JohnniePhenom

Wells Fargo: Being Bearish Paid Today

I recently had the opportunity to be offered a position with Wells Fargo. Through the recruitment and interviewing process I was very interested in learning how they planned to be profitable in such an environment, and thus what the positives and future potential of taking the position with the company would be. No one would want to be hired into a failing company. What they could tell me is that basically they were more conservative and protective with the subprime lending they took part in. with WFC you didn't see massive surges in profits like with other banks, and you (until recently) haven't seen a great decrease in their value. With the aquisition of Wachovia they've increased they're business footprint and will be able to off a more diversified portfolio of products and services to existing and potential clients. I see JPM, BAC, and WFC emerging as some of, if not the best, banks when we come out of the other side of this crisis. Maybe w/ WFC my opinion is some what biased by my new association w/ the company, but I wouldn't have seeked employment w/ them if I did not see them emerging on top of the banking industry at the end of all of this...down the road people will look back and see that certain financial companies were among the best investments at the bottom IMHO