Thread regarding Wells Fargo & Co. layoffs

Charlie was not well liked at BNYM, for his ego. It is obvious the smart candidates turned down offers. That the WF Board was down to its 10,12,13th choice. Chuck took this because there is no downside. He gets a big payday either way and everyone will say he was dealt a losing hand.

Hey you can't blame Sharfi for everything, this location strategy AKA layoffs we're in the works well before he signed on. From what I recalled it started with digital then with Saul buddy coming on board. what is so ridiculous is that not all teams need to or should be working side-by-side and in many situations such as this pandemic, it is probably better if they are geographically dispersed.

The India strategy is a nightmare for sure. So much for BCP of resources

How much worse can we get at WF? Government is all over us as it is.

He brought in all his cronies when he came to BNYM too.
& he took the job for another big pay day. He left bnym worse off than when he joined.

If Scharf is sooooo bad why is practically everyone he brought on board someone he used to work with? Cut the guy some slack. He was willing to captain The Titanic after it hit the iceberg. His playbook is perfect for handling a ship that’s heading for the bottom of the ocean

Why does Wells Fargo upper Management think that it can rely on IT services from a foreign country to keep them in business?

https://www.yahoo.com/news/coronavirus-india-defiant-millions-struggle-134543847.html
Coronavirus: India defiant as millions struggle under lockdown
BBCMarch 28, 2020, 11:14 PM EDT

The Indian government has defended its handling of the coronavirus outbreak after a strict lockdown - introduced with little warning - left millions stranded and without food.
The country's response had been "pre-emptive, pro-active and graded", it said in a statement.
India's population of 1.3 billion was given less than four hours' notice of the three-week lockdown on Tuesday.
Officially about 900 people have coronavirus in India.
However, experts worry that the real number of infections could be far higher. India has one of the lowest testing rates in the world, although efforts are under way to ramp up capacity.
There are fears that an outbreak in the country - one of the world's most densely populated - could result in a catastrophe. So far 20 people are reported to have died.

Migrant workers have been queuing in their thousands as they try to get home to their villages
People are banned from leaving their homes under the "total lockdown" measures. All non-essential businesses have been closed and almost all public gatherings are banned.
But there have been reports of long queues and panic buying as people struggle to get supplies.
After the lockdown was announced, people in Delhi and the financial capital, Mumbai, quickly thronged shops and pharmacies amid fears of shortages.
It prompted Prime Minister Narendra Modi to warn that panic buying would only spread the disease. He said the government would ensure there were sufficient supplies.
Meanwhile, millions have been left jobless and without money as a result of the shutdown.
It has sparked an exodus from major cities such as Delhi, where thousands of migrant workers are setting out on long journeys back to their home villages after transport was stopped.

Scharf Also decided to keep the tax savings for the bank & buy back more stock rather than at least give the appearance of trickle down other banks & big corps were doing.

Win-win situation for Scharp – a great payday regardless of how long he lasts. He will repeat his playbook in hopes of striking lightning twice. He will always be "Jamie Dimon protege" – will not ever get out of that shadow, but will be highly compensated not matter what he does.

No one else wanted to take the job but I don't think anyone could have turned this around especially now we're in recession and in another banking crisis.

Forced rankings occur at all big banks. It is nothing new.

Other big banks discontinued work from home programs years ago. Bank of America started dismantling theirs in 2014. Wells Fargo never had a program, it’s a piece of paper with manager approval and plenty of people don’t have that. Whether or not you can work from home varies greatly by organization.

Location strategy started in 2018.

There is utterly no difference, none of it is new.

I don’t know if his management team is terrified, but WF would benefit greatly from more people being fired.