The more things change, the more they stay the same.
Wells Fargo is moving the customers it inherited from legacy Wachovia over to the full-fledged Wells accounts. Wells has always believed in selling mulitple products to each customer. In this 2010 presentation made to the Sloan School of Business at MIT, Wells claims to have sold an average of 6.47 products to each banking customer.
Still, the speed at which Wells has utilized my new status as a Wells customer is surprising. I got my first sales call this morning. What's even more surprising is what kinds of products they are offering.
It is easy to confuse subprime for a description of a borrower, when really, the term should describe a product. A loan is subprime. A person is not subprime.
It must be that it also easy to forget what happened in 2008. At least, Wells must have forgotten. Judging from a phone call that I got today, there must be some kind of amnesia spreading throughout San Francisco.
Wells is pushing interest-only adjustable rate home equity loans.