Wells Fargo Can Grow Again & Google Sounds Alarm on Salesforce Hackers
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What is the Wells Fargo asset cap and why was it lifted?
Then hackers have been using a sophisticated voice phishing operation to steal customer data from retail companies. It's Thursday, June 5th. Let's ride.
Happy Switch 2 release day. Nintendo's highly anticipated follow-up to its best-selling Switch console hit websites and stores around the world at midnight. And if you do not have one in your hands right now, you might be out of luck. Walmart, GameStop, and BJ's have apparently sold out of their inventory, at least online, but they and Target say they'll have limited stock in physical stores. Over in Japan, the frenzy is even bigger. About 2.2 million people in that country alone entered a lottery system to secure a pre-order, and that was after imposing rules like you needed to log 50 hours of gameplay on the Switch to even participate. Toby, find someone who looks like you the way Nintendo fans look at the Switch, too.
They are coming out in droves for this thing. A Verge writer who lives in a town with a population of just 65,000 people documented his experience waiting in line to get his Switch. Nintendo Switch, and he said his local Best Buy had a line 400 people deep before the Switch even came out. That is some crazy demand. Nintendo expects to sell 15 million units in one year, but you might want to take the over on that. It's great news for electronics retailers, too, like BJ's, like Walmart, like Best Buy. It's their Super Bowl. They're having all these people come out in droves if the Every eight years. And now a word from our sponsor, LinkedIn ads. All right, Neil, quiz time. What's the difference between an ad that gets ignored and one that drives results? Better creative. That's part of it. But the other part is who the audience is. You can have the best creative in the world, but if you're barking up the wrong tree, you're not going to see any conversions.
That is where LinkedIn comes in. With 130 million decision makers and 10 million C-level execs, all part of LinkedIn's one billion member network, you have a lot of trees to bark up.
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It strips down guesswork so you can get higher return on ad spend and cut out annoying advertising waste. Save those vocal cords.
Don't bark up the wrong tree. And go to LinkedIn.com slash MBD to learn more. That's LinkedIn.com slash MBD. After more than seven years on the Federal Reserve's naughty list, Wells Fargo is finally free. Starting this week, the Fed lifted its asset restrictions on the bank, ending a rare and long-running penalty that had stunted its ability to expand and cost the bank an estimated $39 billion in profits. This saga dates back to 2015 when Wells Fargo was the belle of the banking world. Its rise to become the country's most viable bank was fueled by a high-pressure sales culture where compensation was tied to revenue goals. But aggressive sales targets ultimately incentivized employees to open around 3.5 million fake or unauthorized customer accounts from 2009 to 2016.
What followed was an unprecedented tidal wave of regulatory crackdowns, the harshest being the Fed-imposed asset cap that barred the bank from growing its balance sheet beyond $2 trillion dollars, until it was able to clean up its act. It took a while, but Wells Fargo has gotten its act together under a new CEO, Charlie Scharf, earning the Fed's blessing to get back to business as usual.
What challenges does Wells Fargo face in regaining its reputation?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, after seven years of sleeping in the garage, Wells Fargo gets invited back into the house.
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Chapters
8 chapters
1
What is the Wells Fargo asset cap and why was it lifted?
0:44–12:54
2
How are automakers responding to the rare earth minerals shortage?
12:54
3
What recent hacking threats have been reported by Google?
2:53–20:54
4
How are retailers affected by cyber attacks?
20:54
5
What are the implications of the Salesforce hacking incident?
2:53–4:12
6
What numbers did Neal share about cannabis among the elderly?
4:12
7
What challenges does Wells Fargo face in regaining its reputation?
0:35–15:10
8
What might be the future of manufacturing in the auto industry?
15:10–30:19
Speakers
4 identifiedMore from Morning Brew Daily
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