Sounds like he is gassing up the chainsaw. How long do we have before the ‘expense management’ plan is revealed and 20% get sent packing? It’s commmming...
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Not sure how anyone comes up with 70k jobs being cut unless they are selling divisions. I keep hearing 30k is the number and management is working to get to that number. That would put WFc close to its competitors. Either way, take this time to update your resume. It’s always best to be one of the first ones out the door than the last one. Especially with so many people out of work.
We've been seeing posts about Wells "cutting 70,000 jobs" for what, a year or more now?
Does anyone know why they're taking so long, or are the people posting these numbers just trolling?
Does anyone have any first hand knowledge?
The video covered the pandemic response mostly, a bit about regulatory work, and a statement about doing the right thing for the company. That 10 second statement is what many are inferring means lots of layoffs and that WF is being sold. Layoffs will definitely happen, timing is the only question. Frankly, the ranks of do nothing middle management could get cut 50% and no one would feel the difference.
It seems unlikely that the bank could be purchased. Regulators would never allow this because the only entities with more assets than WF are other big banks, Jeff Bezos and maybe Jack Ma.
What was the overall message in Chainsaw’s video? I’m on leave so don’t have access to Teamworks to be able to watch it (assuming this was an Teamworks internally released video).
They are cutting up to 70,000 employees. How many depends on what it takes for WF to be attractive for purchase, because that is exactly what is in the works.
Mergers and acquisitions (latter is only option right now)... the oldest game in town, second to the oldest profession. Shades of gray.
And they will conveniently blame it on the pandemic. The board and sr. execs are THRILLED COVID-19 rode in on a white horse and let them save face re: what they are about to do. The timing couldn't be better! Heck! You can envision them puffing on their cigars and smugly yucking it up at their country clubs.
"We didn't mismanage the company...NO, SIR! That darn virus is responsible for wiping our lying, corrupt, incompetent arses off the industry map! And we're just one of many banks suffering!" Riiiiight. No will ever suspect greed had anything to do with the demise of WF (NOT!!!)
And to add insult to grand-scale injury, they will all ride off into the glorious sunset with golden parachutes on their backs, while team members' lives are ruined....never looking back or having one iota of remorse.
Please hold your applause for our incredible "leadership"...
Really?? How could you not see any hidden agenda in Charlie's words in this video??)) You must be blind or deaf or even worse. Human nature is very simple - do not trust what you see or what you hear. One is never responsible for his/her poor performance or underwhelming career path. It must be these terrible CEO's that are always at fault. They ALWAYS bring own people to key positions and NEVER allow internal growth. If one of you were to become a CEO (very doubtful) you would certainly handle it completely differently - you would totally disregard the trust and the comfort level that you developed working with these people for many years, and would rather promote someone from within who already contributed to the poor performance of the bank over the years. Yeah, it makes so much sense...
The video seemed pretty straightforward to me. I didn't see any hidden undertones or telegraphed messages there... Personally I wouldn't read anything more into it than just the face value of the video.
I'm wondering what the item is behind him on the top shelf........hmmmmmmmm
Over the last few years Wells has been pulling in billions in profit, but sure, we need to let 30,000 people go to be "competitive".
Shareholder supremacy is going to k–l capitalism.
BTW, those are called "lawyer guitars" in Charlie's video, meaning only rich a–holes can afford them and no working musician would want or need one.
Over the last few years Wells has been pulling in billions in profit, but sure, we need to let 30,000 people go to be "competitive".
Shareholder supremacy is going to k–l capitalism.
Awwwsum I’m back! Just logged in and watched chucks video . Yup if I was in any operational or non risk/compliance related role I’d definitely take some time to update the resume. Scawt p could’ve given an update on how well we’re servicing customers and the newwws could tell you about the global impact. Chuck sent out that video to let us know that we’re safe during this pandemic but there’s still “resources” to be managed. I see 4 waves. First has already started which is branch consolidation then relocation strategies then executive approval for new reqs (i.e. no more back filling) and if that doesn’t work well we know what this forum is called. Every bank wants to lai awf right now but nobody wants to look like the bahd guy. Once the first one does charles will get to hacking
Can I still not comment?
There were layoffs planned before this guy took the CEO job. They slowed down to give him a chance to look things over, and then the pandemic hit. So layoffs went on hold because of the optics.
But that doesn’t mean it won’t happen as soon as they can do it without looking like monsters.
not that I want to lose my job, but... We need to cut 20k - 30k employees to be competitive with the other major banks. We have way too many people working here.
Anyone who disagrees is delusional once you analyze the other major banks. Sad but true.
well, my gut reaction too.
and then i did some homework.
Hes got a metric f— ton of RSRs that were awarded last sept as offset to bony pay package. Thats one. They vest equally over 5 years. Stock price needs to be over 40 else he took a bath hitching his waggon to wfc. This was reported in last 10k.
second, part of his compensation is tied to stock performance. Some awarded in feb also around 40 schmeckles per share. when i say some, i mean more than any of any other non executives total 401k account. its a lot to us and a pittance to him.
And third he bought over a mill in stock around 25 per share.
On all three fronts, hes taking a bath.
If you view this site for his time at bony, he HATES wfh. And he is a hatchet man. They called him chainsaw charlie at bony for good reason - forced ranking and abolish wfh and cut severance packages are all in his toolbag.
Whats also interesting is ole Warren trimmed his exposure to wfc in last reporting period by over 9 million shares.
AND if you study uncle warrens portfolio he owns wfc, bony, visa, jpm....guess which ceo has history at all 4?
Chuck was brought in as a hatchet man to clean up the messes plain and simple.
The fact he promised not to use hatchet during pandemic, and his synergies corporate centers strategy to push people to quit is no beuno during pandemic means aint got his usual f— the employee tools to make stawwwk go ups.
And watch his body language in that video. Pay atten to eye rolls and when he says 1 thing but he shakes his head no. watch again and see. Its so easy to spot a liar and this one would never handle an interrogation.
With so far in the red he mite need sell one or 2 of them git tars.
That video was definitely telegraphing the impending PUNCH. "We have to do what's best for Wells Fargo"... he could barely read the script... so stilted.
What an awful time to be let go (worse than during housing crisis) – and their strategy is to purge without paying severance or unemployment. Relo strategy, here we go again!
Lambs led to slaughter...
What non-musician needs 9 — NINE guitars!
And all of them but one tossed in a bin like he just doesn't care.
Just another way to show off.
It's definitely coming, and soon! Maybe 50,000? 55,000? I'm sure they're interested in bringing the stock price back up - investors will cheer.
He's definitely hiding something / has something up his sleeve. He could barely keep his grin from popping up. He kept rocking back in his chair like he was on top of the world. He's not worried about a thing, or doing a damn good job of hiding it. I would agree, something is coming.
“Expense management plan”? Is that like “leveraging synergies” or “redeployment”?
Send the link to the video.
Gotta pay for all of his buddies he brought on and try and get back some of that $5m stock purchase he’s taking a bath on right now