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Banking, Real Estate

“Wells Fargo CFO talks shedding real estate, cutting more staff”

“Wells Fargo & Co. sees more opportunity to trim expenses by unloading more real estate and cutting additional employees, Chief Financial Officer Mike Santomassimo told investors.

“We continue to believe we’ve got a lot more to do to make the company as efficient as it should be,” Santomassimo told those attending the Barclays Global Financial Services Conference Tuesday. He noted that Wells (NYSE: WFC) has cut almost 40,000 jobs over the last couple of years, lowering headcount every quarter since the third quarter of 2020…”

https://www.bizjournals.com/sanfrancisco/news/2023/09/12/wells-fargo-cfo-talks-shedding-more-real-estate-an.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh 

What everyone needs to watch out for is banks and shadow banks buying large amounts of property after a huge crash. Their losses will be like peanuts if they buy land for pennies on the dollar after a major crash in real estate.

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