Live from the Wells Fargo 2023 Black Business Leaders Summit
Nov 7, 2023
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Kristy Fercho and T.D. Jakes discuss building inclusive communities and disruptive thinking. Ruth Jacks and Wole Coaxum emphasize technology and innovation as strategic business imperatives. Jon Weiss and Danielle Squires discuss expectations of the Black Business Leaders Summit. Nicole Elam and Todd McDonald explore Minority Depository Institutions. Mark Romig shares his thoughts on visiting New Orleans. George Young breaks down the markets and investing.
The Wells Fargo 2023 Black Business Leaders Summit aims to drive positive outcomes for diverse communities by fostering connections and partnerships.
In the banking industry, building meaningful connections among diverse leaders and organizations is crucial for success.
Wells Fargo aims to ensure the impact of the summit extends beyond the event itself by creating collaborations and partnerships that expand access to financial services.
Wells Fargo recognizes the importance of diversity within its own organization and strives to create an inclusive environment to better serve diverse clients and communities.
Deep dives
The importance of the Black Business Leader Summit
Wells Fargo recently hosted its inaugural Black Business Leader Summit, bringing together over 150 senior executives from the Black community. The summit aims to foster connections, build relationships, and facilitate partnerships that can drive positive outcomes for diverse clients and communities. The focus is on creating access to capital markets and expanding opportunities for underbanked and underserved communities. The goal is to facilitate collaboration among industry leaders and promote meaningful action in achieving racial equity and economic justice.
The significance of relationships and trust in banking
Within the banking industry, relationships, trust, and collaboration play crucial roles in driving success. Building meaningful connections among diverse leaders and organizations is a key focus for Wells Fargo. The summit serves as a platform for networking, learning, and fostering strong relationships that can lead to future business opportunities. It brings together participants from various industries, including financial institutions, consumer and retail, and nonprofits, encouraging collaboration and the sharing of ideas and strategies to address banking needs in underserved communities.
Expanding the impact beyond the summit
Wells Fargo aims to ensure that the impact of the summit extends beyond the event itself. The focus is on actionable results and concrete outcomes that positively impact diverse communities. One measure of success is the formation of new collaborations, partnerships, and joint ventures sparked by the summit. These relationships can lead to expanded access to capital, financing, and other financial services. By leveraging the diverse expertise and resources of multiple organizations, Wells Fargo aims to maximize positive outcomes and create a long-lasting impact in underbanked and underserved communities.
Diversity within Wells Fargo and the pursuit of inclusivity
Wells Fargo recognizes the importance of fostering diversity within its own organization and ensuring that it reflects the diversity of its client base and the broader society. The bank strives to create an inclusive environment that values diverse perspectives and contributions. By promoting diversity of thought and interaction among its employees, Wells Fargo aims to fuel innovation, drive business growth, and better serve diverse clients and communities. The bank acknowledges that developing a diverse pipeline of talent, including diverse leadership, is essential in achieving racial equity and economic justice.
Market Rally and Small Cap Opportunities
The S&P 500 has seen a significant rally in the past week, with some sectors and stocks outperforming others. While the S&P 500 as a whole is up about 14.2% year-to-date, the gains have been concentrated in a small number of stocks, with the other majority of stocks only up around 2%. This rotation in the market presents opportunities for small and mid-cap stocks, which have been relatively overlooked. While there may be short-term concerns and challenges, the long-term prospects for small caps remain positive, especially in the US domestic market. It is important for investors to be patient and diversify their portfolios for the best outcomes.
The Rebound in Small Caps and the US Economy
The recent rebound in small caps can be seen as an indicator of the broader US economy. Small companies are starting to rebuild their inventories, which is a positive sign for economic growth. Investing in small cap stocks provides exposure to the US domestic economy, which has its own set of rules, accounting principles, and regulatory oversight that are often seen as more favorable for investors. While there may be short-term challenges and uncertainties, the evaluation metrics and long-term prospects for small caps in the US economy remain favorable.
Opportunity in Specific Small Cap Stocks
One interesting small cap stock to consider is Adelis, a company operating in the Permian Basin in West Texas. Adelis supplies sand for fracking operations, and they have developed an innovative conveyor belt system called Dune Express that improves the efficiency and cost-effectiveness of sand transportation. Adelis is well-positioned to benefit from the ongoing fracking activities in the Permian Basin. Another advantage is that the founder, who owns a majority stake in the company, has a long-term vision and is not looking to sell out. Overall, investing in specific small cap stocks provides opportunities for growth and long-term returns.
Kristy Fercho, Head of Diverse Segments, Representation and Inclusion at Wells Fargo and T.D. Jakes, Chairman of the T.D. Jakes Group, discuss the goals on building inclusive communities, disruptive thinking and investment banking. Ruth Jacks, Head of Diverse Segments for Commercial Banking at Wells Fargo and Wole Coaxum, Founder & CEO of Mobility Capital Finance, talk about embracing technology and innovation as strategic business imperatives. Jon Weiss, CEO of Wells Fargo Corporate & Investment Banking and Danielle Squires, Head of Diverse Segments for CIB, discuss expectations of the Wells Fargo 2023 Black Business Leaders Summit. Nicole Elam, President & CEO of National Bankers Association and Todd McDonald, President of Liberty Bank, talk about Minority Depository Institutions: Capitalizing on Evolving Market Opportunities. Mark Romig, Senior Vice President and Chief Marketing Officer at New Orleans & Company, shares his thoughts on visiting the Big Easy. George Young, Partner and Portfolio Manager at Villere and Co, breaks down the markets and investing. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.
