LOL:
Wells chief executive John Stumpf said it was the bank’s practice to examine financial innovations.
“We have made enormous investments as a company and as an industry in a payments system that is secure, and we need to be sure we are up to speed with what other things are going on and their risks and rewards,” he said.
So basically we don't want to fund a future competitor to us! lol
"But we are going to have to do it quickly because it looks like we were caught with our pants down..."