Wells Fargo Cross-Sell, Senator Elizabeth Warren And Unstructured Financial Data

0
Wells Fargo Cross-Sell, Senator Elizabeth Warren And Unstructured Financial Data

On August 31, 2017, Wells Fargo (WFC) announced it completed an expanded third-party review of retail bank accounts which increased the number of potentially unauthorized consumer and small business accounts to 3.5 million from 2.1 million. In addition, an additional 528,000 accounts had potentially unauthorized online bill pay enrollments.

Get Our Activist Investing Case Study!

Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below!

Also read:

  • Fund of funds Business Keeps Dying
  • Baupost Letter Points To Concern Over Risk Parity, Systematic Strategies During Crisis
  • AI Hedge Fund Robots Beating Their Human Masters

Nearly a year ago on September 20, 2016, WFC CEO, John Stumpf, testified in front of the Senate Banking Committee regarding the “cross-selling” scandal which also cost 5,300 employees their jobs. WFC never provided the “cross-sell” metric in a table format in public filings, and as a result the data cannot be derived from legacy financial research platforms.

Li Lu And Greenwald On Competitive Advantages And Value Investing

Li LuIn April, Li Lu and Bruce Greenwald took part in a discussion at the 13th Annual Columbia China Business Conference. The value investor and professor discussed multiple topics, including the value investing philosophy and the qualities Li looks for when evaluating potential investments. Q3 2021 hedge fund letters, conferences and more How Value Investing Has Read More

During the hearing, Senator Elizabeth Warren highlighted:

  • The word “cross-sell” appeared in every transcript from 2012 through 2014.
  • Stumpf first mentioned “cross-sell” in 2010 AR, highlighting he picked the target 8. He picked the target 8 because it rhymed with great.
  • The correlation between the WFC stock price and the number of times “cross-sell” was mentioned.
  • All 12 printed transcripts were submitted as evidence.

Using Sentieo’s Document Search for “cross-sell,” we found the following:

WFC not only used “cross-sell” on every transcript between 2012-2014, but also:

Using Sentieo’s Plotter data visualization tool, we plotted WFC’s use of “cross-sell” vs. WFC Stock Price between September 2007 and September 2017 :

Wells Fargo Elizabeth Warren

Dear Senator Warren, and anyone else, please feel free to contact us for additional information.

Article by Sentieo

Updated on

As former hedge fund analysts, we are very familiar with the challenge of digging through an inhuman amount of information to find that one key data point that makes or breaks your investment thesis. With new datasets appearing daily, your job as an investor continues to grow more challenging and complex. This is why we built Sentieo. Sentieo is a financial data platform underpinned by the latest search technology. We overlay search, collaboration and automation on key aspects of an analyst's workflow so that you can spend less time searching and more time analyzing. Don’t take our word for it. We would love nothing more than to show you what we have built.
Previous article AAPL Stock Price Target Upped As Analysts Debate iPhone Price Elasticity
Next article In 10 Years, Your State May Well Be In The Same Place Where Puerto Rico Is

No posts to display