians meaning going our a and and what will schwab fidelity pershing offer and offer end looking at other independent broker dealers as well. What do you think they've find. Compelling what are those folks that are looking to slide from the private client group as employees into independence with wells. What do you think they find. What's most compelling to them. I think the consistency of their client. Experience is probably one of the top issues and concerns that any advisor as when they're contemplating making a transition so the client experience goal in from employees to independent business owner whether it's in finance or whether it's as an r. i. a. it's a smoother process doing it under our umbrella than a break to another or to another estonia. Do they eventually outgrow it. In other words it makes sense that in the short run. That's a smart move right. It's the path of least resistance. It's a move that requires much less friction but is there a possibility or is there any reason that you can envision an advisor might outgrow. Let's say the finance model or the first clearing model over time and she just wants they're already independent to another level more independent but for the next logical step would be to launch an ria so we will be there to catch that if and when that's the desire of the independent operator on the ria side. I don't think the liberal world because we're open architecture and we allow for multi custodians so that really doesn't mean out ride. You may choose as you develop new business and a or succession planning that. Business may be on another platform. And that's okay with us. So i don't think anyone river outgrow our platform. They may just turn into a larger organization that uses multi custodians. You know we think that because of our lending capabilities and the direct nature of the relationship we have with wells fargo that those families that have lending needs that were likely to be custodian of choice for network families right and so you mentioned john that you've had sixteen wins in twenty twenty or to date in the are a channel. Were they all from the wells private client group or had any of them come from the outside. They've all been internal in whether it's been at a private client or or w. b. s. They've all been internal and we began efforts late last year in working in to external markets. Where we're at the wells market leaders in southern california and in the washington dc area so we are open for business. Twenty four seven as i like to say across the country. But we've been again. We've been methodical internal rate and now we are beginning here in twenty twenty one to have external conversations and you can imagine. There's a lot of that happening. Just naturally by us being in the market race but as we begin to upskill are market leaders across the united states. The external.
"wells fargo" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
"And personality and when you connect dead level that regardless in which country you are motto people. You have to deal with if you connect will level the cultural the cultural differences are still there but they fall away because you connect on that level that is has no color of skin it has no gender it has no has no religion. It's just that energy and up berson -ality that defines you that he finds me and i've learned that on that level of connection you can create anything then last least shared objectives and shared values. Bring your long long way. So it doesn't matter that you're difference from backgrounds. You connect on that level that i just said like soul level robin will- instrumental level. And on if you have shared values champions bowls or shared objectives. You can take the troops with you to whatever the destination will be. Yeah very interesting. Thank you for that Yours is such a large organization. Wells fargo is and at its heart. It information is really kind of the the coin of the realm information data You know all that you do for your clients Both commercial as well as Consumers and i wonder if you could talk a little bit about Some aspects of your current strategy some of the things that are currently on the roadmap. That team are working on. Yep that's a. That's a great question. Peter strategies is basically something. That'd be together last year. When i started in this role. Ba i ask ourselves what is good looking like for a technology group and b basically defying two roles that a technology team needs to play very well. The first role is what you could call. The defensive role is the trusted role. And this is all about making sure that the bland ruins things go. The second role is offensive role. And this is what we goal the business enabling role where it's more about how you decrease risk for the bank of you maximize revenue out. You get that our return.
"wells fargo" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
"Welcome to technically. It's great to speak with you today. Either pleasure is mine will solve a begin with your your role. You are the head of technology at wells fargo and company. And maybe you can take a moment and describe your purview to do soviet beater. And it's my pleasure to have -nology for wells fargo basically and deals all suffer albins the ideal predations infrastructuring clouds enablement Shoppers security and all types of staff reductions down the veto death from the us and india mainly with a smaller primus that behalf in emea in uk we have forty thousands technologists be run the kind of nine billion budgets which is a public number. So i can share view and some people ask me to question. Wiser title had of technology and Global cio or something that you would normally expect for these type of physicians. When i came here i had that same question was very simple answer like the cio and cto already given two layers and levels below me so you will be going to handle technology For me it's not important. You know the title role is how you x. on that role and the responsibility that you have saul you are as you mentioned earlier of of dutch heritage and you are someone who has worked in many different countries based now in the us But but based in many different countries across your career. And i'm curious your own perspectives on the different cultures cut different cultures company to company. Even if they're across the street from each other largely populated by people that live in the same same city You have a cognizant of the differences of culture company to company but also Country to country. Talk a little bit about how you think about Think about that in your own your own work life and maybe some insights of of the the the experience the advantage of having seen so many different kinds of cultures. And maybe the how that might make you a bit more malleable in your own approach As you join a new company and you'd be there that.