I am so so truly sorry for all of you at WF. C.
Scharf is a fake, self centered, nasty opportunistic individual with no emotional intelligence and no capacity to respect individuals. He is so fake that he looks young in pics but that is also fake as when you see him you.... will understand. The same unfortunately applies to his professional capabilities, things appear good but the reality is a very different thing! Wait till you see it!
He will destroy whatever good is left in WF and in his honest and hardworking mployees, and guess what? He will not finish any of the things he will start... and he will think he is above everything and everyone... ah, he will certainly hire the son or the son-in-law of some other "significant banker" and have him reporting to him directly, finally, he will appoint a teenager head of strategy that knows about the last financial crisis only through the books at Uni.
I strongly advise anyone with some sense at WF that has options elsewhere to expedite an exit strategy!
5 replies (most recent on top)
Wells is following the Merrill Lynch tradition. It’s easy to be a Wall Street darling bank when you’re basically a dishonest boiler room sales operation. When you can’t make sales numbers honestly people are incented to create new accounts. In a dishonest culture everyone knows that the numbers are unrealistically good but look the other way as they pocket their bonuses and quietly move on. This happened at Merrill for 30 years and they were in the middle of 3 banking meltdowns.
Wells’ ultimate future is as a brand under B of A or another large retail bank expanding nationally. Scharf can actually get you there quickly.
Scharf accepted the job after turning it down initially – not enough $$ and wouldn't move to SF. WF got desperate. Came knockin' again – offered him 40% more than his last salary and increased to comp package to $23 million (much more than Stump and Sloan rec'd, at around $19 and $18 million, respectively)... AND told him he could be based out of NY. (Hey, WF employees – that means more staff cuts are coming to offset his blowout package! Lucky you!)
WF is ruined. How far it's fallen in such a short period of time...from a stock market, banking darling (golden child) to begging on the Street (Wall Street) for everything including a new "leader". Thanks execs for destroying what so many employees worked hard to create. Unfathomable incompetence.
Final irony: Sharf will eliminate telecommuting at WF (a la rearranging deck chairs on the Titanic), yet he is the ultimate beneficiary of telecommuting, running an SF-based corporation from NY.
What a cluster. I'm sure Scharf and Saul will be having drinks in NY soon, if they havent already. Borh cut from same narcissistic, slash-and-burn cloth. Are we entertained yet, Saul? NO!
Uhhh, he looks like he’s in his 50s youngster.
He doesnt look young at all but like someone in his 50s. He was given the job because nobody wanted it.
(((Scharf)))