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I had done business with Wells for years but not on a retail bank branch basis. (We have none in New England.) I took it on faith that WEB ( and others) knew what they were talking about in terms of the competitive advantage of such low interest costs and how they got that moat on the cross sell.

In other parts of banking, the cross sell is a talking point that was largely a myth for presentations.

Dick Kovacevich was a great CEO and he also added to the brand for me until passing the baton to Stumpf.

When the scandal hit, I had to do my own investigating.

I ended up selling the WFC and bought more JPM which I also had a relationship with.

In my personal life, I fish off shore for recreation. There are some hilarious Xtranormal videos on how obsessed many fisherman become. Like lots of great comedy, they are a very true parody of real life

I stumbled across these and they are not funny...but I felt they were probably accurate in terms of what is was like to work at a WFC branch. There was lots more to do, but these youtube Xtranormal cartoons created in 2012, 2011 and 2010 were particularly damning. In this cross selling abuse case, Warren and Charlie were not fishing where the fish were. Where was the competitive advantage going to come from in the future and how many years would it take to repair/restore the WFC brand?

https://www.youtube.com/watch?v=87J0hk9lJ3U
https://www.youtube.com/watch?v=wg30eSvVtKA
https://www.youtube.com/watch?v=MLqMoRDiAGM
https://www.youtube.com/watch?v=hLN9qPbodFk
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