Thread regarding Wells Fargo & Co. layoffs

Charlie needs to be laid off

Watching van life videos cuz that’s where we will all be living after the chainsaw comes to town.

That post was made in 2020. I think we see now what kind of a CEO Charlie really is.

Not to mention he has only been selling off parts of the bank, outsourcing processes to cut expenses, yet the very business units responsible for all of the scandals are alive and kicking with absolutely zero change in culture. The corrupt still thrive at WFB.

Scharf is concerned only about Scharf. He’s a tool. Exploiting thousands of employees (many non salaried) by “allowing” them to work from home. Charles has provided absolutely zero financial compensation to these people who are using their utilities in order to do Wells Fargos’ business. Not to mention the countless hours of free work these people are doing since their inept managers overload them with work and at the same time tell them there will be no overtime. Scharf should be in prison.

Agree with this post wholeheartedly. But I doubt Charlie is in this for the long haul. His agreement with the board seems to be, leave the STOCK PRICE better the he found it. Improved efficiency ratio and a lifting of the asset cap... the latter based on clearing MRAs and getting back on the right side of regulators. If you get the feeling he doesn't see employees he inherited as "our biggest asset", you'd be right. Just ask the folks he left behind at BoNY. Have heard no one there say he seemed like a good guy, who valued employees.

Successful in doing the above or not, I figure he'll be gone in just a couple of years.

How about committing to executive compensation cuts as part of the way to cut$10B. Also where is the employee representative on the Board of Directors? We are stakeholders and should have representation. Isn't that part of the Business Council message that Charlie committed to when he started?

Thank you for posting this. Thank you!

Ha – nice touch of snark re: "Uncle Chuck" by poster "Conor". This CEO has hired his cronies – many high-level hires seem pure pay-for-play, kickbacks and a grab for looting executive pay.

Uncle Chuck rocks! — I like my awesome office where Uncle Chuck sometimes visits and we talk about my father-in-law. Next week I'm going to learn how to make photocopies (maybe). Who knew it was so great being a Transformation/Planning Executive?

WFC was dishonest and floundering and Scharf has a history of success. This is a tough environment for all banks, so let's give him time. I think WFC is a good investment for next year.

Wonderful post, OP. Great way to expose the differences in the actions between a CEO who intends to lead WFC in to the future vs the actions of a CEO who is just a grossly overpaid hatchet man. Charlie is, quite clearly, the gun for hire. He has not taken one action showing any interest in leadership. Best that we see him for what he is and be more aggressive in planning to get out.

I agree with the responses below, as well.

He probably doesnt have the skills to improve it! He has no past performance doing that anywhere.

He was only one who would take the job here.

I feel that there are people in this world that get paid a ton of money just to perform cuts. I honestly believe the reduction process is generally repeatable and doesn’t require a degree to execute so why do companies hire these people? I would rather hire a goat to make cuts, at least their likeable

If this is a short term assignment for him he simply doesn’t care. Watch actions and you can see the truth.
My belief is that WF will be chopped up and sold off piece by piece. In order to do that they need to strip it down and make the price attractive. Thus decisions like layoffs , span and layers, hubs, etc.
For me, i saw the light when they announced basically no centralized marketing and museum closures.
Notice there are also no updates on work/progress/accomplishments with regulators. Charlie has been here a year and all he has done is expense reduction

“....A smart CEO can steer a company through layoffs with compassion and integrity, while at the same time motivating the organization to create a healthy growing company which provides long-term shareholder value.” Based on the stock price, shareholders are not impressed.

Fortunately my group received transparency before the layoffs from some lower than Charlie, but it would mean even more coming from him.

I hereby formally nominate OP as our new head of PR