Charlie just didn’t generate results in his two years at BNY.
11 replies (most recent on top)
What we're seeing at Wells and every other corporation is the people at the top are not very bright.
The recent tuition scandals explain one big contributor to the problem.
For decades, wealthy people have been paying for their not very bright kids to get into good schools.
From there, with a diploma from a prestigious school, frat connections, and even better, wealthy parents and friends of parents in C suits and boards, they get executive level jobs.
I've had the misfortune, in most cases, of getting to know a dozen or so CEO's. You will never meet a more entitled, ruthless, and clueless group of people.
Wells is not going to get any better for customers or employees under the new guy.
Actually he slashed plenty of headcount at BNYM only to hire a bunch overpriced McKinsey consultants and ex-JPM strategist types. The man knew how to cut but was clueless when it came to actually growing the business. Ended up creating plenty of misery, revenues are declining in most businesses, and not as much expense reductions as you would think because of all the expensive headcount he added.
Wells announced they would lay off 10% of the company over three years in September 2018. It was never a really good place to work - just ask the people who were pressured to open fake accounts.
But that’s when things went from bad to miserable.
Yea I see that attrition by misery here, I think this has been here from before he started . Must already be part of the banking culture.
What percentage will be lay- off in nov and dec? Also what departments ?
Which groups are getting canned next ? What type of packages are there
Where is he cutting jobs which areas of the bank? How many jobs in total will be cut?
"It’s not that hard to cut people and sell off parts of the business. That will be the easy part of his job. Bringing Wells into the 21st century will be harder."
Co-sign.
It’s not that hard to cut people and sell off parts of the business. That will be the easy part of his job. Bringing Wells into the 21st century will be harder.
OK, Charlie just didn’t generate profitable earnings results in his two years at BNY but he did generate large expense cuts through layoffs and encouraging attrition by misery.
He has shown that he knows how to slash headcount, which is job 1.
We're actually more interested in layoffs than stock performance, thank you.