Wells Fargo - Investment Thesis

1. Scale in Banking

Wells Fargo's 10,000+ branches create a scale advantage in consumer banking.

2. Cross-Selling Model

Wells built a business around selling multiple products per customer — banking, mortgages, brokerage.

3. Habit and Switching Costs

Consumers rarely change primary banks. Moving direct deposit, auto-pays, and relationships is painful.

4. Geographic Concentration

Particularly strong in the western US and Texas, with deep community roots.

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