This guy is a total monkey! All he knows how to do is cut jobs, offshore jobs and automate jobs. I haven’t heard anything come out of his month on how he is going to grow the businesses or increase revenue. In fact, listening To him speak has convinced me he completely lacks strategic vision and entrepreneurial know how on how to differentiate the bank from its competitors, expand and grow and make Money. The Wealth Management business is not confounded by the Asset Cap and Charlie and Barry S. Have failed to provide any commentary on how they are going to grow that division. All we ever hear about is needing to lower efficiency ratios. The truth is these big bank models are outdated and the younger models prefer fin techs and digital innovation. Charlie and Barry are old school and have no idea how to innovate and appeal to the younger generation. They are just going to gorge on the carcass and leave the bones behind!!
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lets not forget we are here bc of middle and high up managers in the retail space. i remember being really ticked about this and so many of my ex coworkers were like whatever thats them (old team) and i was livid. i told them they will care when we all start getting laid off to make up for the damage and here we are. obviously, the consent order, asset cap and covid really hit at once but i knew this day would come then. So although i feel Charlie has a deserving nickname, its expected and there arent many options. all we can do is move on or hold on for the ride. In the meantime dont $*ck!
And I am not defending him. I’m just stating facts about the need for chainsaw CEOs. Someone has to do it here.
At least 1 person knows what I meant about the lawmakers. 1990’s folks.
At BNY Charlie talked about growth every day the first year.
At BNY Charlie's second year he just became social justice warrior and forgot he ran a bank.
Charlie just doesn't know how to run a bank or make a profit. He's just there to look pretty while everyone over 40 is diversified and included over to India.
He'll be gone next year. Two years is his average lifespan.
I don’t think he’s stuck around anywhere long enough to prove either way
@rfu: thank for saying you did not mean to be condescending.
And I do agree with putting part of the blame on the lawmakers/ politicians who allowed the Too Big To Fail Banks to occur. I was and still am not in favor of the repeal of the Glass-Steagall act.
But honestly, I don’t understand why anyone would come out on the Lay-off.com Discussion Board defending Charlie Scharf. He’s a big boy, he got the $36,000,000. I don’t think he needs or yet deserves anyone standing up for him. What is your motive? This is a forum for employees who are worried about losing their jobs due to zero fault on their part. And they are anxious and angry because we have a non-communicative CEO at the helm. This is a forum for people to communicate their concerns and express frustration and anger at the current situation. And about Charlie who is the high paid hatchet man.
If you want to come back 2 years from now and, if appropriate, point out that he did a great job for the remaining employees, the shareholder and the customers. I would support that. But for right now, you come across as one of the individuals who would have supported Eight is Great back before the scandals broke, because those employees who were pushing back just didn’t get it
@rfu "Get mad at the law makers"? That's rich.
Way to be accountable.
No, let's get mad at those we should be mad at – the LAW BREAKERS! Greedy, unethical, smoke-and-mirrors management at WF.
Character is what you exemplify when no one is looking.
WF character is SH*T!!!
Not meant to be condescending. But some people don’t get that sometimes a CEO is brought in to only do the hard stuff that most leaders hate to do. Fire people!
It’s evident by many of the posts here that people think we need a leader to grow us. We can’t grow for the foreseeable future so this is the only option. I’m sure some folks didn’t want this job because of the tuff stuff that needs to be done. I certainly would not like to have that job.
I’ve had to lay people off and push non performers out. It’s the worst thing thing I’ve had to do.
I know there will be innocent blood shed and since I’m the new person I’ll likely be one to go.
Now if we really want to get mad let’s get mad at the law makers that allowed all of this consolidation happen.
@tku: I can’t speak for anyone else, but I am immediately put off with anyone who leads with:
“I’ll explain it again, folks”. It’s condescending. Typical of the pompous know-it-all propaganda we’ve been dealing with for years.
Wachovia came in and really wanted to “ teach us how it’s done.” They overspent, pushed Pick-a-Pay loans and drove us to bankruptcy.
