So Charlie will make about $70mm his first year with WF. He is hiring all of his buddies into multi-million dollar positions yet he crows about how the company needs to tighten its belt. I can’t even imagine the severance package Shrewsberry is getting (I’m think tens of millions).
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Shrewsberry made his money a very long time ago. I worked for 3 Johns and Rob Engel in IBCM when he was head of Wells Fargo Securities. John, Jon Weiss, Rob Engel and John Shrewsberry. I always enjoyed working with them and for them between 2010-2013.
He made more money in WFS. His current salary is chump change as CFO, and his retirement package isn’t as grand as you would think it is.
You forget that he also worked for Goldman Sachs prior to his career with WF. Like I said, he made his money a very long time ago. Don’t hate the guy for his success or wealth. It came at a price towards the end of his career.
I think $12MM is severely underpaid to deal with the dumpster fire and ongoing issues that WF has been for 4+ years. He never wanted the job. He was tapped (actually forced) when John Stumpf made a fool of himself time and time again. Shrewsberry was left holding the bag and sins of Stumpf. He was far removed from any of the banking scandals. WF tried to use Shrewsberry as a patsy after Stumpf was forced out, and they wanted Shrewsberry to take the brunt of the heat and fallout from decades of predatory and criminal activity. The guy was an Investment Banker his whole career, he didn’t know $hit about the sins and coverups going on with the customer facing branches and Consumer Banking and Consumer Lending.
Any stock or stock awards given to him are cr4 and worthless. I feel bad for Shrewsberry.
Jon Weiss is back at the helm for IB/CIB/WFS, after the dumb decision the board made to move him to WIM years ago. That wasn’t his choice, believe me. What an absolute $hit $how that was. Glad Weiss is back at the helm. Only part of the bank that is making money at this point.
Sour grapes?
Shrewsberry comp is over $12mm. Residence is 11k sf. Piedmont CA. Any amount of severance should be distributed to the many who earn less than $100k who are soon to be displaced.
Have you missed the memo? Tell me a company where execs are not making millions, that's the way it is.
Maybe in the next town hall someone can ask him these exact questions since our fate is already made.
And? Just focus on you and the rest will fall in line.