Transparent Charlie

He has openly communicated that he is direct and transparent. He gets to the point with no emotion. Well if you are transparent why go through the motions or hire people without announcements. Why would those you hire not update their online profiles?

Start with your plan,including who you are bringing in and why they will be an asset. I'm sure you feel the players add value but the manner in that you are doing your business looks like a branch bank deceptive sales practice. All middle aged white guys except the family friend major competitors son in law.
Next share your plan dont waste time with smoking mirrors. Tell the team you are there to drive the value of the stock and solidify a good foundation for future strength. While doing this there will be people and business changes. You cant highlight those immediately as to not cause mass panic but changes are coming.
When we are done we will be stronger, more profitable and have a good risk foundation. The plan is to do this over the next XX months. People need a beginning and end. So having a solid plan sharing what you can and an end date gives people a feeling of knowing when the storm will pass.

If you did this you would be respected, they actions and behaviors you are demonstrating are a disgrace to wells and to your brand. By flat out just telling it how it is and what's gonna happen will cause people to leave and trim overhead and not have to pay severance which is your ultimate goal. basically the same thing you are doing with your "forced relocation strategy " which is nothing more than a disguise to upend people's lives, get them to quit, avoid severance and drive up stock price which is a huge part of your compensation package"

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“Getting to know you, getting to know all about you”.....

Wells is still in the early Charlie days, and it does get worse.

Hey @5ria+13JE1RAP, that stuff about giving bad reviews to have a ready pool of people to lay off is straight outta' Jack Welch's playbook.

I have no direct knowledge that Wells is doing this, but it is a tactic used at most big corporations.

Get rid of the underperforming 10 percent.

This is probably fine for a sales team, but there are people in the bottom 10 percent of every company doing the things that enable the top 10 percent, and upper management doesn't know who's doing what work.

You add risk.

Wells is big enough to survive losing some good people here and there, but the added work for the survivors (my team has already been told we're about to get piled) destroys moral, productivity goes down, and good people find other jobs.

It's an artificial process for trimming staff.

Hi, former employee of BNY Mellon here. Charlie Shart did the exact same thing at BNY before abruptly leaving for Wells Fargo with a 1 week notice.

Also, he implemented policies requiring managers to give "below expectations" reviews to a fixed percentage of the work force to limit the bonuses paid and to have a viable pool of folks to lay off if the bank had to suddenly cut, let's say, $100 million in expenses in a year. Sounds like he's doing pretty much the same thing there.

Good luck and have fun with Chuck. He's a real piece of sh!t.

People who think that online profile updates and announcements are important do not have any grasp at all on how much regulatory trouble the bank is in. Those white guys are being brought in because they have relationships with regulators - it is their top priority walking in the door. Do you understand that the regulators have the power to pull the banks charter among other things to force it out of existence? Your quaint little concerns will be more quaint when there is no WF.

And for the gabillionth time, the location strategy business started more than a year before Scharf started at WF.

You do have an accurate read on your CEO. There is a huge dichotomy between his talk and his walk, and the talk is different for each audience. Good luck friends.

He’s been pretty clear in the town halls. He is here to clean up the regulatory cluster and significantly reduce expenses, with restoring growth as a tertiary objective.

Amen!!! One of the best post I have read. You need to have just as much transparency with your employees as you do with your customers and investors. Find the middle and quit using 8-10 layers of management to lie to your employees. Be a man and put the blood on your/Wells Fargo’s hands and not the single mom making 50k doing her best in the dark

Thread regarding Wells Fargo & Co. layoffs

Transparent Charlie

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