Discussion....
39 replies (most recent on top)
Scharf is an a-hole with no plan. He had none at Visa just like he had no clue at BNYM. Better brace for impact people
Studdering stan... "uh uh uh..."
The purpose of a town hall is not to share information.
He really gave no info that I could not read online . Guess we just have to see what happens.
Years ago, before Wells Fargo acquired Wachovia, the Charlotte based bankers would tend to keep switching their employment between Bank of America and Wachovia. Bank of American and Wachovia would "share" their employees amongst themselves. They even had a SAS User Group meeting where the employees of both Bank of American and Wachovia would attend together, with their "common" employers and "common" work colleagues. That comradery got phased out when Wells Fargo took over Wachovia bank. Now Bank of American and Wells Fargo are in competition with each other.
I didn't watch for very long – but my (limited) impression was that he wasn't a great speaker.
let me guess....he said "if you don't like change you will like irrelevance even less"
???
I really liked most of the Bank of America Managers and employees that I worked with there over many years. They were very fine people, highly educated, graduating from ivy league colleges, etc.,, less a few. Funny I ran into some former Bank of America employees that I worked with when I was a contractor at Bank of America while they were internal employees. We ended up in the same Wells Fargo department, I was and still am an internal Wells Fargo employee in that department. Some of those former Bank of America co-workers were internal Wells Fargo employees while one of them was then a contractor at Wells Fargo. They have all just disappeared from employment by the Wells Fargo department. Not sure what happened with those former Bank of America co-workers except that they are all gone now.
When I was an internal employee, Assistant VP, at Bank of America there were so many meetings all day long that there was barely time to get your required work done. You were often expected to stay there in the office until way past your due time to go, having arrived for work at 8:30 and getting called into meetings that lasted until around 8 PM. Never mind if you had a very long commute. At one job I had at Bank of America, as a contractor, they announced that the bank was laying off 30,000 employees, and they did. Another contractor job, forced to work many hours of overtime while still being paid for 40 hours only. People told me Bank of America would tell them they were hired for a new internal job position, then a few days prior to the start date, Bank of America would inform them that that position had been eliminated and the planned job was no longer available. Etc. Wells Fargo is WAY more kind and caring than Bank of America to it's employees.
To -2scz, I agree that Wells used to be a good place to work.
Now we're seeing bad decisions made by upper management trickling down to the people who do the real work (corporate as well, not customer facing) and a "panic mode" effect.
The retail side of Wells screwed up so much the entire company is trying to change things just to say we are.
Not all departments at Wells committed crimes, but we're all paying a price while Stumpf and the rest enjoy scotch and cigars down at the country club.
We used to ride out the bad times because they didn't last, but it's been bad times for a couple of years or more.
CEO town halls and company wide emails with pictures of all the execs (Wells management loves to pat themselves on the back in public) aren't helping.
Stopping poorly thought out changes that add risk would be better.
To the curious BAC person - it depends on what you're looking for. I left BAC several years ago for WF, before the scandal broke. I'm speaking specifically of corporate roles, not customer facing. I have found that WF expects much less of individual employees than BAC, and most of the people who complain that there job is too much at WF are low talent and low skill. A lot of people stay for 20 years and get promoted into jobs they do not have the training or ability to perform. Heck, Stumpf started as a teller - thats not unusual for this company.
Most of the people I worked with at BAC were very smart, highly educated and very talented even if the politics could be ugly (like everywhere) and it was much more competitive and cutthroat (nine box rankings and all that). At WF, if you're talented and efficient, you can work halftime and still look better than your peers who have been there forever. Unlike at BAC, the bottom 10% is never cut and they do layoffs based on who knows what. If you want to coast, and WFH for maybe another 18 months this is the place for you. Otherwise, just no.
If you have a job don’t leave it to go to Wells Fargo. Hold out for a company that isn’t known for cheating it’s customers.
Unless you’re really, really good at being fake and don’t care if you can be proud of the place you work you won’t be happy there.
Just a curious bystander from BAC. We’ve seen so many leave to join WF and was thinking of doing the same. Appears to be equally messed up. Just saying be happy you didn’t get Cathy that be a real chit show!
He may start off arrogant and c—y, cutting people off, laughing at his own jokes, disconnected, impersonal cold and unapproachable but that’s only initial nervousness. He’ll warm up soon enough to launch into rambling disassociated Town Hall tirades. Plan to bring popcorn.
HOW desperate was the board that they raised CEO pay by 40%, and agreed to let him live across the country from headquarters?
