Wells Fargo is at it again

[The beef 675] [I'm an image] “Now that it knows how the system works, how long until Wells Fargo starts scamming the SBA?” - Jeff Hey there carnivores, Markets were mixed on Thursday, but big tech sent the Nasdaq up. Shocker. And today we’re talking about Wells Fargo’s newest dilemma. Keep raging, Jeff & Jason [Image] [I'm an image] Surprised it took so long It’s been a while, but Wells Fargo is back in the news. And, what do you know, it’s not for something good. It turns out, the bad boys of banking are preparing to cut [tens of thousands]( of its 260k employees. The official number hasn’t been disclosed just yet. One of the largest US banks is feeling the squeeze from coronavirus compounded by a cap on its balance sheet, which it was handed as punishment after creating fake accounts for clients back in 2016. So don’t feel too bad... Part of the speculation on job reductions stems from the fact that analysts are braced for Wells to post its first quarterly loss since 2009 on its earnings call next week. In that meeting, it will also announce how much it will be [cutting dividends](. If you’re still riding with Wells Fargo, maybe you deserve those dividend cuts. On the news, WF shares dropped 1.7%. They’re down 55% on the year. Yes, that's for real. Backup plan Wells Fargo won’t give up that easily though. So how does it plan to make money? Jacking the requirements on jumbo mortgages. Jumbo mortgages, those too big to be sold to Freddie Mac or Fannie Mae, have experienced insanely low rates as of late, due to the market declines since COVID kicked off. So, now, if you want a jumbo loan from Wells Fargo, you'll need to pony up combined balances of at least $1M, up from the $250k most other major banks require. The bottom line... On the bright side, Wells Fargo is giving back. The bank announced that it was donating the [$400M]( it generated by processing PPP loans for "small" businesses through its Open for Business Fund. Through June 30th, the bank had processed more than 179k loans for the little guys and racked up more than $400M in fees. Wells Fargo’s Open for Business Fund will support small businesses through 2022. What nice guys. It's probably worth noting that JPMorgan and Bank of America are also donating the revenue they brought in. [Image] [Alternate text]( [Are You In?]( [I'm an image] ☑️ THIS IS SPARTA(N Energy)! Spartan Energy [rose 37% yesterday]( after it appeared atop the leaderboard to acquire EV maker Fisker. The blank check company is bidding against other special-purpose acquisition companies (SPACs) to acquire Fisker and bring it to the public market, in a deal worth roughly $2B. So much for ‘blank check’. The reverse-merger route to market was the same that EV maker Nikola took last month when it spun off of VectorIQ Acquisition. NKLA is up 446% YTD. ☑️ Bulletproof. Robinhood [has installed bulletproof glass]( (allegedly) at HQ after traders who have lost a few bucks on the app kept showing up. They do know their lost money isn’t kept there… right? The go-to broker of every twenty year old with twenty bucks from grandma has been in the news quite a bit lately. Retail investors have flocked to the app to live out their day trading fantasies. Plus a young trader killed himself last month after seeing a negative $700k balance in his account due to an unsettled options trade. The company has since announced changes and improved communications surrounding complex trades. ☑️ Suits. Cryptocurrency exchange Bitfinex is staring down the barrel of a lawsuit brought by New York state [after it lost an appeal]( related to allegations that it hid client losses. The exchange argued that the state had no authority over the case, but New York’s appellate court seemed to disagree. Allegedly, Bitfinex lost $850M, which it claims was deposited by Crypto Capital Corp. and seized by the governments of various countries. It then, allegedly, of course, used funds from its sister-entity Tether to cover up the massive $850M hole in its ledger. ☑️ It gets better. Jobless claims totaled 1.314M last week, which is a decrease of almost 100k from the week earlier. Alright, progress. This claims total also falls under economist's projections of 1.39M. Suck it, nerds. Continuing claims also fell, dropping 698k from the week prior to land at 18.06M. And while this sounds well and good, it’s worth noting that this is the fifteenth week in a row that initial claims eclipsed 1M. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website,application or other service ("Services"), please review our full disclaimer located at [(disclaimer. 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