Just curious - What has been Charlie's impact at Wells Fargo thus far? Is there a sense of direction regarding where he is taking the company? Are others within the organization buying into his leadership? Would you say that Wells Fargo has a more optimistic or less optimistic future with Charlie as CEO? Does Charlie have what it takes to put the fake accounts scandal in the past and to move on? Are jobs at Wells Fargo more secure or less secure with Charlie as CEO?
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Inherited? I’m sure the guy came in with a very fat comp plan in place. Easy enough to jettison when he has “done his job”
The only thing putting the scandals behind us is the $3 Billion fine we are paying to move on....Charlie and half of JP Morgan are not going to lead us out of this...sorry, folks.
Wells had a reputation for being a very, very well run business.
That was all PR, and anyone not in a coma for the last three years knows this.
Totally untrue. Wells was NOT the only bank who acted as if their sh– didn’t stink and wanted nothing of the Tarp money. Wells needed it badly. Facts matter.
Hey C.J., run get me a latte will ya...
i don’t think the toxic work environment is being fixed but it’s been reshaped. the aggressive metrics that were in place to promote unethical behavior are still there but now they are meant to make employees leave. long gone are the days of work life balance at wells fargo. the expectation is to work employees 50+ hours a week with no regard to family or announce your job is being relocated with no pay increase or money for relocation. if that forces 5 employees out and the enterprise decides to only replace 3 that’s a 40% lay-off without actually laying folks off. i tell my peers hold on if they can but these next few years will be rocky
In my marketing group everyone is just whistling past the graveyard, carrying on with business as usual, and hoping Charlie never gets around to noticing we exist.
Still bringing in contractors, still running ads for new positions, still working from home, still running out at 4:45 to catch the train.
No difference at all.
It’s kinda like “come meet the new boss, same as the old boss” to me. Now if he gets the assets cap lifted I’ll be more excited about him. Once the assets cap is lifted we can start growing again and “fingers crossed” stop with all the cuts and layoffs talk.
Re: innocent bystanders vs. culprits. Sorry, but there are receipts. There are email trails, messages to regulators, complaints filed and names named. WF knows which accounts are fake, and/or suspected to be fake and who opened them. There are audit trails everywhere. I disagree that people with more than 5 years tenure are somehow guilty of something, and I have been here under 5 years. There are plenty of people who never did anything wrong, and do an awesome job with many years tenure. The tone comes from the top, and the top has pretty much been changed across the board.
I think there are a lot of people in Wells Fargo right now - especially those with 5+ years of experience - who believe that Charlie will last only 6 months more until he throws in the towel. Actually, he is not going to leave for a long time. First, the Board and the investors (like Buffett) needs him more badly than he needs Wells. Secondly, he already has done what his predecessor could not: show some gravitas and courage to signal that the worst offenders are going to be removed if they are still here. Unfortunately he cannot tell who is the real culprit versus an innocent bystander . So, the simplest thing to do is to go after anyone with a tenure that extends beyond say 5 years and whose performance is so-so. Which is basically people like the majority of the readers of this thread. Don’t come after me - I am merely telling it like it is.
They said that the QA managers will be eliminated. That would be in technology. So QA staff is being cut.
He has been very clear and consistent in his statements to shareholders and in internal communications. His mandate is to cut expenses and resolve regulatory issues. That is it. Anyone who thinks he is doing anything else isn’t listening to the words coming directly from him.
Believe it when Finance peeps say he needs to cut 70000 jobs. Probably half of that could be achieved in 6 months by cutting bloated and overlapping middle management.
Look at BNY Mellons past and performance history and you’ll get an idea.. It’s widely known in Finance that he wants to reduce headcount to under 200,000 employees. 70000 less than we have. This is well beyond fake account scandal. This is beyond 5300 people who were terminated. This is about an arrogance that goes back to the crisis of 2008. Wells was the only bank who acted as if their sh– didn’t stink and wanted nothing of the Tarp money. They came in and bought Wachovia for blood money.. All looking and thinking as if they were the most ethical institution in the planet. Fast Forward over a decade later, we see they were anything but. You couldn’t refer to branches as branches but they were “ stores”. It will take anywhere from 5-10 years to get this company on the right track .
He inherited a very difficult situation and I believe changing the culture starts with throwing at least a few of predecessors in prison. He should support that.
OP sounds like a reporter or something. Annoying.
To previous poster please define "oldie".
He is doing fine . Got the settlement done. Getting rid of the bad boys from the past. If you are an oldie , you better watch out. Charlie boy is coming to get ya!