Phil Grossfield's Blog


Wells Fargo Exits Wholesale – FAQ; Friday the 13th

My Schedule…and No Extra:  Wells Fargo Exits Wholesale – What?!?!!!?!!  Wow!  Even though wholesale only represented about 5% of WF’s business, it was still a big chunk of the wholesale industry.  All day yesterday I received emails and phone calls from you asking me what I thought about the news.  Do I think it’s bad for our industry?  Yes, I do think it’s bad for our industry because whenever a major player like WF exits it scares everyone and why shouldn’t it scare you…AND, it’s Friday the 13thDo I think it will hurt my business at Interbank?  No, it will actually help my business, at least in the short-run because Wells was a competitor of mine.  Does Well’s exit negatively affect Interbank?  Absolutely not…not even in the slightest little itty bitty bit…to us it’s a non-event.  FYI, here’s a link to Wells Fargo’s announcement and here’s a link to a Bloomberg Article.  Let me know your thoughts…. |||  Does Friday the 13th scare you?  When I was a kid that movie freaked me out to the max.  I got so scared I slept under my sister’s bed for days, maybe weeks…I can’t remember because I blocked it out.  Even a TV commercial would scare the daylights out of me.  To this day I can’t watch those movies or commercials.  Even as I got older and went to overnight camp by a lake or vacations to the Boundary Waters Canoe Area (BWCA) that movie would creep into my head.  There is always a time when I had to off into the woods by myself, or walk home alone when it was getting dark, or friends wanted to do something in the middle of the night…BAM!  That creepy music would stick in my head.  Ugh!  Another movie that scared the living daylight out of me was the Ten Commandments with Charleton Heston.  Man, the power of G-d scared me to no end…I remember the feeling of watching it and then having to go to my room to go to bed…ALONE!  No way man!  I tell ya, that spot under my sister’s bed was verrrrrry comfortable.  |||  Tomorrow is my 11th Wedding Anniversary!

My Market Watch:  Rates are a little better than yesterday.  It’s a slow day with not much to report.  Bonds are performing a little worse from this morning’s start but nothing impactful at this point.  Disclaimer

My Schedule:  Today is a busy day.  Tomorrow is my 11th Wedding Anniversary and I have some last minute things that need to be taken care of….like a haircut.  Also, I have two appointments today.  I’ll do my best to reply to you in a timely manner but please be patient with replies….  Thanks!!

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