Thread regarding Wells Fargo & Co. layoffs

What friends has Charlie Scharf brought on?

So true!!
“All the “cost centers” work against each other trying to pass expenses off on each other, blaming problems on each other rather than working together to develop a solution ”.

Put the crack pipe down!

For some reason, the press has not picked up on the contractor reduced hours (20%). Two stories here:
1) The bank is NOT following Charlie's promise that cost reductions would not delay solving compliance issue. It's an outright lie.
2) This will hurt the bottom line of all the staffing firms that do business with Wells Fargo.

I also thought that the real plan is to chop WF and sell off the pieces

OP makes some good points here. I don’t think Wells Fargo is definitely going down, but I wouldn’t say it’s out of the realm of reality either.

There are a plenty of events taking place right out in the open that shareholders should be paying attention to. After Wachovia went belly up, we looked back and thought there were plenty of signs but we couldn’t see the forest for the trees. There are plenty of stories of large cap financial firms who went out of business seemingly overnight due the to greed and mismanagement of their leaders.

I view Charlie Scharf as a second -to-last, possibly even a last ditch effort to turn the Titanic around. Our previous Captains fell asleep at the wheel and we have already hit the iceberg. The Board is trying to justify their existence by hiring Chainsaw to lighten the weight of the ship. In a poorly executed plan, he is tossing 25% of the people in to the icy waters while reciting the story that it must be done to save the other 75%. Unfortunately, Charlie himself weighs so much that an additional 500 people are going to have to walk the plank. Sadly, 75% of us are still going to be trying to survive a damaged ship with gashes in the hull. And no one has figured how to keep this ship afloat without scamming on our customers.

Charlie isn’t known for being an innovative leader who will inspire and engage the employees and grow a healthy business. He is the Chainsaw. He knows how to cut chop shrink recede and starve. All the while enriching himself heartily.

Sounds to me like your checklist is a plan to get WFC back on track.

It's funny you mention it but Wells Fargo leaders are the ones who created and pushed these things that got the organization in trouble. Almost all legacy WF / Norwest

@pae:

One would think that the world problems you point out as being more important would have made you more kind....

Put yourself in the shoes of a customer (retail, commercial and institutional/wholesale) and ask yourself the question “If you had an alternative would you still do business with Wells Fargo in 2021”?

The company is dying and clients know that.

@aam: just sharing my experience with the Wachovians/Wells Fargons, which is the exact opposite but equally bad. Our leaders have meetings that exclude any one who might disagree with a decision they want to push forward.

At my old firm, I would have been harshly criticized for calling a meeting in which a department who would be impacted by a decision was not represented. Here, they purposely exclude knowledgeable people who they think might present opposing data or opinions. The end result is half-assed decisions, projects that waste everyone’s time before they figure out it was wrong from the start, system changes that literally take us backwards.

OLD FIRM: Departments worked together for the common good of the company and the customer. Leaders were expected to be the Subject Matter Experts for the departments they managed.

WELLS FARGO: Many departments are managed by Golden Boys who don’t even know the basics. All the “cost centers” work against each other trying to pass expenses off on each other, blaming problems on each other rather than working together to develop a solution for the good of the whole, leaders care more about promoting themselves in the short-term rather than making a decision that is best for the business long-term.
Some brain surgeon in a department somewhere will present an idea that makes him/her personally look like a superstar to some leader for supposedly saving Wells money; they shove it through and then every other department is negatively impacted and it actually costs the company more money in the end but in a different area of expense. Happens all day every day.

you can always tell an ex-Wachovia head, they love to set up meetings with tons of people and talk in circles and accomplish nothing.

Wachovia acquisition was the worst decision in the history of this bank. in 12 years, Wachovia did WF really good.

@OP+16P0NpN6, is a nut job!

Must be thinking all the time about a job when you should be spending time with family. There are bigger worries in the world right now, we are in a worldwide pandemic and things not looking good. Fed is printing trillions of dollars a day. Most countries in economic disaster. People around the world starting to death.

Wells isn't going out of business. Don't be absurd.

The other things? Yeah, pretty much. When costs go unchecked and you're limited on growth, drastic measures are needed. Need to start with many of those two downs from Saul too. Oh, and DMI while you're at it.

@OP, truth.