BusinessQuotes

Old standards at Goldman/Weinberg

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  • Goldman would not back gambling companies, because they were thought to provide no benefit to society.

  • — Old standards at Goldman/Weinberg
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Who knew there was poetry in banking? Anyone who thought U.S. banking giant Wells Fargo was running its business based on conventional business approaches, or tedious algorithmic analysis, should think again. Apparently, it's all about the rhymes. On Thursday, Chairman and Chief Executive John Stumpf illuminated Wells's goal to sell an average of eight products to each of its retail banking customers. "The reason we picked eight: It rhymes with great," he explained at an investor conference sponsored by Citigroup Global Markets in New York. And, yes, you guessed it, he was loath to settle for a lowly number in single digits: "If we could have found something to rhyme with 10, we would have picked 10." Homework for shareholders: Find a rhyme and Wells's profits will climb. Maybe

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