ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Interesting development. More signs of an impending financial correction? I sure don't know but I am giving some thought of taking some of my remarkable gains off the table and hang out on the side lines for a bit as it seems kinda frothy out there.
https://www.cnbc.com/2021/07/08/wel...wn-all-personal-line-of-credit-accounts-.html
https://www.cnbc.com/2021/07/08/wel...wn-all-personal-line-of-credit-accounts-.html
“Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said.
Wells Fargo CEO Charles Scharf has been forced to make difficult decisions during the coronavirus pandemic, offloading assets and deposits and stepping back from some products because of limitations imposed by the Federal Reserve. In 2018, the Fed barred Wells Fargo from growing its balance sheet until it fixes compliance shortcomings revealed by the bank’s fake accounts scandal.