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Wells Fargo & Company Message Board

  • reality_2000 reality_2000 Jan 6, 1998 8:25 PM Flag

    Wells performs below competitive group f

    Whoopee, Wells up 25% for 1997...that would make it just about on a par with the S&P 500, but well below most other super-regionals such as Norwest, Keycorp and Mellon.

    Forecast for next year??? More lost deposits and write-offs on consumer debt. Hazen to take early retirement with a $45MM parachute. Wells to make $1 billion committment to providing credit to transvestites. Commie_hunter to sell in July...use cash to create memorial statue to Roy Cohn (the last great Commie hunter this country has known).

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    • I agree with you, we should keep this board as info about WFB/WFC, most of you should know that WFC is not planning on
      spliting in the near future. They want to keep the common stock price at these levels or even higher. Does that mean that the common
      Joe can't buy shares of WFC, no it does not, it just means that you will not be able to buy as many shares as someone like
      Warren Buffet, so your profit will not be as much, so it is your choice to decide if you want to invest in a stock that is in the
      $335 range or other stocks that maybe much lower, keeping the stock at this level is the decission of the Borad of Directors.
      This my be good and it may not be good depends on how you look at it. But I for one would like to see this board kept as
      information about the company and the stock, I do know that there are folks out there that have had problems in banking and their
      dealing with WFB, and I do feel that these were isolated incedients, I do know for a fact that the First Interstate Bank did not
      want to be acquired by WFB and that the conversions that took place after the buyout were terrible, I am sure that WFB learned a
      valuable lesson from these conversions and that in future buyouts they will go much smother. If not then I stand corrected, they did
      not learn their lesson, but for now it is my opinion that you will not see WFB trying to acquire any addition banks.

    • C'mon guys, this is getting ridiculous. I know that there are some folks on this thing who are actually serious with
      inquiries as to the business going's on at WFB. To make the board a personal insult grafitti board is not only bordering on childish
      immaturity, it is nearing the point of being irritating. If you really wish to continue your personal agendas of seeing who can insult
      the other with the 'best shots' try using your own internet mail addresses and have at it there and leave this section to those
      who wish to be informed, not deformed. thank you.

    • I'm sure that the acquired were not the only employees to have a difficult time. Wouldn't you agree?

      I agree, Wells has made improvements in recent months. I hope that the customers who left return someday.

    • Tex - thanks and I know who signs my paycheck - the customers I work for and the company I bust my hiney every day for.

      My apologies to all on this message board. I sincerely hope that none of you have to go through an acquisition - it is not a pleasant experience for any of the 'acquired' employees or the customers.

      As I said earlier - I am an owner and an employee. WFB has and is making great srides to improve customer service and response. I would entreat you all to hang in there with 'us' - even the old F.I. people might enjoy a ride on the stagecoach some day!

    • "Former FI" employees should look at who signs their paycheck.

    • Just to clarify a some issues for you, and not being done in a malicious manner so cool down.
      1. I have met senior managment at Wells (from shareholder meetings mainly) and their plan was to retain as many "FI" managers as possible, but so many left when they saw the golden parachute that they were left to scramble. Hey! just be happy you're not working for Barnett in FL.
      2. All I said was that the people I had to deal with when I opened by business in AZ was that the "FI" people I had to deal
      with put on a very technologically backward "we-do everything-by-hand" attitude that I am not comfortable with. Your tellers lost
      my loan payments and your managers told me that their ATM routinely forgets to give out money. So no matter however
      sophisticated you were with your systems, you put on a guise that was distinctly status-quo. Shame on me for not trusting 1st Interstate
      more, but shame on 1st Interstate for not giving me any reason to trust them.
      3. I concur with your managment comments. You are on the money. Hazen spoke at the Phx. Art Museum in Oct and I was impressed by someone so forthcoming.
      4. I thought you were all Wells Fargo & Company employees (and had been for almost 2 years now). IS there still a reason to ennumerate yourself as a "former FI" employee. My cousin works @ WFB in CA and never refers to herself as a 'former FI emloyee.' Are you not proud of the Wells name? You should be. My branch manager does the same thing. I think I would take offense if one of my employees referred to themselves as a "ex-" anything. They work for me now.

      But as I said, I'm just giving you a customer/shareholder point of view. Don't be angry, I like Wells and they will be awesome in AZ very soon. :-).

    • PSSG?

    • I've been watching these messages for some time now and have to take exception to one item. Bill mentioned FI's 'backward'
      systems. As a former FI (and current Wells) systems person I take strong exception to that statement. F.I had just spent millions to
      make the checking, general ledger and loan systems the best in the business. Wells came in and trashed everything (and everyone
      who knew these systems) and put in antiquated replacements that they knew. Case in point - Visa check cards. F.I. had just put
      in a common checkiong account (DDA) system that offered Visa check cards to ALL their customers. The 'new' Wells DDA system did
      not , and until recently could not offer that same, basic capability.

      Second point - F.I. had talented, knowledgeable and experienced systems and operations staff. With few exceptions (me being one) they let everyone go, much to the delight of the laid off employees (you would be too if you received a 2 year payout of salary and benefits, wouldn't you?).

      WFB had and still has much better front-end, Internet and Electronic Banking systems - no argument there. The DDA, commercial loan, trade finance and wire system at WFB are old and the cause of a number of problems on a regular basis. WFB is now forced due to Y2000 limitations on a number of these systems to look at upgrades / replacements.

      Don't blame the F.I. folks, systems or customers for merger related problems. The result of dumping systems, operations
      support staff and resources to get the merger done quickly AND to meet unrealistic promises made to analysts caused the problems -
      we've been trying to recuperate ever since. I will say that the Bank has made great strides in the last 6 months and I have a new
      respect for the management, Mr. Hazen specfically. I am an owner as well as an employee - I hope I and the rest of my former F.I.
      colleagues can continue to bring our old fashioned, customer service driven attitudes to WFB and make it a great bank going forward.

    • Yeah, I am not greatly keen on internet security yet. They used to have a similar program for conumer banking (Wells Fargo Online) when I lived in CA, but now they do it through the Quicken network (very secure, I've heard). Anyway, the web site is good for info, at least.
      As far as insurance, I only know that they are a licensed issuer (called Wells Fargo Insurance Services). I've never called
      them since my best friend from college works for New England Insurance & Investment, but I'd ask your contact in the business
      division, or your branch manager. They do have SEP and Keough IRA accounts for business, and if you elect the mutual fund option, the
      funds are jointly managed by WFB and Barclay's Bank. I think they also did a cooperative agreement with Dean Witter recently, but
      I believe it's limited to private banking trusts, things like that.
      As far s the stock buyback, I'd guess it's done to keep the value high and prevent dilution of the share pools, and I know they have a big employee stock plan whic doesn't require round lot purchases, so they need extra shares for that.

    • Thanks for all the information.

      One thing about Business Gateway that I like. It is NOT an internet service. It is a direct dial into Wells Fargo. I like this because of my concern over internet security and I do not have the contention issues that internet sometimes causes.

      You mentioned small business and Terry Dial. I think the bank needs more products and services. So, I could easily imagine some sort of vertical alliance or partnership with an investment bank to distribute products????

      I did not know Wells Fargo sells insurance? Is it the normal life stuff or is there something for small businesses like us? Overhead insurance?

      I am unclear why Wells Fargo buys back their stock. I could understand that if their goal was to ultimately become a private company. But there has to be much better ways of using your equity... No?

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