Is Wells Fargo a Buy at Current Prices?
T = Trends for a Stock’s Movement
Wells Fargo is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth, Brokerage, and Retirement. The company provides retail, commercial, and corporate banking services through banking stores and offices, the Internet, and other distribution channels to individuals, businesses, and institutions around the world. Wells Fargo also provides wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing, and venture capital investment.
Wells Fargo will cut 29,000 jobs in its mortgage sector, according to people familiar with the matter, and that number could grow as fewer people choose to refinance due to high interest rates. That number accounts for about 20 percent of Wells Fargo’s mortgage loan officers. A spokeswoman from the company told Bloomberg that Wells Fargo gave those employees a 60-day notice yesterday and is making efforts to give displaced employees other jobs within the company.