Thread regarding Wells Fargo & Co. layoffs

I joined WF from a non-bank company in 2019. The first thing, I noticed was how laid back and incompetent some of the manager and team members are. On top of that, the work from anywhere policy makes it even harder to get in sink with other team member and not to forget about the communication issues.

I am a big believer in collaboration and I think the whole idea of bring TMs under one roof is a great idea. So I hope our CEO either makes NC / NYC / DE as one of the HQ, this will raise the bar by a great margin.

Next, if you want this company to the next JPM you need to innovate or have folks you have that mindset. So I hope CEO get rids of those folks who are just sitting and enjoying paystubs and asking the TM to manage projects themself and at the end of day make PPT for him/her.

Lastly, instead of layoffs, I hope CEO thinks about reducing the 1000s of physical offices we have and which importantly are empty.

I would rate him 7/8.

https://www.wellsfargo.com/about/corporate/governance/contact/

Does anyone know if there’s a suggestion box email address where one can communicate to HR or ER or the like with the suggestion of a team that could be eliminated or have their compensation reduced? I know of a team which performs very duplicative work of another less compensated team.

Agreed. He’s cleaned out the top half, now they’ll work through the middle, and finally onto the peons. The place will be gutted of any slackers and we’ll be ready to take on JPM. Let’s Go!!!!

I would give myself a 10 — now get back to work!

I would say CEO is so far doing a good job of cleaning up this place. It takes time.

@zmb and fkf 100% agree.. not sure if easier to see this perspective as I came from a different bank a few years ago. The issues were apparent since day one. I can’t say I wasn’t warned. Was told things move slower here. But didn’t realize just how slow and horrible. Every day is extremely frustrating as most leaders/management are incompetent. He’s doing a great job has to drain swamp and making necessary changes to move bank forward. There is a long way to go and not sure if I want to be here to witness the growing pains but I think in a few years things will be much improved

so true @fkf

Blame Kovacevich, Stumpf, Tolstedt, and their middle mgmt cronies that led to this situation

10

Fire them all

Don’t you think we should rate him on a curve?

Let's be honest, we know the idea where everyone meets and beats expectations is horseshit. Loans aren't getting repaid by anyone right now, and the company is bleeding. There's a lot of fat that should have been cut long before Charlie came along.

I’d rate him an 8 or 9. I’d like to see much more diversity in the ranks of the leaders he’s hired, but I am delighted and relieved he’s gotten rid of the old WF leaders who couldn’t lead their way out of a paper bag. By and large I’ve been impressed with the team he’s hired and how they’re not putting up with BS. The bank has been saddled for years with too many people doing far too little, with no strategy, imagination or drive. He’s eliminating business lines, closing antiquated branches and doing a lot that should have been done ten years ago. He’s still got a steep hill to climb but it’s the most va optimistic I’ve felt since I joined the bank. Maybe by the time he’s done it will no longer be embarrassing to admit you’ve worked here.

What has he really done so far? Put his cronies in high-paid positions, and started putting the mechanisms in place to offload masses of people without blowback.

It would be nice if had ideas and goals beyond cutting expenses by cutting jobs, but he doesn’t.

Did anybody think he would?

@fkf. Don’t disagree with your points. Issue I have is forced rankings and some will not deserve the “2” and now no severance. Can’t pay someone making 50k whose been here 5 years 10 weeks of severance to pay your bills???? Perhaps their mortgage and credit card is with us. But hey. As long as he quickly drives up the stock price to pad his pockets. That’s what it is all about

Scharf is doing the right thing for the company and the shareholders. I understand why many feel he is doing a poor job by laying off many team members but it is in the bank's best long term interest. The prior leadership did not do this bank any favors. All of this current unpleasant situation was born out of the 2015 retail sales scandal. Scharf had nothing to do with that. Blame Kovacevich, Stumpf, Tolstedt, and their middle mgmt cronies that led to this situation.

The problem with the bank now is the asset cap. If, over the last 5 years, we were able to raise total assets by 10-20% and have a $2.2-2.5 trillion balance sheet, we would not be talking about layoffs because our expense base would be in line for a bank of our size. Again, Scharf had nothing to do with prior mistakes.

He is just the bad guy that needs to save the day and figure out how to streamline the entire operation given the micro and macro environment we are in. Unfortunately, expense cuts is the only way to do that right now.

I see many folks bash the review process. I have been here for 15 years and everyone I speak to has always gotten a 4 or 5 rating. The review system has always been a joke. I am glad he is forcing middle management to rate team members on a curve. This will eliminate favoritism and nepotism, which has been reigning supreme forever at WFC.

After so much time on the job and then go into awe shucks, I’m still learning (for 32 million dollars you gotta know already)
Rating 5