Morning Brew Daily Wells Fargo Can Grow Again & Google Sounds Alarm on Salesforce Hackers
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Jun 5, 2025 Wells Fargo is on the rebound after overcoming years of regulatory challenges. Meanwhile, automakers face turmoil as China halts crucial rare earth magnets for production. A cybersecurity alert reveals hackers impersonating IT workers to access Salesforce data for extortion. In a lighter note, Scottsdale, Arizona is becoming the fastest-growing millionaire hub, while attitudes toward cannabis usage among the elderly are shifting. Plus, discover the quirks of Sherwin-Williams' 'loneliest hue' and its marketing challenges.
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Wells Fargo's Long Asset Cap Penalty
- Wells Fargo's asset cap penalty was the harshest ever, limiting its growth for over seven years.
- The bank missed out on massive deposit growth and market opportunities during this period.
China's Rare Earth Magnet Control
- China controls over 90% of rare earth magnet supply, halting exports and threatening global auto production.
- Automakers must consider inefficient workarounds, including building engines in China, contrary to U.S. reshoring efforts.
Hackers Exploit Voice Phishing Tactics
- Hackers use voice phishing, impersonating IT to access Salesforce data across US and UK companies.
- These attacks exploit human weaknesses rather than software flaws, causing major e-commerce disruptions.