It's still one of the best when it comes to managing credit risk. And it is still one of the most efficient banks in the country. So, unless any other shoes dropped, this really didn't fundamentally alter the fact that Wells Fargo is still one of the most profitable banks in the country. That's just a drop in the bucket compared to how much it earns. But all the regulatory fines and the things that Wells Fargo has to do are pretty minimal, when you consider that this is a bank that earns $5.5 billion per quarter. And for a while there, and I guess this is all transpiring very quickly, because it was just revealed last week that it had defrauded all these customers from 2011 to 2015, and they paid a fine. One of the questions, thinking about Wells Fargo and all the issues that they're having right now, from an investor's perspective, the question is whether or not this changes the investment thesis on a stock. This is a huge shift from what they used to be like, right, John? Maxfield: That's right. They're dropping what they call "product sales goals" by January 1st, and they've told people to stop selling for the time being, as well. Say you going to deposit a check, they're like, "Oh, but do you need a home mortgage today?" Or whatever it is they try to sell you. In case you don't remember, cross-selling is Wells Fargo's practice of offering customers products every time they come into the store. They said they're going to curb cross-selling. Let's start with an update with what's going on with Wells Fargo, as of about an hour ago.
QUICKEN 2016 UPDATE FROM WELLS FARGO NOT WORKING HOW TO
We've gotten a couple emails from members about how to pick a good bank if you're a consumer. We thought we'd give you a little update on Wells Fargo, and then we thought we'd answer a question that's been wandering around The Motley Fool's discussion boards.
Obviously, last week, we spent a long time talking about Wells Fargo and the mess they're in.
This week is a continuation of last week. Don't listen to any of the other podcasts from here on out until November. I promise not to mention the forbidden topic any more in front of you. Lapera: (laughs) Sometimes my boyfriend thinks I am, but I'm not. Maxfield: Oh my gosh! Are you a lawyer? (laughs)
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