Hello senior management. There is NO way Charlie and Scott that you are going to get out from under the consent orders in the next 2 years. Charlie you are way too focused on cost cutting, so you can show the board results, and by not approving the backfill requests and adds to staff in the Risk Group, you are creating more risk for you and the company. You can talk about the importance of doing the regulatory work until the cows come home, but I cannot deliver for you when I don’t have the staff to get the work done. It is so frustrating! I want to get the work done and do it right even if you decide you don’t need me in 2 years, but you are handicapping me! You can’t get blood out of a stone. We can barely do the risk bau work never mind the remediation work and support the business on their new product and growth initiatives. We are being set up to fail! A couple of weeks ago, another bank called me about a risk job - I can work from home and make more money. Normally, I would tell the recruiter that I am happy where I am. Instead I took the call and am well on my way out the door. I truly have had enough of duck tape, rubber bands and a skeleton crew! It will take my backfill (if they get one) Months to get up to speed, since I am the sme. Meanwhile, corrective action deadlines will be missed, and bau work will go off the rails, resulting in future issues and MRAs. But that is ok, because my management team asked You for more staff and raised their hand like you told them to during one of your all hands calls, Charlie, but you turned them down. No staff for me, big problems for you:)
5 replies (most recent on top)
chukie earns 550x the average rank employee.
he is here to hatchet the company or liquidate parts of the business.
wfc is just too mismanaged to be a surviving bank.
best that can be done is take each business line, carve it up and sell it to highest bidder.
any staff cuts can destabilize the organization thats so shaky to begin with and those cuts in light of pandemic will be met with extreme political skepticism, especially with chukies super hi salary.
i will say any attrition will by default go directly to egs. the more uncomfortable they can make employees (like no 401k match) the more attrition, the more there will be cost savings as people exit p-ss-d.
the whole relocation strategy was simply a game to force attrition without issuing warn act notices.
There will be more sh!t moves like this in the future to the detriment of workers.
I fully expect they will f— with severance packages next.
Free post out from under giant ad so people can read.
They are rolling up the carpet and sweeping the floor. Don't be the last one left to turn the lights out.
Customers do NOT need Wells Fargo. There are plenty of other places to do business – BETTER ones!
They are rolling up the carpet and sweeping the floor. Don't be the last one left to turn the lights out.
Customers do NOT need Wells Fargo. There are plenty of other places to do business – BETTER ones!
"Charlie is clearly running the bank like he won’t be here long..."
Why do you think they are paying him what they are paying him? They have to pay him that much money because of the unfavorable/uncomfortable things he has to do: cut costs which will involve cutting tens of thousands.
The same thing is happening but in audit. Parker/sloan had the right idea. Build up the compliance and risk functions so they can do a full sweep of all the outdated crud that was impacting the bank. Now Chainsaw has come in and switched the focus back to the bottom line while emphasizing meeting deadlines. It’s just inviting the cutting of corners and poor quality of work. Charlie is clearly running the bank like he won’t be here long and all of his appointees are doing the same. Their goal is to sell the bank but after the last major acquisition, wells/wachovia, I doubt regulators would be open to the idea of a mega bank..