Thread regarding Wells Fargo & Co. layoffs

Charlie S. isn't bringing over his favorites because he knows this is a short-term situation. Nothing Charlies S. has done has been about fixing discrepancies in policy/process. Nothing Charlie S. has done has been about achieving compliance with OCC/Fed mandates. Just as Wachovia was a forced sale to WF, WF will be broken up and sold off. Expect a forced break-up and sale of the component business lines within 12-18 months, at Elizabeth Warren's direction, to liquidate WF and eliminate it from the US banking landscape.

Chuckie relies on a tight cadre of folks to do his bidding. His godfather is on the board to ensure no interference from the others. He’s going to shock and awe people and this is just the beginning, the real hell awaits you next year when he really ramps up the layoffs leaving the survivors to do more with less, much less. He doesn’t care about anyone but himself- a regular Chainsaw Al.

It has to be about 5 or so execs and Operations folks that have left BNY and they’ve gone to WF. maybe that’s not many by everyone’s standards but these changes are noticed by those of us with BNY.

They’re also not even 1/4 of our size so it’s likely a bit too matrixed and complex unless the person has worked at another large bank

These are good thought provoking questions.

Anyone coming here as a direct report to Charlie views this as a resume-builder. And they are getting paid
richly to do so. Including Charlie. He and his new-hire directs are milking Wells for every last drop, and then moving on. He has made NO attempts to rally the troops and has shown NO interest other than cost cutting. Aside from the question of character, who can blame them? We have put the fox in charge of the hen house. And our Board, who is supposed to be a fiduciary for the shareholders opened the door wide for them.

I hope that shareholders and research analysts shine a brighter light on our new CEO and start asking questions. (For those who want to chime in and say shareholders only care about earnings. That is partly true, but they also want to invest in healthy companies with the potential to grow and sustain dividends.)

regarding why not bringing a bunch of chase folks over to BNY the BNY franchise is very different than Chase - much narrower.

we have had a couple of people from BNY join - they were not BNY "legacy" folks they were people he hired while he was there... and they are being hired at WF deeper in the org, not reporting directly to CEO.

Who knows? I do think he was at Chase longer, and it's clearly his model, as he organizes this place. Now he can offer his old Chase buddies premium salaries to jump ship. Who's going to stop him?

He went to BoNY as a "fixer", same as here, right? So he probably didn't make a lot of friends there, or respect the folks here inherited – same attitude we're seeing toward WF execs. It's like, if the leadership here is so great you wouldn't be in the state you are in, and you wouldn't need a fixer like me.

You raise a good question. Did he bring a bunch of Chase folks over to BoNY to help lead? If not, wonder why not? I've been assuming WF is a brief stop for him, but maybe you're right about him seeing a longer runway here for himself (and his buds). Or maybe it's just that WF is a bigger pond to be a big fish in, so it's more appealing to folks at JPMC. They can can get a huge gig and more money at WF than they had at Chase, or could get a BoNY.