Thread regarding Wells Fargo & Co. layoffs

Some changes are necessary

A failure of a bank this size is highly unlikely due its size. We will have larger issues as a country if that happened to JPM, BAC, C, or WFC. If the bank were regional, all bets are off. In the past, we prided ourselves as being the largest CRE, main street, middle market, etc. lender. I think the pandemic will alter the bank's strategy in this regard.

The asset cap, high eff. ratio, and low interest rates will certainly lead to reduced salaries. Think of it this way: If you owned your small business and weren't making the money you have been accustomed to, what would you do? Most likely, you would reduce (or eliminate) the hours of your workers and look to work with cheaper priced vendors to limit the reduction in your compensation (dividends). The same is happening now.

WFC changing the 3rd party vendors its working with, eliminating/streamlining functions, and you can see that new roles dont pay as much. Bonuses will likely be lower in March too. When Charlie talks about the dividend cut, he will have to tell the investors that he is eliminating XX in expenses to justify that everyone is feeling the pain of the current environment for the benefit of WFC long term.

The difference is that team members are short term, while the investors are long term.

Originally posted by @xel+15RXrUe0.

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| 2414 views | | 18 replies (last July 12, 2020) | Reply
Post ID: @OP+15SJ6ItE

18 replies (most recent on top)

Someone posted that exec compensataion won't get cut.

That's the problem. The people that created the mess keep getting paid for being bad at their jobs.

After they cut 20-50,000 American jobs, they'll get a bonus.

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Post ID: @2cuj+15SJ6ItE

@zld: 👍 !

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Post ID: @qlt+15SJ6ItE

@uou

That's spot on. They are "profit" minded and it is much more valuable to innovate/lead/grow...become something greater. It's easy to cut cost, but short-sighted. I am not disagreeing that we need go run lean, hut these overpaid execs lack the "It" factor for something bigger.

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Post ID: @zld+15SJ6ItE

don't quit - stay and collect whatever package there is! Don't Leave Before.

you can get a job in a few weeks , tons of jobs out there! I think people on this board are in a location without many companies, etc.

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Post ID: @dcn+15SJ6ItE

65% of Employees make less than $100,000 base compensation.

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Post ID: @rel+15SJ6ItE

I do agree Charlie is coming into a snake pit, no doubt there.

My concern is about what he’s being paid for what we’re getting, and what all his buddies are being paid. Seems like we’re spending a lot of money for more of the same: a bunch of overpaid “old guard” execs from a big bank, just a different stale crew with different names. From what I read: all these guys know to do is cost-cut, job-cut, sell-off, close, eliminate, reduce, cheapen, deplete, restrict, lower, downsize, tighten, undermine, and weaken.

Seems like if Wells is spending this much money for a brand new team- we should invest in a fresh team with new attitudes that can help us grow, revitalize and modernize the business, rebuild the brand, bring our technology up to date, build investor confidence, shape new strategies to help differentiate the firm (in a positive way) in the financial services industry, reinvigorate the employees, provide customers with the services they want and need, draw top talent, and be forward thinking.

Our Board of Directors paid up 40% for the only guy that would take the job. I don’t think that bodes well for the future of Wells Fargo.

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Post ID: @uou+15SJ6ItE

“Some changes are necessary.”

I’m sure executive compensation won’t change.

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Post ID: @hph+15SJ6ItE

we are not working for a charity. we have shareholders. if you really want to do something about how the CEO is running the bank, sell off your WF, get a new job, or better yet, contact the Board of Directors who hired the CEO and complain to them.

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Post ID: @jgm+15SJ6ItE

Glad he is able to get his package at the package at expense of 110k employees, children and families.

Think you are missing the point though, financial system is bankrupt, so doubt he can save it.

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Post ID: @hmt+15SJ6ItE

@fmj: Well as long as you think it’s okay....

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Post ID: @jci+15SJ6ItE

The CEO is coming in to a snake pit where people will do anything to protect themselves... He has to bring in people he knows and trusts in order to execute so that he earns his compensation package.

I dont blame him for one second and would do the same thing.

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Post ID: @fmj+15SJ6ItE

If you owned a small business and not making money you were used to what would you do???? Probably not hire a guy that brings in a bunch of his high priced buddies in a bunch of newly created positions.........

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Post ID: @pqp+15SJ6ItE

OP - what do you mean when you say employees are short-term and investors are long- term?

If that is how our management thinks, that explains where our C- Suite continues to go wrong in righting the ship (let’s call it the Titanic). The philosophy is completely backwards.

Healthy well-run companies put their customers and employees first. The company experiences growth and everyone including the investors profit.

Ailing mis-managed companies put the C-Suite first, and take advantage of their customers and employees. The company fails, lawsuits cost them billions and investors sell cutting the stock in half in less than a year.

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Post ID: @tas+15SJ6ItE

"The difference is that team members are short term, while the investors are long term." - this is not true on investors; everyone know this is a great depression starting, so doubt investors will be long term

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Post ID: @lzx+15SJ6ItE

Charlie?

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Post ID: @raw+15SJ6ItE

Reminds me of one of our fictional ad campaigns: “Building a Better Bank.” Or “Established 1852. Re-established 2018.” Or “This is Wells Fargo.”. where Tim Sloan said “Our company transformation continues.” No one bought any of those either.

Also curious as to why this was re-posted. It was originally a reply on another chain. Wondering if the OP would be confident enough to share more about their intent.

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Post ID: @wpz+15SJ6ItE

Agreed. Tell that to people who have been at Wells Fargo 20, 30, 40+ years. Few , if any, of the so-called investors are THAT invested.

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Post ID: @wzr+15SJ6ItE

Wtf???? Looks like a post from the Board of Directors.

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Post ID: @hsv+15SJ6ItE

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