Then Wells Fargo came in and really wanted to “ teach us how it’s done.” Eight is Great! They committed fraud, abused customers, abused employees, abused shareholders and walked off with the cash.
So surely you will cut us some slack if we are not trusting of the next shiny round of newcomers.
If this new overcompensated team can find a way to only cut the jobs of those who put us where we are today, by all means! Cut the yes-men, the self-serving, the s— -ups, the entitled, the pompous, the non- innovative, the old-boys club, the pet project over-spenders, the execs who promote the yes-men, those that don’t know the law, those who disregard the law, whoever thought it prudent to not invest in technology, the execs who aren’t smart enough to stop ripping off our customers, the guy who parks his McLaren next to my Honda Accord every day. Go for it.
But I think we all know who ends up getting cut. It might be some of the individuals I’ve mentioned, but for the most part: it will be the hard-working employees who didn’t have anything to do with the fraud, the overspending, and the poor leadership. It won’t be the country club clan, it will be the smart young dad, who sits to my left every day, trying to get our outdated systems to work in order to do right by our customers. And btw, we hate all the worthless meetings too.
So since you’re new to the firm, show some respect.
@tku - while I am not a fan of CS and all his JP buddies he brought in, this is spot on!! Live this every day !
“ Too many managers, too many people in meetings, zero sense of urgency and no decision making. I swear if the task was to change a light bulb we would need at least 3 meetings, 13 people and 2 months to talk about the lightbulb, determine who we are missing to talk about the lightbulb, finally we will make a decision. Once that decision is announced we will have one person question everything which will force a fourth meeting to talk about it again. The person that questioned everything attends but has no addition input other than we could do better. All the while there was a box of standard lightbulbs in the closet that would work just fine.”
I’ll explain it it again folks.
Some CEOs are good at cost cutting And turn around others are good at growth. Both kinds of CEOs have a role to play and right now due to the asset caps the cost cutter is what is in store. Even without the asset caps this place needed a pretty major haircut.
If you look at you closing arguments you provide your own answer. The big bank model of yesteryear is dying. To get digital you have to streamline and automate most business processes. Get rid of dead weight and people that don’t won’t or can’t innovate.
As you guys have nicknamed him chainsaw Charlie, that what he is here for. The investors want action and the motor is revving up.
I haven’t been here that long but I can tell you we are the most bloated, inefficient and bureaucratic company I have worked for in my 20+ years of post college experience.
Too many managers, too many people in meetings, zero sense of urgency and no decision making. I swear if the task was to change a light bulb we would need at least 3 meetings, 13 people and 2 months to talk about the lightbulb, determine who we are missing to talk about the lightbulb, finally we will make a decision. Once that decision is announced we will have one person question everything which will force a fourth meeting to talk about it again. The person that questioned everything attends but has no addition input other than we could do better. All the while there was a box of standard lightbulbs in the closet that would work just fine.
I hate to say this but the culture is broken so badly they can’t fix this with people that are entrenched into the mess. This is why Charlie must bring in outsiders to get the job done and this why we must cut the fat.
WIM is barely profitable, it’s propped up by Consumer and Commercial.
We are under an asset cap. The guy still doesn’t know how to grow the business it’s plain and simple. How much growth did he have a bank of New York? Waiting...... the guy is a very smart character, but doesn’t know how to create an effective growth strategy. He will cut cost milk the cow and leave to retirement. Again very smart stepping stone for an exit plan on how to live happily with his family and grand kids. We need invention and creativity to set us apart in the the financial industry. Unfortunately we have very little of that In leadership and their new “vision” is desperately trying to catch up with other banks.
I mean, I’m by no means a Charlie fan, but you realize we are still under an asset cap, right? He can’t do much on the growth end until that changes. Right now basically all he can do is cut and create efficiencies.
That is exactly correct Sir. This CEO was hired to cut jobs to in an effort to boost profits.... Thats all, he doesn't need an innovative strategy or a plan. He is here to take the heat and bad press for the brutal mayhem that is on our way. Once his objective is complete he will ride into the sunset never to be mentioned by WellsFargo ever again..