Wells Fargo Bank & its Fading Annual Report Titles.
Wells Fargo slashed its dividend today. The company's old problems are in new management hands. By their own report and comments, they have a lot of work to do. This will take a long time. Longer still, if interest rates remain ultra low and the yield curve ultra flat...forever.
Just look at the progression of Wells Fargo annual report titles. By the 2019 issue, even the marketing department had run out of ideas.
Wells Fargo Annual Report Titles:
2014 "Culture Counts"
2015 "Earning Lifelong Relationships"
2016 "Our Commitment"
2017 "Rebuilding Trust"
2018 "Our road ahead"
2019 "Wells Fargo"
2020 To-be-determined (Mid-year Dividend Cut)
Wells Fargo is a bank turnaround challenge for the ages, touching all areas of the company from strategy to execution. Too little revenue, supported by really high internal costs and WAY too many "outside professional services." This is right up there with the Deutsche Bank remake in Germany. Watch them both.
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