will history and trail of chase people lead to Charlie continuing too use his same playbook vs new creative ways to build and grow a culture for success. So far yes. I understand good leaders, successful coaches having a series of plays that have worked in the past. This is not a time to rinse and repeat. This is a time to be creative, leverage people as a competitive advantage and build back up a bank that has a solid foundation. Unfortunately charlies looks to be just applying the same plays over and over again. Starting with Conner Tolkin if you read how charlie started career it appears he is doing the same thing for conner that was gifted to him. With him using the same playbook we can anticipate closures and massive layoffs. It started already with the location strategy right out of his playbook.
Some examples below and many more to come.
Bank of New York Mellon quietly canned five from bond team
700 people laid off. Charlie says 10 layers between front line and top management. Most he's ever seen. So what's he do at Wells? Hires Connor Tolkin to add a layer!
BNY Mellon cuts more workers, including in Pittsburgh
Did the same thing at BNY about working from home. Pulled back. Says we didn't think it through. Does the same thing at Wells
Charlie says unnecessary layers of management. Yet discretely hires Connor.
The new structure echoes that of JPMorgan Chase & Co. , which emerged from the financial crisis as a leader among U.S. banks. Scharf, a former JPMorgan executive, once served as chief of staff to CEO James Dimon.
Scharf has brought in a number of outside executives, many of whom are former JPMorgan colleagues. They include Scott Powell, who joined as chief operating officer at the end of last year.
Mike Weinbach, formerly the head of JPMorgan’s mortgage business, will join Wells Fargo to run its new consumer lending unit. Mary Mack, who had overseen the unit that included lending and the community bank, will narrow her oversight to the community bank.
Scharf's annual target compensation was set at $23 million, up from his $16.5 million target pay in his final full year at BNY Mellon. So far is he earning it by using old outdated strategies.