Whether due to the collapse of its “reputable” public image following a relentless barrage of client scandals, the Fed’s recent historic crackdown on the company due to its culture of fraud, or simply because the US housing market has sharply rolled over, last quarter we showed that Wells Fargo reported the worst set of mortgage numbers since the financial crisis, with both Mortgage Applications…
… and Mortgage Originations tumbling to levels not seen in a decade.
And since for Wells Fargo, the one-time largest mortgage lender in the US until it was overtaken by Quicken Loans, the housing business has always been its bread and butter, we asked how long the bank would be able to last without engaging in mass, across the board, layoffs.
The answer: roughly over 4 months.