Wells Fargo Steps Back

Motley Fool Hidden Gems Investing

The Motley Fool

Business, Investing

4.3 • 3.1K Ratings

🗓️ 11 January 2023

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

What does it say when a market leader steps back from….leading? (0:21) Asit Sharma discusses: - Wells Fargo, once the biggest player in mortgages, announces it is making a strategic shift - The role that the current state of housing plays in Wells Fargo's decision - Our brand new podcast, Stock Advisor Roundtable (10:15) Tim Beyers and Tim White take a closer look at "key person risk". Motley Fool premium members, click here to link your Motley Fool membership to a Spotify account and begin listening to this exclusive new podcast! And if you're not a member, you can get a preview of the show and learn how to get access here on Spotify! Stocks discussed: WFC, CRM, SFIX, GOOG, GOOGL Host: Chris Hill Guest: Asit Sharma, Tim Beyers, Tim White Producer: Ricky Mulvey Engineers: Rick Engdahl, Tim Sparks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We've got big news from a big bank and we've got big news about a brand new podcast.
0:10.4	Notting full money starts now.
0:12.9	I'm Chris Hill joining me today, Motley Full Senior Analyst, Asa Charma.
0:19.6	Thanks so much for being here.
0:21.0	Chris, as always, thank you for having me.
0:24.3	Once upon a time, Wells Fargo was the biggest player in home mortgages and today we get the
0:30.2	news that Wells Fargo is stepping back from the mortgage market.
0:36.0	The bank says that they will focus on home loans for existing bank and wealth management
0:40.2	customers.
0:42.8	Here's immediately where my brain went when I saw this news, Asa, because I have a tendency
0:48.7	correctly or incorrectly to look at the housing market as having more and closer ripple
0:58.3	effects than other industries.
1:00.4	So when I saw this news, I asked the question, does this say more about Wells Fargo or the
1:08.2	housing market?
1:09.8	What do you think?
1:10.8	I think it's 60, 40, Chris.
1:13.4	I think this is 60% Wells Fargo and 40% the housing market, but that's a big number.
1:19.6	If 40% could be attributed to the external environment.
1:24.6	This is a company that used to pride itself on being the biggest, baddest mortgage player
1:30.7	in the market.
1:31.7	As you point out, at one time it was the very biggest in home mortgages in the US.
1:40.3	But over time, I think the board came to realize that biggest isn't always the best, especially
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