This is Richard Kovacevich who called just now.

It was the CEO of Wells Fargo who was in contact with Abel throughout the entire transaction.

It must be mentioned that Richard Kovacevich was not the CEO of Wells Fargo two years ago.

At that time he was the CEO of a company called Norwest Bank.

&In December 2008, he broke with his usual practice.

Acquired Wells Fargo Bank with assets of US$93 billion for US$35 billion.

However, Richard Kovacevich only paid a 9% premium over Wells Fargo's market capitalization to complete the acquisition.

This is very rare in daily large-scale commercial acquisitions.

It was a very successful acquisition.

Compare this to Richard Kovacevich's trade.

Not long ago, there was a deal of similar size in the international banking industry.

That was Credit Suisse First Boston, which acquired Fleet Boston Bank.

In comparison, the latter paid a 40% premium for this.

If you buy something that costs 100 yuan, give it 109 yuan or 140 yuan.

I believe everyone can understand the difference here.

After the merger, Wells Fargo became one of the largest banks in the United States.

For two years, Richard Kovacevich ran it very well.

Taking the mobile phone, Abel dialed.

The phone didn't ring twice and the call was answered quickly.

"Mr. Smith?

"It's me. How's the morning? It's already noon, Mr. Kovacevitch."

"Hahahaha~ Good afternoon. Besides, I think it would be more wonderful if you could call me Richard!"

"Okay, then Richard. But Richard, you can also just call me Abel."

"Understood, Abel."

On the other side of the phone, Richard Kovacevich seemed very enthusiastic.

They wanted to build a relationship from the very beginning, but before this transaction, the two of them had not even spoken once.

This is normal.

Although Smith Capital likes to disperse funds among major banks when operating capital.

But this kind of dispersion also has some preferences.

Some banks have a good relationship with Smith Capital, such as the four major investment banks - this is really no joke. Smith Capital has indeed had the best relationship with these four banks since its establishment.

This may also be the reason why these four investment banks pay great attention to Smith Capital's actions every time.

For the four major investment banks, Smith Capital provides commissions and interest quickly and stably.

This is their best quality big account template!

If they have ten clients like Smith Capital a year.

Then their annual profits are estimated to double from the current level.

Among these banks, Wells Fargo is a financial group that does not have close ties with Smith Capital.

In the banking industry, Smith Capital, which likes short-term and fast operations and has a large transaction volume every month, has always been the most popular company.

Because this can provide them, the intermediaries and guarantee providers, with more interest and commission income.

Smith Capital has always been generous.

In other words, cooperation with Smith Capital in this area can bring huge commissions.

Wells Fargo, which had no personal relationship with Abel before, took advantage of this opportunity.

Richard Kovacevich obviously wanted to get closer to Abel.

This will help Abel choose a middleman and guarantee company in the future.

You can work more with Wells Fargo Bank.

As the saying goes, everything is for profit.

"Abel, as per your request, we have started to close your account since last night."

Richard Kovacevich was on the other side of the phone and said with a pity:

"Total floating profit initially was $1.156 billion."

"But you asked to close the position too quickly, and we had to give up some floating profits. Eventually, a profit retracement occurred. Your actual profit is currently US$690 million."

What the Wells Fargo CEO was talking about was the long U.S. dollar trade that Abel had started four days ago.

After 10 o'clock last night, he contacted the other party and began to close the position.

Because those giants who were shorting the U.S. dollar realized that the general trend was irreversible.

One after another chose to cut off their profits and exited the market with a loss of hundreds of millions.

According to Richard Kovacevich's idea at the time, if the closing speed could be slowed down a little.

Higher profits were guaranteed at that time.

But Abel refused and asked Wells Fargo and Citibank to close their positions as quickly as possible.

This caused the originally beautiful Fu Ying to shrink by more than half.

This is something that often happens in foreign exchange and futures transactions with a little carelessness.

This is the call now from Richard Kovacevich.

It was to tell Abel the final status of the investment that Abel had planned for three days.

"It's already pretty good. Richard, I've never been greedy.

"The profit of US$690 million is already very high," Abel said with a smile.

Earning US$690 million from a single investment is not common in the capital market.

He, a talented person, always uses high leverage like a gambler.

Only with high risks can high returns be so exaggerated.

If you switch to a normal investment manager, you will need at least 10 to 20 billion US dollars in principal.

It is possible to earn so much money in two or three days.

And they can't guarantee guaranteed profits, rather than guaranteed losses.

"Haha~ Okay." Richard Kovacevich laughed there.

"Well Abel, I'm on a plane heading to New York now. I'll get off the plane in an hour."

"Can you please reward me then? I would like to treat you to a meal to celebrate your profit from your investment this time!"

"Ah? I'm really sorry about that. I'm in Los Angeles now."

"Well" Richard Kovacevich wanted to say, weren't you still in New York in the middle of the night?

But if you think about it carefully, it only takes about six to five hours to fly from New York to Los Angeles.

Besides, businessmen of their level.

It is normal to fly all over the United States.

Richard Kovacevich said regretfully: "Well, that's a shame."

"It's a bit of a pity." Abel said with a smile:

"By the way, Richard. Help me return the funds in my mortgage account to Wells Fargo. For the specific commissions and interest, you can just write me another bill."

Richard Kovacevitch said immediately:

"Ah? So fast? Abel, I can give you another 50% discount on the previous interest."

"You don't need to repay this loan right away. You can use this loan to make more money."

"I believe that with your ability, this is not a difficult task."

The financial industry or banking industry is like this.

For successful businessmen, they are eager to lend as much as possible to each other.

The interest is also as cheap as possible, and some are close to interest-free.

Even for such businessmen, sometimes they don't need a loan at all.

And those businessmen who are in urgent need of funds and need loans.
To be continued...