The new CEO Charlie Scharf has a 'blank slate" at Wells Fargo. A time to start a new. Forget the past and move forward to the future. Charlie will surely be understanding that the remaining internal Wells Fargo employees that run the company do NOT want to be relocated to a few "hub locations". He will learn to understand that the Wells Fargo employees are dispersed around the USA, and other countries, and still very effectively work well together, whether in an office or working remotely, to keep the company running efficiently. Best of luck to the new CEO. Give him a chance for a new beginning and help him learn what the Wells Fargo productive, successful, honest, trustworthy employees are doing to keep the company in operation.
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charlie scharf working from home
Will he do the same like he did as BNY Mellon and create a toxic atmosphere? I suspect it will be more of the same: close locations, minimize or ban working from home, introduce a minimum quota on below expectation performance, quarterly layoffs of people over 45 and people who have a BE rating, hire his friends (who will have no clue), positions moving to low cost locations, no more private offices... Good luck - you will need it!
- He knows that the board couldn’t find anyone else.
He will not come to learn or understand anything about how WF works. He walks in with the thought that this structure and these people are not getting the job done to deliver value to the shareholders. He is a disruptor. After a short observation time at the beginning, he will make it clear that times are changing and you can either go with the change or you can go. It will be interesting to see if his line in remote work changes given his NY location but he is huge on face to face collaboration. Look at your org chart. However many layers of management you have, it will be too many. Look for consolidation to at least 9 reports per manager. Many managers will leave, to be replaced by his minions from JPM. Their focus will be on replacing people with technology and there will always be too many people. Branch footprint strategy is not something he had to deal with at BNYM but anything back office related will be gutted.
By all means, give him a chance to see what happens but it’s naive to think that he will fall into your current status quo. He’s coming in because he is NOT your status quo. Because he is willing to disrupt it. And he knows that the board couldn’t done anyone else. That, my friends, gives him more power than he’s ever had before to show the street that he’s been right and smarter than everyone else all along.
I suggest you go through what has happened at BNY Mellon under his 'guidance', as it is going to be what is coming for Wells Fargo. Little hint: It is going to be very bad...and very messy.
How cute. Now take your BE and go away.