I worked at a company with headquarters in one state and the people doing the actual work in another.
It was a tech company.
It was a mess. The corporate folks would dream up ideas for us to implement without ever asking up front if it was possible or what it would cost to develop and support. This created mistrust between the two locations, some of which was happily played up by competing exec's in either location.
It's insanely stupid to have your management separate from your business regardless of his resume.
I do not have a good feeling about Chuck but then I haven't had a good feeling about working at WF for the last few years.
He was so arrogant and c—y. Cut people off and laughed at his own jokes that weren’t even funny. He seemed very disconnected and impersonal no matter how hard he tried to be otherwise. Cold and unapproachable.. He will fit in just great 👍
Guy is a useless mouthpiece with no unique ideas. Par for the course at Wells Fraudgo.
Please start in EIS... We are loaded up with dead wood.
This guy is an average nobody, just like every other WF executive, who has the job because of spewing garbage.
Here is the only thing that matters - CLEAN HOUSE. Not just executives, but the lifers who have "fluff" jobs (~1/4 of the company) which contribute nothing.
I never do the surveys any more. No response IS a response.
I'm in marketing. Last time they did a survey so many people blew it off JM had a meltdown on an all team call.
That was fun.
You are right!!! I guess I mean what is the point of us actually answering survey. So bogus. No matter the results, they will always make it sound positive and generalize on the “we need to do some work on”. Instead of just saying it like it is. Just another bogus forum to say “we are listening”. Listening but not hearing or reacting.
The point is they can say they did a survey because they care about their team members.
The results don't matter. Only the process matters.
I once had a manager who admitted that to my face. That person is still here.
They are so embarrassed of the results of the surveys no one can see the real results except the ceo and those right under him. What’s the point?
For the tens of thousands who couldn’t live stream, don’t waste your time on playback. Same old same old. Just a different face. Upfront honest. Yeah. Heard that before too.
No Wells Fargo CEO or upper manager has ever disseminated pertinent information at a town hall or all-team call. That's not the purpose. The purpose is to make it APPEAR as if management cares about communication. They are all the same. A little personal info to warm things up - Stumpf used to mention that he was one of 13 children raised down on the farm in every. single. town. hall - a little cheerleading, maybe some financial info that's already out, the latest marketing campaign, some team member recognition (anniversaries and such, nothing important), and on to Q & A. Of course if anyone has the temerity to ask a hard question they are chastised for it later. But in CEO town halls that's not a problem because questions are vetted and planted in advance. If you've been to one you've been to all of them.
Didn’t get on till the Q&A. He didn’t answer a single question. He literally avoided every question I saw. Maybe I missed something great during his speech. But what I had to look at left me disappointed.
He used the be more direct with each other, etc. playbook at BNYN too. He has no special insights into the WF culture and he certainly can’t take it when someone gives him feedback.
It's clear he has marching orders from the Board to clean up the regulatory mess. I doubt very much else matters.
He's also quickly picked up on the very problematic cultural issue at WF where senior leaders don't want to hear the truth and try very hard not to tell the truth, but instead hide behind niceness and "high level overviews". Its probably positive that this won't fly anymore.
Honestly though, he should have been able to answer the question about technology with at least one example.
survey doesnt mean sh*t. people do not participate because it falls on deaf ears. there is no accountability for anyone or anything at this place.
Location strategy? Where have I heard that before?
people ask some stupid questions.
More direct with each other? Wow.. That will never fly here. People are so darn sensitive here with empty thank yous
The stream is down. Will have to watch the replay.
LOCATION STRATEGY!! Must be nice. Guess who's gonna pay for him to ferry about NY and SanFran?????
"He will also be allowed to keep his primary residence in New York instead of relocating to San Francisco, where Wells Fargo is headquartered"
https://markets.businessinsider.com/news/stocks/new-wells-fargo-ceo-charles-scharf-40-percent-pay-hike-2019-9-1028560283
Why WF? Seriously? He had 23 million reasons to come here and was not exactly k–ling it at BNY.
Wells Fargo bumped their new CEO's salary 40% — to $23 million — to convince him to join (WFC)
https://markets.businessinsider.com/news/stocks/new-wells-fargo-ceo-charles-scharf-40-percent-pay-hike-2019-9-1028560283
I dont give a c-ap about his personal life. I want to know how he is going to fix this place.
Is this a WF cultural thing? First place I've ever been where senior leaders spill out their personal lives and stories. Very west coast, touchy feely. Barf.
Would be nice if live stream actually worked right...sigh. Guess I'll be watching the replay.